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Title: Working with Housing and Urban Development (HUD)
Category: NA
Blog Entry: The Federal Housing Authority (FHA) is the organization of the U.S.  Housing and Urban Development (HUD) that insures certain mortgage loans for lenders.   If the lender forecloses on a  FHA loan, FHA will repay the balance of the loan to the lender and the title reverts to HUD.  HUD then resells the homes at market value through contractors in that area (i.e. in Texas they use Southwest Alliance).    Not all real estate agents have access to HUD houses.   In order to view,  make offers and sell HUD owned properties, a brokerage must be registered with HUD as well as have an identifier number.   HUD houses are sold on a "bid" system and there is a process that must be closely followed.  Your agent should be able to walk you through the entire process, answer questions and provide you with the required documents.  Finding an agent that is experienced in selling HUD homes can make the process go a lot smoother.   Purchasing a HUD home can be a very simple, rewarding process if you take the time necessary to make sure you are working with a real estate agent that is familiar with the system.