HUD homes are foreclosures that are now owned by HUD (Housing and Urban Development) and listed for sale by HUD. Chuck Marunde, Managing Broker of Adamas Realty in Sequim is now Registered with HUD to represent buyers of HUD homes. This gives buyers the ability to make offers online through a Registered HUD Homes broker.
HUD Homes and Foreclosures
The foreclosure market can be divided into to main categories. There are HUD Homes, which were homes with FHA loans that were foreclosed by the banks who made those loans. Those banks get reimbursed by HUD for their losses and transfer ownership of the homes to HUD. HUD insured these loans and the banks collected a mortgage insurance premium from the borrowers to pay for that insurance. These become HUD Homes now listed for sale.
The other type of foreclosures are those that were made with conventional loans (and all non-HUD insured loans). The banks that made these loans foreclosed and now are selling the homes. It gets a little more complicated than that, because many of these loans were packaged and sold and resold, so the owners now may be far removed from the originating bank. These foreclosures are not in the HUD Homes database, but are listed for sale in the MLS.
HUD Homes and a Registered Broker
If you would like to make an offer on a HUD Home or a Foreclosed Home now in the MLS, contact Chuck Marunde at 360-775-5425.
Last Updated on October 1, 2011 by Chuck Marunde