The U.S. Department of Housing and Urban Development (HUD) is one of several sources for an investor, or owner occupant, to buy a foreclosure. Usually homes owned by HUD end up selling for less than their potential market value due to their condition and, for the right buyer, can offer an opportunity for a good investment.
To buy a HUD house, you will want to work with an experienced agent who is approved to sell HUD homes. MORE, REALTORS is an approved HUD broker and has several agents with extensive knowledge and experience assisting clients buying HUD homes.
When a HUD home becomes available for sale, it is listed on the HUD Home Store site, but you can easily search for them, as well as receive notifications of when new HUD homes hit the market, using our site, StLouisRealEstateSearch.com. We can then show you the property and submit an offer on your behalf.
The short answer is "yes", generally. However, in most cases, buyers that plan to occupy the home as a residence are given first shot at buying HUD homes. See below about the HUD time periods.
No. HUD Homes are sold in their "as-is" condition. HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs.
The Exclusive Listing Period is a 15 calendar day period for properties marketed as “Insured” and “Insured with Escrow.” For a property marketed as “Uninsured” the exclusive listing period is 5 calendar days.
The Extended Listing Period is a total of 180 days for all properties and begins after the exclusive listing period ends.
For more information on HUD's timelines, including exclusive time period and extended listing period, see HUD Notice H 2013-29 below.
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