We hope you enjoy this free hud search site and use the links to aide your search looking for goverment hud homes for sale.

Just click on the state, and it will show a list of cities with active HUD properties.
Click on the city then the property, each property will have a LEAD and Property condition reports.

Steps to buy a HUD home.
1. Select a property
2. Read the property condition and LEAD reports.
3. Call 866.731.6529 to set up a showing.
4. To put in an offer you will need a pre-approval letter from a bank or proof on funds. ( If you need a FREE pre approval call: The Mortgage Group at 508.822.8700 Tom Lambert will be happy to do it for you. )

 What is a HUD Home?
A HUD home is a 1-to-4 unit
residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
The following information is provided to as an introduction to the process through which HUD homes can be purchased. You can either scroll down the page, or access specific topics through the following topic menu. Additional links provided in the menu to the right provide access to FHA program and policy information for homeowners, homebuyers, and members of the mortgage lending and real estate industries.

 Who Can Buy a HUD Home?

Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

Scroll Down For More Info 

How Are HUD Homes Sold?
 

All properties are available for purchase by the public.

Just click on the state, and it will show a list of cities with active HUD properties.
Click on the city then the property, each property will have a LEAD and Property condition reports.

Steps to buy a HUD home.
1. Select a property
2. Read the property condition and LEAD reports.
3. Call 866.731.6529 to set up a showing.
4. To put in an offer you will need a pre-approval letter from a bank or proof on funds. ( If you need a FREE pre approval call: The Mortgage Group at 508.822.8700 Tom Lambert will be happy to do it for you. )


HUD Homes are offered for sale at fair market value, based on a recent appraisal. Generally, HUD Homes are sold in what is known as an "Offer Period," during which a potential buyer's offer must be made. At the end of the Offer Period, all offers are opened and the bid providing the highest acceptable net return to HUD may then be accepted. Following the initial "Offer Period" homes remaining unsold are offered on an "extended" basis which means offers may be submitted any business day. If a bid on one of these homes is acceptable, the broker will usually be notified within 48 hours of HUD's acceptance of the offer.

 Should I Get a Home Inspection?

HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection . For more inspection information go to 
 http://inspection-one.com/

If you are interested in acquiring a HUD Home that is in need of repair, you may be interested in applying for an FHA 203(k) Rehabilitation Loan. When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. Click here for more information about FHA's 203(k) Rehabilitation Loan Program.

What About Financing?

HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not provide direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA-insured mortgage to finance the purchase. 

Where Can I Learn About Available HUD Properties?

Any single family property acquired by HUD FHA will display a sign identifying who is managing the property before it is listed for sale. During this time the property is appraised, title issues are resolved, if necessary, and a determination is made about the property's eligibility for HUD's discount sales programs. Listings are posted on the Internet and the Multiple Listing Service. For more information, contact the Management and Marketing Contractor serving your area.

 Does FHA Offer Any Special Discount Sales Programs?

FHA REO properties located in designated Revitalization Areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Read more about these Good Neighbor Initiatives.

Additional Information About HUD Homes and Other FHA Programs

If you have more questions, contact theManagement and Marketing Contractor that manages the FHA housing portfolio in your community.

