HUD Home Store is the listing site for HUD real estate owned (REO) single-family properties. This site provides the public, brokers, potential owner-occupants, state and local governments and nonprofit organizations a centralized location to search the inventory of HUD properties for sale. In addition, registered real estate brokers and other organizations can place bids on behalf of their clients to purchase a HUD property.HUD Home Store also includes many informative user-friendly features providing advice and guidance for consumers on the home buying process. Frequently Asked Questions (FAQs) are available online for:
What is a HUD Home?
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
The following information is provided as an introduction to the process through which HUD homes can be purchased. You can either scroll down the page, or access specific topics through the following topic menu. Additional links provided in the menu to the right provide access to FHA program and policy information for homeowners, homebuyers, and members of the mortgage lending and real estate industry.
Anyone who has the required cash or can qualify for a loan (subject to certain restrictions) may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
Should I Get a Home Inspection?
HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get an inspection from a licensed professional home inspector prior to submitting an offer to purchase.
If you are interested in acquiring a HUD Home that is in need of repair, you may be interested in applying for an FHA 203(k) Rehabilitation Loan. When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. FHA's203(k) Rehabilitation Loan is designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property.
What About Financing?
HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender.If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not provide direct financing for the purchase of a HUD Home, it may be possible for you to qualify for anFHA-insured mortgage to finance the purchase.
Does FHA Offer Any Special Discount Sales Programs?
FHA REO properties located in designated Revitalization Areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Read more about these Good Neighbor Next DoorInitiatives. You can also view maps of REO properties and special programs such as Revitalization Areas with HUD's Single Family Home Locator.
Where Can I Learn About Available HUD Properties?
Any single family property acquired by HUD FHA will display a sign identifying who is managing the property before it is listed for sale. During this time the property is appraised, title issues are resolved, if necessary, and a determination is made about the property's eligibility for HUD's discount sales programs. Property listings are posted on HUD Home Store. For more information, contact the Management and Marketing Contractor serving your area.
Additional Information About HUD Homes and Other FHA Programs
If you have more questions about the sale and purchase of FHA-insured homes, please give me a call. You can also Check my website for the latest HUD listings in your area. For more information about FHA and its programs, contact the FHA Resource Center.
Wayne Gaddy – Broker Associate/REALTOR® HUD-registered Selling Broker
Carolina Pines Realty, Inc is a HUD-register Listing Broker
Carolina Pines Realty, Inc. has been a local leader in helping people manage their real estate transactions since 1997. As a family owned business we operate with the motto, “Treat people the way you would want to be treated.”
For our Seller, our strength is in our expertise with technology. We understand that 95% of all buyers now start their searches online. We have and maintain a strong position with Google, Yahoo, Facebook and all other popular social media’s. We blanket the world with information about local properties to give our sellers the best exposure.
For our Buyer, our strength is our knowledge of the local market. Regardless of what their particular needs are, our agents are trained to help them find the best available house, so they can turn it into a home. These homes for many will be their largest lifetime investment. We strive to help people work within their budgets, finding them the absolute best value possible.
As a company we strive for quality of service. From First time home buyers to Investors, we feel it is our responsibility to help our clients have a seamless, drama free experience. Carolina Pines Realty, Inc. stands ready to be your partner in Real Estate.
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"There certainly aren't enough words to describe just how amazing Brandon was to work with. My husband and I relocated from Utah and found Brandon through a referral (and honestly, a prayer). He was immediately accommodating and helpful; he cleared his schedule for two whole days to help us look at the homes on our list. He never pushed a home on us and we never felt like he was "just trying to get the sale." He was always eager to help us find the home that WE wanted.
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