HUD homes are homes purchased by the government through the U.S Department of Housing and Urban Development versus a regular foreclosure which is owned by the lender who made the original loan on the house on which the buyer defaulted. HUD homes can represent an outstanding value in the marketplace.
There are some benefits available when placing an offer on a HUD home for owner-occupied buyers such as;
- 10-day Owner-Occupant Priority Bidding Period–No investor competition!
- Property condition reports avaiable prior to writing an offer
- No appraisal required in most cases