Our Realtors can show you any HUD owned home currently on the market in Central Ohio. It’s a home that has been foreclosed on and the loan was guaranteed by the Department of Housing and Urban Development or HUD. That second note gets ripped up after three years,” said Kevin Kelly, a local listing broker for HUD homes in the Buffalo area. The great part about buying a HUD home as an owner occupant is that your competition for the property is only other owner occupants.
A HUD property is a residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. And while many homes need extensive repairs others come to the market in very good shape. HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
During the initial offering, HUD homes are available only to those who wish to buy them as their primary residence. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early.
Including bank owned or foreclosure homes sales, VA homes and short sale transactions. Owner-occupants are not eligible if they have purchased a HUD property in the past two years. After the sales contract is submitted and approved, HUD will schedule a closing date within 30-60 days.
Be sure to avail yourself to all of the background information on the home’s history, including sales history, recent tax assessments, and the average sale price of comparable homes in the neighborhood. This program is only for people who are going to buy the homes to live in. It is not for investors!