How To Place A Bid On A HUD Home

February 23, 2014 HUD Training One Comment

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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How To Place A Bid On A HUD Home – Sherry Fields Real Estate
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