Established in 1965, the Housing and Urban Development of the United States, commonly known as the HUD is under the Cabinet department of the country?s government. The key purpose of the formation of the organisation was to improve the housings and its related policies in the United States. There are several operating units under the HUD, functioning at various areas of housing and urban development. Some of the major program offices include services such as Community Planning and Development, where programs like homelessness and cheap housing are dealt with and other major programs like Housing, Public and Indian Housing, Healthy homes and Lead hazard, Fair housing and equal Opportunities as well as Public Development and Research. HUD is an important organisation in the United States and according to the 2004 company record, 10,600 employees were known to be working under the organisation. Its recent budget has been recorded to be 28.5 million.
A HUD home is commonly known as a maximum 4 unit?s residential property that has been acquired due to foreclosure action, typically by a FHA-insured mortgage. After the foreclosure, HUD becomes the official owner of the property, having rights on the resale in order to recover the losses incurred previously. A HUD home is usually offered for sale after its foreclosure and can be easily purchased.
The purchasing of a HUD home is easy and can be applied by almost anybody. A person who has sufficient cash to purchase or is eligible for a loan can nominate for the HUD homes. However, according to the HUD policies, the vacant homes are usually offered to the purchasers who are interested in making the houses their primary dwelling, rather than the people whose intention is to increase on their assets. Other than that, HUD houses are easily applicable for every class of buyers who are interested in the purchase and this includes the investors as well.
The homes acquired by HUD which are for sale can easily be spotted on the various sites on the Internet. If you are interested in purchasing a house, you can search through the numerous Internet listing sites, where HUD homes are advertised for sale. These advertisements are maintained and provided by the management companies that are under an agreement with HUD for the sale of the property. Typically, the real estate brokers and agents can also contact with HUD regarding the sale of the properties and benefit from commission on the basis of a contract with HUD.
Some of the HUD properties in some specific areas are offered at reduced prices for the special professionals, which include the teachers, medical technicians, law enforcement officers, fire-fighters and various local government and nonprofits organisation specialists. Additionally, if you are one of those unfortunate victims of the Katrina, Wilma or Rita and has suffered home losses from the natural disasters, then HUD offers special discounts on the houses listed under them.
Select a state in the list below for foreclosure listings of bank foreclosures for sale.