What is a HUD house? Is there something wrong with them?
Only if you consider carpet stains an adverse material fact. HUD houses are Housing and Urban Development foreclosures. The most common way a house becomes a beloved “HUD Home” is if the mortgagor who was foreclosed had an FHA loan, or a loan that is FHA-insured. HUD then takes ownership of the property. Who can buy a HUD house? Any individual who can qualify for a mortgage or can pay cash may purchase a HUD home. Owner Occupants must live in the house as their primary residence for at least one year and may not purchase another HUD home as an Owner Occupant for two years. Purchasers must use a broker or agent who is registered with HUD to place a bid on a property. Thats where we come in. I’m not approved for a HUD loan can I buy one? Anyone can buy a HUD house, as long as you have cash or can secure financing. In other words, there’s no difference between buying a HUD house and buying a typical re-sell. I’m confused, don’t I need to be approved to buy a HUD house? Well yes, you need
