HUD auction: Difference between revisions

Content deleted Content added

Inline

Revision as of 10:24, 18 April 2008

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. 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.

Homes are listed on the MLS by a listing agent who generally receives a 1% commission for listing the property, but is otherwise unaffiliated with HUD.

References

How to Evaluate HUD Homes

Directory of each State's website of HUD auction listings

External Links

Department of Housing

@@ Line 1: / Line 1: @@
-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 and when the lender forecloses on such a 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 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.
+Homes are listed on the MLS by a listing agent who generally receives a 1% commission for listing the property, but is otherwise unaffiliated with HUD.
 ==References==
-[http://www.hudauctionwatch.com/how-to-evaluate-hud-properties/ Hud Property Conditions]
+[http://www.hudauctionwatch.com/how-to-evaluate-hud-properties/ How to Evaluate HUD Homes]
 [http://www.hudauctionwatch.com/where-to-find-hud-homes-for-sale/ Directory of each State's website of HUD auction listings]