How to locate and buy a HUD Repo home in Coeur d'Alene, Idaho
By Janna Scharf, Coeur d'Alene Idaho Real Estate Expert
(Keller Williams Realty Coeur d'Alene)
Janna Rankin Scharf, GRI, PMN, SFR, CLHMS - Coeur d'Alene Idaho Real Estate First of all, what is HUD? HUD is the US Department of Housing and Urban Development. What is a HUD home? It is a home for sale that is the result of a foreclosure action on a FHA-insured mortgage. In other words, it's a repo. HUD paid the insurance claim and now is the property owner. It is offered for sale to recover the loss on the foreclosure claim. By definition, a HUD home can be a 1 to 4 unit residential property. When first hitting the market, they are offered to owner-occupied buyers first. After the initial offering, unsold properties are available to all buyers, including investors. How Do I find a HUD home? HUD repos are available to the public on the internet by management companies under contract t...
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