What Is a HUD Home?
The Federal Housing Administration (FHA), which is a part of the Department of Housing and Urban Development (HUD), provides federal mortgage insurance which ensures that mortgage lenders will be reimbursed in the event homebuyers default on the mortgage. When a lender is forced to foreclose on an FHA-insured single family home, townhome, or condominium because the owner can no longer make payments, it can file a claim with FHA for the balance due on the mortgage and convey title of the property to HUD. A HUD Home, therefore, is a one-to-four unit residence acquired as a result of a foreclosure on an FHA-insured mortgage.
How Are HUD Homes Sold?
When a HUD Home becomes available for sale, usually it is listed on the Multiple Listing Service and on HUD's home page on the Internet. Any real estate broker who is properly registered with HUD may submit contracts for purchase. Brokers are used because of their expertise in the local residential real estate market and because HUD does not have sufficient staff either to show properties to prospective buyers or to assist in those other aspects of homebuying normally handled by brokers.
Dave Lowe broker of Two4One of Orlando is an approved HUD Broker registered with HUD and may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.
Search For A Hud Home (click on the logo below)
Once you find a home you are interested in check it out on one of the county property appraisers sites listed below, this will give you more information on the property.
FLORIDA COUNTY PROPERTY APPRAISERS
- Hillsborough
- Hernando
- Hardee
- Highlands
- Indian River
- Lake
- Marion
- Manatee
- Orange
- Osceola
- Polk
- Pinellas
- Pasco
- Sarasota
- Seminole
- Sumter
- Volusia
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