HUD Information | VA Information

HUD Owned Homes

WHAT is a HUD Home?

If a loan insured by the Federal Housing Administration (FHA) goes in default, the lender must take steps to collect on the loan. This may result in the lender taking possession of the collateral Real Estate. If this occurs, the lender may submit a claim against the FHA insurance fund and convey ownership of the property to the United States Department of Housing and Urban Development (HUD), HUD in turn sells the property at market value as quickly as possible.

How are HUD Homes Sold?

HUD homes are listed on the MLS and on the internet. Brokers registered with HUD and their agents may place bids electronically on these properties on behalf of a purchaser. The bid with the highest net to HUD is selected as the provisional winner subject to receipt of all required documents.

Who can buy a HUD Home?

Any buyer that can secure a loan to purchase real estate, or can pay cash, is eligible to purchase a HUD home. Purchasers must use a real estate agent that is registered with HUD to submit a bid on a property. Purchasers must also have a pre-qualification letter from a lender or proof of cash funds in the amount of, or greater than, the property they are purchasing.

Important Information about HUD Homes

HUD’s “AS-IS” Policy

HUD makes no representations or warranties concerning the condition of the property, including but not limited to mechanical systems, dry basement, foundation, structural, or compliance with code, zoning or building requirements and will make no repairs to the property. Regardless of whether the property is being financed with an FHA insured mortgage, HUD does not guarantee or warrant that the property is free of visible or hidden defects, termite damage, lead base paint, or any other condition that may render the property uninhabitable or otherwise unusable. The purchaser is responsible for taking such actions as it believes necessary to satisfy itself that the property is in a condition acceptable to it, of laws, regulations and ordinances affecting the property and agrees to accept the property in the condition at the time of contract acceptance. Purchasers are encouraged to have a home inspection performed to identify any possible defects.

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VA Properties

Ocwen VA REO Properties for Sale can be viewed at www.ocwen.com.

All VA properties are an equal housing opportunity.  Some properties for sale may have VA Vendee financing available.  For a free brochure on Vendee Financing contact Amy Moore at therealtor@bresnan.net.

To view available VA properties for sale, go to www.ocwen.com.  If you would like Amy Moore to contact you regarding a VA property or visit with you about the bidding process for a VA property go to www.amymoorerealty.com or e mail her at therealtor@bresnan.net.

For additional information which is not covered above, you may contact an Ocwen representative by telephone at 800-523-9479. For information about Ocwen's other products and services please visit the other areas of the Ocwen Web site. Thank you for your interest.

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