How To Place A Bid On A HUD Home

February 23, 2014 HUD Training No Comments

US Department of Housing & Urban Development

When a HUD Home becomes available for sale, it is listed on HUD Home Store (and usually on the Multiple Listing Service). Any real estate broker who is properly registered with HUD may submit contracts for purchase. Brokers are used because of their expertise in the local residential real estate market and because HUD does not have sufficient staff to show properties to prospective buyers or to assist in those other aspects of home buying normally handled by brokers.

Before FHA properties are publically listed for sale, they are first evaluated to ascertain if they qualify for direct, exclusive sale to units of local government and FHA-approved nonprofit organizations. Generally, these properties are located in designated Revitalization Areas.

FHA REO properties that are not sold under any special programs are listed on HUD Home Store and offered on an exclusive, priority basis to owner occupant purchasers (people who are buying the home as their primary residence). Following the Exclusive Sales Period, unsold properties are then made available for purchase to all interested buyers, including investors, under the Extended Sales Period.

The following is a video to help you understand the process in bidding on a HUD home. Anyone can view all of the listed HUD homes in America at the HUDHomestore.com but only licensed real estate professionals can place a bid on these homes.

Please go to http://HUDHomestore.com to view homes listed for sale and to post bids.

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Tags: Department of Housing, Federal Housing Administration, foreclosure, Homes For Sale, HUD homes, real estate, United States Department of Housing and Urban Development, Urban Development, Urban planning

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Sherry is so great! She helped my family find our first home. We couldn't be happier with Sherry and the work she did for us. Nov. 9 2012

Lara and John

We have worked with Sherry for just over a year now. She has patiently guided us in the right direction. When we first started looking we had no idea what we wanted just that we wanted a permanent home. Sherry helped us narrow the gap between what we wanted what would fit our lifestyle and what we could afford. As first time home buyers we could not have picked a better agent. We kind of went into the process blindly and Sherry pointed out all the things we should take note of along the way. Now we are moving into our first home and we are so excited. Thank you Sherry Hannah and Jesse Client February 18 2013

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We called Sherry Fields on an affordable foreclosure in town, and to our surprise she offered to meet us on a Saturday morning to show it. It was one of many Saturdays, that she graciously spent with us on our search for “Home.” I’m sure it’s no surprise that on a small budget, our options were limited and not all that great. We tried to be realistic about what we could afford, and put offers in on several houses that did not pass inspections. After a year, and the third house that we walked away from, we knew we had exhausted not only ourselves, but our options as well. Sherry didn’t give up, though. Eventually, Sherry found us a real gem. A very large historic home in the heart of Stevensville; WELL within our budget as it was a foreclosure. . Sherry handled it all, with great skill and professionalism. The moment Sherry handed us our keys was a very proud one for us. . We simply cannot thank Sherry enough for her services! It goes without saying that if you are in the market for a home, you need only make one call.

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We were very happy with the service Sherry provided. She was very knowledgeable about all aspects of our real estate transaction and made the purchase go smoothly. Sherry was also very helpful with referrals to retail stores, a veterinarian and contractors services for our new home.

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Pat and John

We would like to express our appreciation to Sherry Fields for the expert service we received while selling our home in Missoula.

We have sold other properties prior to this with other agents and were not nearly as satisfied. We highly recommend Sherry Fields with Berkshire Hathaway and would definitely have her as our agent in the future.

Judy Archie and John Harris

Judy Archie & John Harris

How To Place A Bid On A HUD Home

US Department of Housing & Urban Development

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