You have probably heard it by now, HUD.
But what exactly is a HUD home? First of all, HUD stand for US Department of Housing and Urban Development, and yes, it is a government entity. How does HUD end up owning real estate?
HUD insures FHA mortgages. When a homeowner who has used an FHA loan, insured by HUD loses their home to foreclosure, HUD becomes the property owner. Once the foreclosure process is completed, they will then offer the property for sale to recover their loss. This applies to residential property with units of 4 or less. In other words, nothing larger than a 4-plex.
HUD homes can be, and usually are, a good bargain. For a list of HUD homes for sale in Tucson AZ and the surrounding area, click here:
Learn more about HUD homes
1st Heritage Realty
5501 N Swan Rd #231
Tucson AZ 85718