What is a HUD home? Simply, it is a foreclosure. The government has certain agencies who guarantee mortgages. When a lendee defaults, the bank forecloses and sells the home to recover their losses. When an individual defaults on a government backed loan, the foreclosed property becomes a HUD home. Typically foreclosed properties are less expensive than standard sales, but they as usually sold as-is and need a bit of work. A buyer could find a HUD home at www.hudhomestore.com. Making an offer on a HUD home is similar to being at an auction, so be prepared for a bidding war!
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