HUD homes can be a great investment for potential home owners and real estate investors.  Often times, the properties can be purchased at a significantly reduced market value.

As a potential HUD home buyer, remember the following:

• You must use the services of a HUD registered real estate broker.
• You must be pre-approved for a mortgage or show evidence of adequate cash reserves to purchase the home.
• Owner-occupied bidders receive the first priority to purchase HUD homes.
• HUD offers three types of properties:  FHA insurable homes, FHA insurable homes with a repair escrow and homes that are not insurable with an FHA loan. 
• You do not have to finance a HUD home with an FHA loan.
• HUD homes are sold "as-is".
• Before making a bid on a HUD home, you must provide your HUD registered Real Estate broker with the appropriate earnest money in the form of a cashiers check or money order.
• If the purchase price is $50,000 or less, the amount of the earnest money required is $500.  If the purchase price is greater than $50,000, the amount is $1,000.
• Your earnest money check should be made payable to the Deparment of HUD and buyer's name.

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