Who can purchase a HUD Home?
HUD Homes may be purchased by any individual, company, HUD-approved non-profit organization, or government entity that can secure financing or pay cash for the property. Interested buyers must submit bids through a HUD-registered real estate agent. A prequalification letter from a lender is required for buyers obtaining financing. Cash buyers are required to provide proof of funds for at least the amount of the purchase price. HUD will award the winning bid to the purchaser with the highest acceptable net to HUD. Winning bids are subject to completion and receipt of all required documentation by BLB Resources.
Who can sell a HUD Home?
Any real estate broker registered with HUD, or real estate agent working for a registered broker, may facilitate the sale of a HUD Home. All brokers MUST be registered with HUD prior to submitting an electronic bid. Only licensed brokers/agents that are registered with HUD and have an active NAID (Name and Address Identifier) may submit these bids. For details on the registration process, please see Section 4.0 NAID Application Process and the NAID Registration page on www.HUDHomestore.com. Please note: Brokers will be required to renew their NAID registration with HUD annually. In addition, both the NAID-registered broker and the selling agent must also be registered to bid on www.HUDHome.com.
Will HUD pay for any closing costs and the selling agent’s commission?
HUD will pay up to 3% of the purchase price in closing costs that are considered to be reasonable and customary in the jurisdiction where the property is located. Closing costs should be entered on Line 5 of the Sales Contract. HUD will pay the lesser of the amount requested on either Line