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You've heard the name before and you know it means it could save you some money, but do you know what exactly a HUD home is?
A HUD home is nothing more than a house that was purchased with an FHA loan that has since fallen into foreclosure. HUD stands for the Department of Housing and Urban Development and is the federal office that takes on the responsibility for the FHA loans that go wrong. HUD homes are purchased exclusively online in an auction format during a period of time referred to as an "offer period". HUD homes are NOT the same as foreclosures.
During the offer period any and all offers submitted will not be reviewed. All offers are opened and considered to be received simultaneously. The highest acceptable net bid is then accepted, and the buyer's agent is contacted. If the home isn't sold in the initial offer period, then buyers may submit a bid any day of the week, including weekends and holidays. Bids are opened the next day for review.
If the HUD home isn't sold after the initial offer period HUD will often times lower the price, and will continue to drop the price until an offer is made and accepted.
Offers presented for HUD homes must be submitted by an agent who is registered with HUD. Don't let the next good deal you see get away simply because you were a step behind. Take a moment to get free access to all of the HUD homes available As a HUD-registered real estate professional, once you complete the form on the page, I can give you free access to all of the HUD homes available.