A HUD owned home is a property that has gone through the entire foreclosure process and is now owned by HUD. Berkshire Hathaway HomeServices Nevada Properties, Realtors is a Local Listing Broker for HUD homes with HUD Registered Real Estate Agents. HUD homes come from foreclosures on FHA insured loans, which applies to thousands of homes just in the Boise area. Purchasers must use a broker or agent who is registered with HUD to place a bid on a property.
Only licensed brokers/agents that are registered with HUD and have an active NAID (Name and Address Identifier) may submit these bids. BLB Resources and HUD make no representation or warranties, expressed or implied, concerning the condition of the property, and will not make repairs to the property. Many HUD approved agents and brokers advertise themselves as such in local newspaper real estate sections.
Homes must then be used to create housing for families in need or to benefit neighborhoods. Seriously there are pictures of workout facilities, 2 story homes when I’m viewing a ranch home, giant beautiful walkways and lakes in backyards that do not exist in that area, trees with no leaves and snow on the ground-in Florida-are you kidding me! There are no income limits or special qualifications to buy HUD homes in the Boise area.
These agents can help you get pre-qualified for a loan, show the available HUD Homes for sale to you, write a Sales Contract for you to sign and place an offer by electronic bid on your behalf. HUD doesn’t like spending time on flaky buyers, so they require an earnest money deposit to make sure potential purchasers have some skin in the game. In the case of HUD homes there are no negotiations, no haggling, or offer and counter-offers. Or at the very least a buyer can call a local real estate office and ask whether they have an agent or broker in the office who is approved to work with HUD homes.
They are responsible for the upkeep of the property and the required documentation associated with marketing and selling the homes according to HUD policies and guidelines set forth in the contract with the federal government. A HUD home is a piece of real estate that is owned by HUD due to a foreclosure by a mortgage lender on the previous buyer. Any individual who can qualify for a mortgage or who can pay cash may purchase a HUD home.