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Purchasing A HUD Home


Department of Housing and Urban Development (HUD) residential foreclosures are available throughout the United States. The sales process for purchasing a HUD home isn’t quite the same as you’ll encounter when buying a home from an individual, so take a few notes before you go home shopping.


What is a HUD home?

The Federal Housing Administration (FHA) is a part of HUD–the part that provides federal mortgage insurance. If a foreclosed home was purchased with a loan insured by the FHA, the lender can file a claim for the balance due on the mortgage. FHA pays the lender’s claim and then transfers ownership of the property to HUD, which sells the home.


How much do HUD homes cost?

HUD homes are appraised and then priced at fair market value for their location. The price of a home in need of repairs is adjusted downwards to reflect the investment the new owner must make to improve the home.


Will HUD make the repairs?

HUD homes are sold as-is. The new home owner(s) are responsible for any and all repairs and improvements to the home.


Do I simply make an offer to purchase a home?

HUD foreclosures are sold using a bidding process. There’s an Offer Period, during which sealed bids are accepted from your agent. At the end of that period, all offers are opened. HUD will generally accept the highest bid or the bid that brings them the highest net.

If the home remains unsold after the initial period, bids are opened as received.

If your bid is accepted, your agent will be notified within a day or two. You will be given a settlement date, usually 45 days from the date of your accepted contract.


Will HUD finance the home?

HUD does not finance homes. You’ll need to arrange for conventional or other financing. Be sure your financing is in order before you make an offer. If your bid is accepted and you do not close on the house, you may lose the earnest money deposit you submitted with the offer.


Should I have a professional home inspection?

Home inspections are recommended for any home purchase. You should inspect a HUD foreclosure before you make the offer to purchase. It will help you determine a bidding price, especially if repairs are required.


Can I buy a HUD foreclosure for investment purposes?

During the initial offering, HUD homes are usually available only to those who wish to live in the home. If an owner-occupant does not bid on the home, investors are allowed to enter the bidding process.


Please contact Realty Expertise about Purchasing a HUD Home via;
Phone: 702.373.7565 or Email:

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Realty Expertise assumes no responsibility nor guarantees the accuracy of this information. Realty Expertise does not guarantee your lender will change the terms of your mortgage. Realty Expertise and their associates are not attorneys;  Realty Expertise is not engaged in the practice of law nor gives any legal advice. Realty Expertise strongly recommends that you seek the appropriate Professional counsel regarding your legal rights as a homeowner.

Realty Expertise is not associated with the United States government, mortgage lenders or any banking institutions. By accepting this offer and using the services of Realty Expertise, your lender may still not agree to change your loan.

IMPORTANT DISCLOSURE: Clients of Realty Expertise are never charged any fees associated with the short sale process.

You have the right to reject or accept any offer Realty Expertise obtains from your lender (servicer) of your loan.

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