What is a HUD House?
Through a series of unfortunate circumstances, these homes have been foreclosed on and are now available for sale to the general public.
Like most ‘bank-owned’ houses, these homes typically need some fix-up. It is important to know that these homes were first subject to a fairly restrictive inspection process. While not always the case, these homes have updated electric, good furnaces and other good mechanicals. Expect to paint and carpet at the very least.
The bidding process for these homes is fairly unique as well. HUD homes are reserved for owner occupants for the first 10 days. After that time, both owner occupants and investors may bid on them. The initial bidding process is held to the 5th day of which all received bids are then opened. If there are no successful bidders, bidding resumes with the deadline being 12:00 a.m. each following night.
To bid on a HUD home, you must use specific contracts and specially authorized real estate agents. I am a listing agent for HUD. I know what works and what does not.
If you want the best possible chance of winning a HUD home to either live or invest in, you should give me a call and discus your best possible chances. I know what it takes to win!
