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What is a HUD Home?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers for the first ten days. Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
How are HUD Homes sold?
All properties available for purchase by the public are offered for sale online. Golden Gate Real Estate is a registered brokerage firm with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.
Should I get a home inspection?
We encourage you to get an inspection after your offer is accepted. All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems.
What about financing?
Although HUD does not offer financing directly, some of our homes qualify for FHA-insured loans. Golden Gate Real Estate will assist you to shop around for a lender to find the best loan terms.
There are many detailed steps in buying a HUD home. Contact a Golden Gate Real Estate professional today to get started.
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