Listing & Bid Procedures   Disclosures   HUD Homes are sold "As Is" without warranty.  Irregularities in bids:  HUD reserves the right to waive any irregularity in any bid, reject any and all offers, and to withdraw a property prior to the bid opening. Code and Zoning violations:  Brokers should advise Purchasers that the properties may contain code and/or zoning violations. Code and Zoning status must be determined by the Purchaser.  Property Condition:  There will be no guaranties and/or warranties made. No repairs will be performed on the property by HUD after closing. Purchasers are encouraged to have the properties inspected by a qualified home inspection service company to ensure that they are fully aware of the condition of the property.  Potential Purchasers: Contact a HUD Approved Broker to obtain a copy of the current listings, to visit listed homes or to make an offer. HUD pays closing cost up to 3% of the purchase price, IF inserted on line 5 of the sales contract.  Listing Codes   IN - Insured:  All properties listed as "INSURED" are eligible for FHA financing. All requests for insurance will be under Section 203(b) of the National Housing Act Program. An interest rate will be charged on the loan and is negotiable between the purchaser and lender. The mortgage may include some mortgage insurance payments. IE - Insured with Escrow Repairs:  Properties listed as "INSURED WITH ESCROW REPAIRS" means that certain repairs (not to exceed $5,000.00) are required to meet Minimum Property Standards for an FHA mortgage. Purchasers of these properties have the option to purchase "as-is" with cash or conventional financing. Or, these properties can qualify for FHA Section 203(b) mortgages if the purchaser and lender establish a repair escrow at the closing for the completion of repairs within 90-days of the closing. UI - Uninsured:  Properties listed as "UNINSURED" means that certain repairs and or improvements are required to be eligible for an FHA 203(k) mortgage. The required repairs on most of these properties exceed $5000.00. Purchasers of these properties have the option to purchase "as-is" with cash or conventional financing. These properties are also eligible for a FHA 203(k) mortgage if the required repairs and or the improvements are completed within 90-days of the closing. Listing and Bidding   New listings are available every week. During the Initial listing period, bids may be submitted by all potential purchasers (Owner Occupants and Investors).  Priority will be given to Owner-Occupant purchasers for the first 10 calendar days. Owner Occupant Priority Period (Louisiana and Arkansas). All Owner-Occupant offers received during the first 10 days shall be considered to have been received simultaneously. In order to be valid for the 10 day priority period, bids must be completed and confirmed online no later than 11:59 p.m. on Sundays. On Mondays, Owner-Occupant bids received through Sunday at 11:59 p.m. will be opened and reviewed and the highest acceptable net bid to HUD will be selected. Should there be no acceptable Owner-Occupant bids, properties will remain on the market for all bidders. Bids will be reviewed and posted daily by 1:00 p.m. At each such daily bid opening, the highest acceptable net bid will be selected. Owner Occupant Priority Period (New England states). All Owner-Occupant offers received during the first 10 days of the bid period shall be considered to have been received simultaneously. In order to be valid for the 10 day priority period, bids must be completed and confirmed online no later than 11:59 p.m. on Sundays. At 1:00 on Mondays, Owner-Occupant bids received through Sunday at 11:59 p.m. will be opened and reviewed and the highest acceptable net bid to HUD will be selected. At each such daily bid opening, the highest acceptable net Owner-Occupant bid will be selected. General Public Bid Period. At the conclusion of the 10-day Owner-Occupant Priority Period, should the property remain unsold, all general public bids (including Investors) will be accepted beginning on the 11th day. In the event the property remains unsold after these bid openings, daily bids received by 11:59 p.m. will be reviewed and results will be posted the next day by 1:00 p.m. Bids received on the same day shall be considered to have been received simultaneously. Friday, Saturday and Sunday bids will be reviewed simultaneously on Mondays at 1:00 p.m., and the highest acceptable net bid to HUD will be selected. In the event the property remains unsold, the bids (Owner-Occupant and General Public) will be reviewed and posted daily at 1:00 p.m. and the highest acceptable net to HUD bid shall be selected. This listing will remain in effect until the listing has been sold or withdrawn from the market to be reanalyzed. Bids must be completed and confirmed before 11:59 p.m. in order to be valid for that day and will be opened the next day excluding Friday, Saturday and Sunday which will be opened on Monday. Bids must be completed and confirmed on the Internet before 11:59 p.m. in order to be valid for that day. HUD Approved Brokers will continue to show properties and prepare contracts.    Owner Occupants Only:    3% Minimum Down payment for FHA financed properties.    Maximum mortgage amount 97% of the appriased value    or sales price whichever is lower. Investors:   1 unit:  25% Minimum Down payment, for FHA financed properties;   2 to 4 units:  15% Minimum Down payment, for FHA financed properties. Earnest Money Deposit   $50,000 or less - $500.00$50,000 or more - $1,000.00 Earnest Money Forfeiture and/or Return   The following provisions are applicable in all instances except those where HUD in unable or unwilling to close the sale, in which case the entire amount will be returned. Investor Purchasers: Uninsured Sales: 100% of the deposit will be forfeited to HUD for failure to close, regardless of the reason. Insured Sales: 50% of the deposit will be forfeited to HUD for failure to close if the purchaser is determined by HUD to be an unacceptable buyer. 100% of the deposit will be forfeited to HUD if the sale fails to close for any other reason. Owner-occupant Purchasers:                                    Return 100% of the deposit when: There has been a death in the immediate family (purchaser, spouse or children living in the same household). There has been a recent serious illness in the immediate family that has resulted in significant medical expenses or substantial loss of income, thus adversely, affecting the purchaser's financial ability to close the sale. There has been a loss of job by one of the primary breadwinners, or a substantial loss of income through no fault of the purchaser. For an FHA insured sale, HUD (or a D.E. underwriter) determines that the purchaser is not an acceptable borrower. For an uninsured sale, the purchaser was pre-approved for mortgage financing in an appropriate amount by a recognized lender and, despite good faith efforts, is unable to obtain mortgage financing.  "Pre-approved" means a commitment has been obtained from a recognized mortgage lender for mortgage financing in a specified dollar amount sufficient to purchase the property. There is other equally good cause, as determined by Cityside Corporation, in keeping with the spirit and intent of the above policy. Return 50% of the deposit when: For an uninsured sale, despite good faith efforts by the purchaser, there is an inability to obtain a mortgage loan from a recognized mortgage lender.   Forfeit 100% of the deposit when: No documentation is submitted. Documentation fails to provide an acceptable cause for the buyer's failure to close.  Documentation is not provided within a reasonable time following contract cancellation.   Vacant Lot Sales: The purchaser is considered to be an investor and instructions pertaining to investors will apply. Closing Costs  ndex HUD pays certain Closing Costs up to 3% of the purchase price, IF inserted of line 5 of the sales contract. See HUD's Closing Cost Notice. Closing Time Frame ex  For Louisiana and Arkansas, all purchasers must close on or before forty-five (45) days of contract acceptance date. For all New England states all purchasers must close on or before sixty (60) days of contract acceptance date. Closing Extension Policy  ndex ALL SALES ARE EXPECTED TO CLOSE WITHIN THE APPLICABLE TIME FRAME IDENTIFIED ON LINE 9 OF THE SALES CONTRACT. Closing Extension Request:  If the closing does not occur on the specified date on line 9 of the HUD Sales Contract 9548, the Broker should contact HUD's Closing Agent at least two weeks prior to that date to request an extension. You may download the Closing Extension Form from the Forms Page of this website. Cityside Corporation, as HUD's Representative, may grant an extension of closing time and, if approved, each extension will be for a period of fifteen (15) days: Documentation submitted with the extension request must establish that a closing can reasonably be expected to occur within the extension period. The extension request must be accompanied by a cashier's check, money order or other certified funds in the amount of $150.00 made payable to HUD. The initial 15-day extension will be provided for owner occupant purchasers, at no cost, if documentation is provided indicating that proper and timely loan application was made, that the delayed closing is not the fault of the purchaser and that mortgage approval is imminent. The $150 ($10 per day for a 15-day extension) is an extension fee and will be retained by HUD.  In the event that the purchaser closes prior to the end of the extension period, the unused, prorated portion of the extension fee will be credited to the amount due at closing. The approval of an extension does not obligate Cityside Corporation, as HUD's Representative, to grant future extensions.