Choosing whether or not you wish to work with a real estate agent when buying a home is an optional choice with most forms of real estate.  HUD homes on the other hand, require a realtor to assist you throughout the process.  In addition to this requirement, the realtor must be HUD-approved.  Buyers of HUD homes can begin the process themselves, and even view HUD homes they find on their own. However, the HUD-approved real estate agent is the only one who can place a bid on a HUD Home.

When choosing a real estate agent, you will need to ensure they are registered with what’s known as a HUD NAID.  NAID stands for “Name and Address Identifier” and helps HUD recognize agents.   Agents must resubmit their information packets annually and pay regular fees in order to maintain their status as HUD-approved realtors. (more…)

“Dreaming of Affordable Housing? See What’s Out There…”

In 1965, The U.S. Department of Housing and Urban Development (HUD) was established to increase the number of homeowners coupled with community development by deterring discrimination in regards to access to affordable housing. The program allows eligible families, who meet certain income requirements the opportunity to purchase housing.

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Home ownership improves communities, and HUD is dedicated to making that a reality for people and neighborhoods across the nation. HUD homes are previous foreclosures of residential property that are now owned by the US Department of Housing and Urban Development (HUD). Anyone with appropriate capital or financing can purchase a HUD home unless you work for or are a vendor of HUD.

Benefits of a HUD Home

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Casual real estate observers often conflate foreclosures and HUD-listed properties. Foreclosures are properties that banks outright own, either through foreclosing on a property owner or purchased by the lender. These properties are listed on the market for sale by the lender, often through an auction process but not always. The two categories of homes for sale share little in common other than the fact that the regulating authority, aka the government, is in charge of some aspects of the sale of these properties.

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