What is a HUD Home?
When a home is purchased and the mortgage is insured by the government's Department of Housing and Urban Development (HUD), the mortgage is an FHA (Federal Housing Administration) loan. If the buyer defaults on the loan, the lender forecloses on the home. The Department of Housing and Urban Development will pay what is owed to the lender, then takes title to the property. A house that has been repossessed and is owned by the Department of HUD is a HUD Home Foreclosure.
HUD Home Foreclosures are available to be purchased by anyone who can qualify for a mortgage or pay cash at closing. The real estate agents at Sinclair & Associates www.HudHomesAtlanta.com can assist both owner/occupants and investors with any HUD home purchase in Atlanta. Bids to purchase HUD homes must be submitted by an agent with Sinclair & Associates. Bids to purchase HUD homes are made during an "bid period," at the end of which the highest reasonable bid will be accepted. HUD will contact Sinclair & Associates with information about the winning bid within 48 hours of acceptance. If no offer is accepted during the initial offer period, new bids can be submitted until the property is sold. Offers can be submitted 365 days a year and are reviewed the following business day. Sinclair & Associates www.HudHomesAtlanta.com, Atlanta's premier HUD real estate broker, has the experience and expertise to assist you in making a winning offer to purchase an Atlanta area HUD home.
HUD homes are sold as-is. Check with Sinclair & Associates www.HudHomesAtlanta.com for information about the HUD 203K Acquisition and Repair Loan.. We recommend that you perform a thorough inspection on your HUD Home once you have won the bid to purchase. If you are interested, Sinclair & Associates www.HudHomesAtlanta.com can refer you to qualified home inspectors when you are purchasing a HUD home in the Atlanta area.