HUD homes start as an auction property that has a bid date. You must use a realtor to purchase a HUD home. Preference is given to buyers making the purchase of their primary residence, then to investors. On the bid date all bids are reviewed. Homeowners first, if no acceptable bid is received then it is on to investors. If no acceptable bid is received then it becomes an open daily bid until an acceptable bid is reached. A HUD home is a property that has gone through the foreclosure process that had a HUD mortgage insurance policy on it. No one bought it at auction and it was returned by the lender to HUD. To review some common questions by HUD home buyers visit Http://www.hud.gov/buying/comq.cfm These homes come in all areas, shapes and sizes. In the late 80’s they used to publish a weekly ad advertising which homes are available as HUD homes. One of my homes was a HUD home. As always certain rules apply and you need to examine the home thoroughly before buying one. As of June 9th 2008 there were only 4 HUD homes available in the area. It changes. So get out there and start looking.
Tags: Foreclosure, first time home buyers, Idaho Real Estate, Meridian real estate, Boise real estate, housing prices, rent or buy, Rich Nesbit, weather, Hud Homes
