HUD stands for the US Department of Housing and Urban Development. HUD insures a specific kind of mortgage program. When a home owner defaults on that mortgage and is foreclosed upon, HUD pays the lender and collects the property, thereby creating a “HUD Home”, which the government then sells at the current market value.

Anyone who qualifies for a mortgage can purchase a HUD home (if you are a HUD employee check your handbook). These homes are sold “as is” without warranty. Unlike the city of Philadelphia’s auction procedure, you can view these properties prior to making a bid. Since they are sold “as is” the Department of Housing and Urban Development will not make any repairs prior to settlement.

Stay tuned to find out how you can make an offer on a HUD home.

For more information about HUD property or to schedule a showing right away, txt your phone number to 215.630.1550.

Enter your email address to be notified everytime I feature a new Hud property in Philadelphia.

Email:

Melissa Centifonti
Philadelphia Hud Home Specialist
melissa@realtorsinphilly.com
215.630.1550

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