What is a HUD home?
A HUD (US Department of Housing and Urban Development) Home is a 1-4 unit residential property that is backed by the Federal Housing Administration (FHA) and is now in foreclosure. When someone with a HUD insured mortgage can’t meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. HUD then sells the home at market value through a Marketing & Management Contractor such as PEMCO.

Who can sell HUD homes?
Any licensed real estate agent or broker who is registered with HUD may sell HUD Homes.

Who can buy a HUD home?
Any buyer with available cash – or who can qualify for a loan (subject to certain restrictions) – can purchase a HUD home. Initially, priority is given to those who are buying the home as their primary residence. After the priority period, unsold properties are made available to all buyers, including investors.

How do you find HUD homes?
Finding a HUD home is as easy as clicking on hudpemco.com, searching under properties for sale in California, and selecting the home or income property of your choice.

How do you purchase a HUD home?
Once you are interested in a property, contact a federally approved California HUD real estate broker, like the Duran Group, and they will provide access to these properties and handle all the bidding, contracts, and disclosures processes on your behalf. A real estate broker must be properly registered with HUD to submit contracts for purchase or any HUD home.

Where can I learn more?
Visit the US Department of Housing and Urban Development website – and particularly the HUD in California section.

If you’ve always wanted to take advantage of the opportunities of purchasing government owned Real Estate, now is the time. Do you have any other questions about HUD homes? Have you had experience buying one? Please leave comments below or contact the Duran Group directly.

Posted by:Raina Duran