WHAT IS A HUD HOME?
When payments are not made on a mortgage insured by the Federal Housing Administration (FHA), the lender forecloses, or accepts a deed-in-lieu. The lender files a claim with the Department of Housing and Urban Development (HUD) for the unpaid principal balance and conveys title of the property to HUD. Once title is conveyed, HUD owns the property and then begins the maintenance, marketing and sale of the property.
WHO CAN BUY A HUD HOME?
Any individual may purchase a HUD home. Prospective buyers MUST use a HUD registered broker. Modern Edge Realty is a HUD registered broker in CT that can assist buyers in purchasing HUD homes for sale.
WHO CAN SELL A HUD HOME?
Only HUD registered real estate brokers and their sales agents may submit electronic bids for HUD owned properties on behalf of buyers. Modern Edge Realty is a HUD registered broker in CT that can sell HUD homes.
