What is a HUD property? |
The U.S. Department of Housing and Urban Development (HUD) is a federal agency that insures mortgages to homeowners through its Federal Housing Administration (FHA). HUD is a government entity that purchases FHA loans in which the owner has defaulted. HUD then offers them for sale to the public. |
These properties are properly referred to as "HUD owned." Technically, they are not "HUD foreclosures" or "HUD repossessions" because HUD is only the receiver of the property AFTER the mortgage lender has completed the foreclosure. Although HUD becomes the owner and sells the property, it did not foreclose, because only the mortgagee had that legal responsibility. HUD properties are typically in the US only. The homes are vacant and generally need some type of repair, sometimes a lot and sometimes very little, if any. HUD homes are usually a great way to earn instant equity in a home, especially if you are the do-it-yourself type. You will usually notice the difference in the HUD asking price and the valuation amount on each HUD property. |
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