HUD-owned properties are becoming a huge segment of today's market. When someone with an FHA-insured mortgage can't make the payments, the lender forecloses on the home and HUD takes ownership. It is then offered for sale at market value, based on a recent AS-IS appraisal, meaning, the market value in its current condition.
HUD homes are listed for sale by HUD-approved agents only. Coldwell Banker Sea Coast Realty has several agents approved to list HUD homes. Any real estate broker who is properly registered with HUD may submit contracts for purchase. Our firm maintains a relationship with HUD and has access to HUD keys for showings.
HUD homes are sold by sealed bid auction through several HUD approved sites, such as www.gohud.com or www.hud.gov. This is where all of the training and experience of our agents is invaluable - We train our agents to evaluate the home and structure a bid that will meet their clients needs. HUD typically pays 3-5% to the buying agent with the winning bid.
CB Sea Coast Realty has all of the information needed to 1.) list a HUD home, 2.) search online for HUD-owned property, 3.) gain access to show HUD homes to buyers, and 4.) properly execute a winning bid! With the rise in HUD-owned property, savvy agents will want to associate with a firm that can guide them through the process.
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