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{{Auction}}
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]] loans. When a lender forecloses on a government insured loan, HUD takes possession of the property. Generally auctions occur through a third party private law firm and are generally sold AS-IS, and as such sell for a good deal less than homes normally sold in the Real Estate market.
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.


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.
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}}


==References==
==External links==
⚫
* [http://www.hud.gov/ Department of Housing]
[http://www.hudauctionwatch.com/how-to-evaluate-hud-properties/ How to Evaluate HUD Homes]


{{Real estate}}
[http://www.hudauctionwatch.com/where-to-find-hud-homes-for-sale/ Directory of each State's website of HUD auction listings]


⚫
[[Category:Mortgage industry of the United States]]
==External Links==
[[Category:Real estate in the United States]]
⚫
[http://www.hud.gov/ Department of Housing]
[[Category:Governmental auctions]]

[[Category:United States Department of Housing and Urban Development]]

[[Category:Real estate]]
[[Category:Foreclosure]]
⚫
[[Category:Mortgage]]

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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