Reading through the HUD web site I see that HUD homes sold through realtors don't necessarily qualify for FHA loans, so presumably the buyer shops around for a loan through the usual sources. So how does HUD end up owning these homes after a foreclosure?
As an investor rather than an owner/occupier, can I still bid on single family homes for rental income?
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The HUD REO trail goes like this;
Buyer gets a real estate loan through an approved HUD lender. Lender receives an insurance policy from HUD to protect his/her interest. Once the loan has been made, the lender has the right of foreclosure when the borrower/home owner defaults. After the foreclosure process has finished, the lender submits the insurance policy to HUD, together with the foreclosure costs, interest and legal fees, for reimbursement.
HUD reimburses the lender and takes title to the property.
With single family foreclosed homes the Property Disposition Dept of HUD decides whether the home will be sold directly or through authorised agents.
Recent changes to HUD policy means investors in these homes (single family) can bid immediately the property is released for sale, but the owner/occupier bid will always get preference.