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A Phoenix area HUD foreclosure home has been 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.
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