HUD auction
The United States Department of Housing and Urban Development commonly referred to as HUD, insures loans made through a variety of government programs.
Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties
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.
Such auctions are generally AS-IS, and as such sell for a good deal less than homes normally sold in the Real Estate market.
References
Directory of each State's website of HUD auction listings
External Links
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