whats the diffrence between this names like hud is a goverment agancy dose it work the same way as buying a bank owned property.
2007-02-17 03:42:29 · 3 answers · asked by 23and4 1 in Business & Finance ➔ Renting & Real Estate
Sorry I can,t help you I live Canada we don,t have that there
2007-02-17 05:19:14 · answer #1 · answered by pattibcacl 6 · 0⤊ 0⤋
HUD homes are available through certified Realtors and bid on line. If your bid is accepted you are notified within 24-48 hours. Some HUD properties require the owner to also be the occupant. If no bids are accepted, then the properties are made available to investors. Bank owned properties, if not auctioned, are generally advertised, just like HUD homes, through the MLS and can be sold by a Realtor. Sometimes acceptance of a bank owned property can take more than a week because of the number of people in the establishment who have to give their approval.
2007-02-17 16:03:03 · answer #2 · answered by Venita Peyton 6 · 0⤊ 0⤋
Fannie Mae, Ginnie Mae, and Freddie Mac are government groups or government regulated groups that "buy" debt from mortgage lenders. They never have properties for sale/auction.
HUD homes require a long application process. It is definitely different than a bank-owned property.
If you are looking for bank owned properties, I've read that large banks sell for less money because they have more houses to get rid of.
Good luck!
2007-02-17 16:28:37 · answer #3 · answered by Alene R 1 · 0⤊ 0⤋