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What Exactly Is A HUD Home
What exactly is "HUD" and a "HUD Home"?
HUD is a government entity whose goals are to create inclusive communities.They strive to eliminate discrimination and insure quality affordable homes are available for all. HUD works toward strengthening the housing market, protect consumers and meet the need for quality affordable homes across the country.
When a borrower can't meet their payments, the lender will then foreclose on the home. This is when HUD steps in and purchases the property from the bank. The property is then sold at market value as a “HUD Home”.
HUD has a few different programs to ensure quality of life within our community and others like it. HUD Homes are usually very fairly prices and tend to sell quickly.
Who can buy a HUD Home?
First listing period.... Good Neighbor Next Door (GNND):
THis is usually the first listing period, it is open to non-profit organizations and (GNND) candidates.
Law enforcement agenc
The GNND program is a 50% discount on the listing price!!!
A GNND must live in the home for minimum of 3 years.
Second listing period... Owner Occupancy:
Purchaser must live in the property for a set amount of time.
New owners must live in the property for at least a year before putting it back on the market.
Third listing period.... for all:
This is when investors are allowed to make bids on the property.
guidelines for owner occupancy go away.
Have any more questions about:
The GNND program?
Owner occupancy periods?
Want to schedule a showing of a HUD listing?
Contact an expert buyers specialist with Front Door Realty.
360-606-1741 *text friendly
Megan Womack came to Front Door Realty with over 10 years of customer service experience. She thrives on making sure our clients come first, is the ultimate people person, and makes friends everywhere....
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