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What is a “HUD” house?

April 26, 2017House HUD

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What is a “HUD” house?

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HUD houses are Housing and Urban Development foreclosures. The most common way a house becomes a “HUD Home” is if the individual that was foreclosed upon had a FHA loan. Anyone that can qualify for a mortgage or pay cash can purchase a HUD Home. However, owner occupants have first option when the listings first come on the market. After the property has been on the market for at least 2 weeks, investors can also bid. Purchasers must use a Broker or Agent who is registered wth HUD to place a bid on a property.