Buying a HUD home in Bend
I'm currently representing a buyer in a transaction on a HUD owned home in Bend, and the process has changed a lot over the past couple of years. So I thought a blog post on the subject was necessary.
HUD stands for the US Department of Housing and Urban Development. FHA (Federal Housing Administration) has been a part of HUD since 1965. FHA insures lenders against losses due to borrowers defaulting on their home loans. When a FHA backed loan is foreclosed on, usually HUD ends up owning the property. They then put the HUD owned home on the market to the public.
Online Bid Process
When HUD puts a home that they own on the market, they will list it with a local real estate broker and the property will be put on the…