They have provided an insurance program to lenders to protect them against losses due to non-payment. It is unfortunate, but many of us lose our homes due to a variety of reasons such as death of a spouse, divorce, loss of income, etc. The lending institution will then foreclose on the mortgage and give the property back to HUD according to the insurance program. HUD owns thousands of these properties and has contracted brokers, like us, to help dispose of them. The following is an attempt to explain the bidding process in the limited time available.
Cash is always acceptable.
Financing Properties are listed Insured or Uninsured. The Veterans Administration also works very hard to help all veterans of the military services to acquire a home of their choosing. However, veterans may lose their homes due to various reasons also. After the property is acquired by the VA from the lending institution, the offering or sell of the property to the Public is quite different . The following is a brief explanation.