Friends and Neighbors Realty just renewed our certification to sell HUD foreclosures through online bidding at HMBI. HUD homes were financed through FHA and then foreclosed on and taken back by HUD.
The purchase process is different with HUD homes. First, the buyer must work with a HUD certified Real Estate company. Second, listings are put online with a bid deadline of about 10 days later. For this first bidding deadline only OWNER OCCUPANTS, NONPROFIT ORGANIZATIONS, and GOVERNMENT AGENCIES may bid, so buyers are not competing with investors.
If at the deadline there are no bids, or no bids acceptable to HUD, the property will remain available for bids daily. Buyers can bid as often as they like, as long as they have their certified Realtor bid online each time.
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