Foreclosed Homes have been increasingly incredibly in the U.S. as a result of the financial crisis of sub prime. The electronic bids are stored in the computer system and, at the appropriate time, calculations are automatically performed to determine the apparent highest net offer to HUD. When a homeowner defaults on a bank loan that is guaranteed by the FHA, the FHA will pay the bank the remaining balance owed on the house and ownership of the house would then revert back to the Department of Housing and Urban Development.
In fact, the Department of Housing and Urban Development requires that you submit your bid through a licensed agent or broker who is registered to make offers on HUD homes. HUD publishes Bid Results and Bid Statistics on all of their HUD foreclosure listings.
However, FHA offers financing options that are tailored to HUD Homes. An example of non-occupying buyers would be parents who are on the contract, mortgage and deed to make owning a home possible for their son or daughter, but who won’t be living with their son or daughter in the HUD home.
Due to the massive mortgage crisis that took place about a decade ago, there are lots of HUD homes available nationwide. Simply go to GOOGLE, or your preferred search engine, and key in “foreclosed homes for sale.” You’ll be thrown out to several websites listing foreclosed homes for sale.
But it’s not just regular homes that are being foreclosed on. Government housing is also seeing an increase in foreclosures. Put simply, a HUD home is a 1-to-4 unit residential property that was acquired by HUD after an FHA borrower was foreclosed on. Foreclosures, rent to own, and “MLS smart buys” are some of the highlights of what home buyers can find on Over the years, has developed industry-leading technology to gather and present the best real estate deals in the country.