Simply put, HUD stands for the United States Department of Housing and Urban Development. HUD homes are residential properties acquired through the foreclosure of a Federal Housing Administration insured loan. Homes built before 1978 may contain lead-based paint, so learn more about lead paint hazards before making an offer. The length of the priority period varies: It’s 15 days for HUD REO properties marketed as ‘œInsured’ or ‘œInsured with Escrow’ (meaning financed with an FHA-insured mortgage), but only five days for uninsured homes.
If you are searching for a Denver HUD home, give us a call and put our expertise in Denver HUD homes to work for you. The more repairs a HUD home needs, the better chance it will make it to the investor bid period, and uninsured homes are much more likely to be bought by investors.
If you contact HUD directly, they may not send you a …