HUD homes are FHA insured mortgage loans that go into foreclosure. Gather bid information: Make note of important bidding information, such as the bidding period, the period deadline, who is eligible, whether the property is FHA insurable, and whether or not the property has been earmarked as an owner-occupied property.
I would have the buyer find a good, knowledgeable realtor that understands the GNND program, as they will have to go through a realtor to submit a lottery bid online,” says Jesse J. Garza, HUD coordinator for Century 21 Mike Bowman Inc., in Grapevine, Texas.
While HUD doesn’t lend directly to the buyer specifically for the purpose of buying a HUD home, there are several options for specific cases in which buyers can qualify for FHA home loans, which many buyers find more convenient than dealing with a private bank or lender.
If the home is not sold within that …