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 (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
In order to submit an offer to purchase a HUD home you MUST submit your offer with a broker who is HUD CERTIFIED. If you would like to know what HUD homes are available in the greater Savannah, Georgia Chatham, Bryan and Effingham County area just give me a call or send me an email. I can tell you how the process works and send you a list of the HUD properties available.
I look forward to hearing from you.