My husband and I are looking at homes and I wanted to know what it means.
2007-03-23 08:57:30 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Most commonly refers to a government owned property (Housing and Urban Development). Of course the govt. owns the property because the previous owner could not pay and the mortgage was foreclosed upon.
Buying a HUD home can be difficult at times. Generally they are sold "as is" meaning you take it as is. Also there are usually tight time restraints between the time your offer to buy is accepted and when you must close. The contract is specific in that you must close within a certain time or you lose the down payment. Further, extensions can be granted, but they usually cost a few hundred dollars.
As long as you use a Realtor and attorney that have worked with HUD houses, you should be OK.
2007-03-23 15:30:52 · answer #1 · answered by cramer.fan 2 · 0⤊ 0⤋
HUD is a federal government program. Federal dollars are used to subsidize housing for poor people. Sometimes HUD buys a house. Sometimes they guarantee a mortgage. The buyer defaults, HUD takes possession of the home then sells it.
HUD means "Housing and Urban Development."
2007-03-23 16:03:24 · answer #2 · answered by regerugged 7 · 1⤊ 0⤋
It is a federal project which helps the less fortunate get houseing. Please see the official link below for more info.
2007-03-23 16:06:28 · answer #3 · answered by Mariposa 7 · 1⤊ 0⤋