What is a HUD Home?

 

• A HUD home is an FHA insured mortgage that has gone into default

• Lender acquires property, submits FHA insurance claim, then conveys ownership to HUD

• A HUD Home can be a Single Family Residence (SFR), Townhome, Condominium or other type of residence up to 4 units

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Who can buy a HUD home?

 

• Individuals and investors, HUD-approved non-profit organizations or government entities

• Buyers who can secure a loan or pay cash to secure real estate

• Pre-qualification letter from lender or proof of cash funds is required 

• Priority is given to owner occupants

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Who can sell a HUD home?

 

• Any licensed real estate broker or agent w/ a NAID # (Name and Address Identification Number) and registered w/ HUD

• A NAID # is required to submit a bid, but is not required to show a HUD Home

• Broker and agent must also register to bid on www.HUDHomestore.com 

• HUD-registered broker or real estate agent must submit bid on behalf of an owner occupant, investor or Good Neighbor Next Door (GNND) purchaser

• Registered non-profit organizations and government entities may submit bids without the use of a real estate broker or agent

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Where can HUD homes be found?

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• Listings are featured Daily on: www.HUDHomestore.com

• The Multiple Listing Service

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