How is the HUD home-buying process different?
Most HUD properties are sold by electronic bidding through a HUD-registered broker. Not all real estate brokers are registered with HUD, and not all are familiar with the bidding process. To list homes and market them to consumers, HUD uses an online agent, GoldenFeather.com. The Web site posts bid results daily, so home seekers can monitor the process. According to GoldenFeather.com, a bid award is not a contract—it is only an indication that the bidder will have the opportunity to submit a contract for the property. HUD makes no counter offers. The bid with the highest bottom line is the one that is accepted. Special buying programs for teachers and police officers A special program for police officers and teachers allows them to purchase certain HUD properties for 50 percent off the exact listed price, with no earnest money and only $100 down. To be eligible, teachers must teach grades K-12, and must be employed in the school district that the home they are purchasing is located in.
