What is a HUD home?

Many buyers (especially first-time home buyers) are asking the same question – What is a HUD home?

HUD homes are one type of foreclosure property. They are homes that were purchased using an FHA loan and have now been repossessed and are being re-sold. Like any other foreclosure, these can be a very tempting purchase, but it’s important that buyers are educated on HUDs before attempting to purchase. Many buyers are unaware that once their offer is accepted, if you (the buyer) decide to terminate the contract, you may only get some or, in some cases, NONE of your Earnest Money returned. Please carefully read the fine print and get the advice of a trained HUD specialist if considering buying one of these properties.

Email us today if you have questions about HUD properties in the Greater Houston Area – info@thelokengroup.com.

If you’re from outside of the Houston area, we can get you in touch with a REALTOR® in your area that can help.