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What is a HUD Home?
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HUD home is a 1 to 4 unit residential property acquired by HUD as a
result of a foreclosure action on an FHA-insured mortgage. HUD becomes
the property owner and offers it for sale to recover the loss on the
foreclosure claim.
Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject
to certain restrictions) you may buy a HUD Home. HUD Homes are
initially offered to owner-occupant purchasers (people who are buying
the home as their primary residence). Following the priority period for
owner occupants, unsold properties are available to all buyers,
including investors.
How are HUD Homes sold?
All properties available for purchase by the public are offered for
sale at Internet listing sites maintained by management companies under
contract to HUD. Any real estate broker registered with HUD (Including ERA
The Norton Group) may submit an offer and contract to purchase
on your behalf. HUD pays the real estate broker's commission, if
included in the contract.
Are there any special programs?
Properties in designated areas are available at a reduced sales price
to police officers, teachers, firefighters, emergency medical
technicians, nonprofits and local governments. Read more about these
Good Neighbor Initiatives.
Should I get a home inspection?
We encourage you to get an inspection after your offer is accepted. All
HUD Homes are sold AS-IS, without warranty. HUD will not make repairs
nor pay to correct any problems.
What about financing?
Although HUD does not offer financing directly, some of our homes
qualify for FHA-insured loans. Shop around for a lender to find the
best loan terms. Find out how an FHA loan can help you.
Vitit U.S Department of Housing and Urban Development's
Web site http://www.hud.gov
for more information on HUD and all its programs.
Search for a
Massachusetts HUD home for sale:
Please call ERA The Norton Group
to request a list of current HUD properties in your area and for a
showing. Please recall from above; only HUD registered
brokers and their agents have access to and can submit an offer on your
behalf.
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