Why Does HUD have homes to sell?
The United States Department of Housing and Urban Development (HUD), is the federal agency that oversees the resale of “HUD homes”. HUD homes refer to HUD foreclosure property that was conveyed to HUD when a homeowner failed to make payments on their FHA insured mortgage. Many times the people that were foreclosed make significant damage to the homes before they vacate the property. Others leave the homes in pristine condition. HUD has classified purchasers into two categories: 1) Owner-occupied buyers: An owner-occupied buyer is a person that will occupy the property as his or her primary residence within 30 days of the close of escrow 2) Investors. .
