The procedures for purchasing a HUD home are different than a conventional purchase.

Helpful hints in moving the process along.

Welcome to onlinehudhomes.com. This site provides you with detailed information on purchasing a HUD home as well as other bank owned property. This section is designed to provide you with a brief overview of the HUD buying process. More complete information on this process is found throughout the site. We have also provided numerous links to HUD and other governmental agencies that may provide you with more extensive information on the subject.

A few things that you should know about the process,

Anyone can buy a HUD home. While many of the homes are affordable, this is not a low-income program. Home can be bought by owner-occupants or investors, subject to a strict priority timeline.
HUD homes are appraised and sold at market value. The buyer may offer any price, but HUD will only agree to offers that provide an acceptable return. Price reductions may take place later if the home does not sell.

HUD homes are sold "as is". This means what you see is what you get. HUD makes no warranties, and does guarantee that home complies with any local code or zoning requirements.

Deadlines must be met. With a traditional purchase, you can generally negotiate the contract and other issues over an unspecified period of time. Not possible with a HUD home. HUD has imposed strict timetables that must be met or your contract will be cancelled.

Offers must be made through a HUD registered and approved broker. Offers are made on your behalf through network of approved brokers If you’re interested in purchasing a HUD home, you first step should be the location of an competent approved agent.

Finding a HUD home. Through the agent described above, you can obtain a list of HUD homes from the MLS, which contains more detailed information on the home.You can also locate these properties online.
 
Your offers must be submitted through an online electronic bidding process. Offers must be submitted by your broker through an electronic bidding process. Bids are received and accepted based upon a strict timeline for owner occupant and then the general public. Refer to the timeline section of this site.
 

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