HUD HOMES

HUD, or the Department of Housing and Urban Development, aquires homes through foreclosures. If a home is purchased with an FHA (Federal Housing Authority) insured mortgage and the homeowner defaults, the mortgage lender can collect the insurance from FHA in exchange for the home. The home is now the property of the government and is managed by HUD and its asset managers.

HUD homes are sold via on line bidding. Generally, HUD will list a home for 10 days before reviewing any offers. If after this time no offers are accepted by HUD, the property will be listed for daily bid and will remain on a daily bid status until sold. During the 1st 30 days of the listing, HUD homes are only available to owner occupants, not investors. If the property is still available after 30 days, anyone can bid on it.

HUD homes are sold in "as-is" condition. HUD will NOT make any repairs to a home. They will allow the buyer a 15 day inspection period. During that time, buyers can do their due diligence and inspect the home for any defects.

HUD will contribute up to 3% of the purchase price towards the buyers closing costs, if the buyer is an owner occupant. However, they will not contribute towards closing costs for investors.

To search for HUD homes on this site, click the "search for homes" icon and under the "special listing condition" field check off the HUD owned box.

Only HUD authorized agents can submit bids on HUD homes. Neil Veneroso and Carol Veneroso are both registered HUD real estate agents and will be happy to submit your offers. Just give us a call Neil: 623-208-0859 or Carol: 623-208-0860 or email us at Realtor@MyAzHomeSearch.com