HUD auction: Difference between revisions
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{{Auction}} |
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The [United States Department of Housing and Urban Development] commonly referred to as HUD, insures loans made through a variety of government programs. |
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A '''HUD auction''' is a form of [[Foreclosure#Foreclosure_auction|foreclosure auction]] except the original lender was a federal agency instead of a private lender. The [[United States Department of Housing and Urban Development]] (HUD), is the insurer of loans made through a variety of government programs, particularly [[FHA loan]]s. When a [[lender]] forecloses on a government insured loan, HUD takes possession of the property. |
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Homes are listed on the [[Multiple Listing Service]] by a listing agent who generally receives a 1% commission for listing the property, but is otherwise unaffiliated with HUD.{{Fact|date=April 2008}} |
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Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties |
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When a lender forecloses on such a loan, HUD takes possession of the property, and generally auctions it off through a third party private law firm. |
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{{Real estate}} |
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Such auctions are generally AS-IS, and as such sell for a good deal less than homes normally sold in the Real Estate market. |
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[[Category:Mortgage industry of the United States]] |
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==References== |
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[[Category:Real estate in the United States]] |
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[http://www.hudauctionwatch.com/how-to-evaluate-hud-properties/ Hud Property Conditions] |
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[[Category:Governmental auctions]] |
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[http://www.hudauctionwatch.com/where-to-find-hud-homes-for-sale/ Directory of each State's website of HUD auction listings] |
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[[Category:United States Department of Housing and Urban Development]] |
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[[Category:Foreclosure]] |
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Latest revision as of 17:40, 16 October 2021
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A HUD auction is a form of foreclosure auction except the original lender was a federal agency instead of a private lender. The United States Department of Housing and Urban Development (HUD), is the insurer of loans made through a variety of government programs, particularly FHA loans. When a lender forecloses on a government insured loan, HUD takes possession of the property.
Homes are listed on the Multiple Listing Service by a listing agent who generally receives a 1% commission for listing the property, but is otherwise unaffiliated with HUD.[citation needed]
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