What is a HUD Home? A
HUD home is a foreclosure property that was taken over by HUD (Housing
and Urban Development) as a result of a deficiency by the home owner on
an FHA mortgage. HUD homes are available to anyone as long as they can
qualify for a loan or pay in cash. HUD homes are sold "as-is". If a
HUD home is in need of repairs, the price is marked down accordingly.
HUD homes are sold through a bidding process where HUD-approved real
estate agents submit sealed bids on behalf of their clients. HUD then
reviews and typically accepts the highest bid.