1616 Azalea, Ste. 103 Temple, TX. 76502 - Phone: (254) 913-6239
"Rock Solid in Real Estate."
“"OVER 130 YEARS OF THE CLASSIC ROCK"”
To view HUD Acquired Properties in your area go to
www.bidselect.com
Prudential Synergy REALTORS® is the HUD broadlisting broker.
About HUD Homes:
HUD Homes and Government owned property are quite similar to Bank Owned property in that the government is equally motivated to sell these distressed assets. However, there are enough differences that we decided to create a separate chapter. Government foreclosure inventory includes residential and commercial property from the federal, state and local governments. The primary government agencies that sell foreclosed or distressed assets to the public are discussed below:
Where do Government Foreclosures come from?
(U.S. Department of Housing and Urban Development): The largest number of government foreclosures can be found through HUD. HUD is a federal agency that implements housing policy and was created to increase homeownership across America. HUD accomplishes this by insuring loans for people with low down payments or that don't meet standard credit requirements. The bottom line is that HUD loans are higher risk loans and therefore have a higher default rate.
When HUD mortgages are foreclosed, the properties are sold to the public. Since the foreclosure is insured by HUD, the government is required to pay the lender the amount due on the loan. Once the loan is paid off, HUD now takes possession of the property and can dispose of it in any reasonable manner. In order to bid on a HUD home, you must submit the bid through a designated HUD broker. Normally, HUD homes are sold during an Offer Period. At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. If your bid is accepted by HUD, your real estate agent will be notified, usually within 48 hours.
All HUD properties are sold in "As is" condition.
Contact Ann Runnels for more information and a list of HUD homes in your area.