Hud Houses For Sale: Providing Hope To Disaster Victims

There are various types of foreclosed homes offered in the U.S.

, including HUD houses for sale. These properties are owned by the Department of Housing and Urban Development and were acquired by the agency through foreclosure of mortgages that are insured by the Federal Housing Administration.Terms of Acquiring HUD HousesThe HUD prioritizes buyers who want to purchase homes for the purpose of using these dwellings as residence. The government agency provides a specific time period wherein families and private buyers are exclusively accommodated as potential buyers.Beyond the given period, if the home is not sold, it will then be made available to other buyers, such as investors and companies. There are no specific exceptions as to who can bid on HUD properties beyond the obvious (criminal records, lack of ability to purchase, etc.); as long as buyers have the money or have the necessary requirements to get a loan, they can purchase the property.Help for Disaster VictimsGenerally, HUD houses for sale are offered at very low prices. If the potential buyer is a victim of natural disaster, particularly those who have been displaced by hurricanes Rita, Wilma, Gustav or Katrina, they would be eligible for further discounts. This means that the low selling price of the homes will be further lowered to accommodate families and individuals displaced by natural disasters.Families, who have lost their homes because of hurricanes, fires or other natural disaster, and those who live in places declared by the government as disaster areas, can qualify for a special arrangement under the HUD disaster relief program.Other Special DiscountsAside from displaced disaster victims, the HUD also offers discounts on residential properties that are in locations designated as "revitalized areas" by the government. Such properties though, are specifically discounted for select groups, like teachers, law enforcement personnel, nonprofit organizations and fire fighters among others.These revitalized locations are places that the government is targeting for special improvement. The designation of revitalized location is given to places based on foreclosure activity, homeownership rate and income of households.Residents of the United States who have been affected by natural disasters and those who have no way of purchasing a home offered at regular prices can always explore HUD houses for sale.

by: Joseph B. Smith

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