Tammy Truong is a Local Listing Broker for BLB Resources
What is a HUD Home?
An FHA insured mortgage that has gone into default. The Lender/Bank acquires property, submits FHA insurance claim, then conveys ownership to HUD. HUD will then sell the home through their Asset Manager (AM), BLB Resources. A HUD Home can be a Single Family Residence (SFR), Townhome, Condominium or other type of residence up to 4 units.
Who can buy a HUD HOME?
Individuals and investors, HUD-approved non-profit organizations or government entities. Priority is given to owner occupants. The buyer purchasing property as primary residence for at least 12 months after close of escrow and has not purchased a HUD Home as an owner occupant within the past 24 months.
Investor: Buyer purchasing property as 2nd home, vacation or investment can place a bid after 31 days on market .