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HUD Repossessed Homes

Housing and Urban Development Repossessed Houses

HUD homes are properties that are being sold by the United States Department of Housing and Urban Development (HUD) after being repossessed. The HUD is a government agency charged with promoting fair and affordable housing. According to the official HUD website HUD sponsors national programs to promote home ownership and also encourages policies that make housing more accessible for all Americans. The agency also insures home loans, which allows lenders to offer better rates and to offer mortgages to homebuyers who might not traditionally qualify for mortgages.

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What are HUD Repo Properties?

If a homeowner defaults on a home loan that has been insured by the HUD, the agency pays the lender the amount of money that the lender has lost on the loan. The HUD eventually takes over the property and sells it to the public through an auction or through an approved real estate agent in order to recoup the money that has been paid to the lender.

Advantages of HUD Repo Homes

The exciting thing about HUD repo houses is that they are often sold below market value, sometimes up to 50% their actual value. This is because the HUD wants to earn back their money quickly and is willing to offer a discount to sell the property. In addition, some HUD foreclosures are fixer uppers because the previous homeowner may not have had the money to make minor repairs or may not have cleaned the property before vacating. This pushes the price of these repo homes down even further.

Not only can HUD repo properties save you a great deal of money up front on your next property purchase, but there are other advantages awaiting you if you decide to buy HUD repossessed homes. The United States Department of Housing and Urban Development has a number of programs in place to make these homes even more affordable. The agency even offers to pay a real estate agent�s commission on these properties in some instances, so you can save above and beyond the cut-rate prices on these foreclosures.

Buying Smart

Repo-Homes.com offers comprehensive listings of HUD homes in virtually every community across the country. Our huge and daily-updated listings not only help you find the right home at the right price, but our resources can help find and work with an HUD-approved real estate broker.

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