What are Phoenix HUD Homes?

When a borrower with a Federal Housing Administration (FHA) insured mortgage did not make the mortgage payments, the lender foreclosed on the property; FHA paid the lender what was owed for the subject property; and then the United States Department of Housing and Urban Development (HUD) took ownership of the home. HUD is not in the business to hold or manage Real Estate, so in many cases, this will be Rock Bottom priced Real Estate available to Homebuyers and Investors.

When an Arizona HUD property is first listed for sale to the general public, bids can be submitted by all potential buyers, however, it is available to Owner Occupant Purchasers and non-profit organizations ONLY during the initial priority period. Usually the first 15 to 30 initial days on market. After expiration of owner occupant period, investor offers are taken and the property is sold. HUD will take about 45 days to wrap up the closing regardless of CASH or Loan purchases, but an investor will get 15 days to inspect their Arizona HUD Investment Property and obtain enough time to place a loan on the home in a time where borrowing money is cheap. Check todays National Rate average in the side-bar.

When buying a Arizona HUD home, it is extremely important to understand that these homes are sold in an "As-Is" condition...what you see is what you get. HUD makes no warranties on their homes and they encourage you to have a qualified home inspector check the home you are purchasing. In many cases they will provide a property condition report for each Phoenix HUD home that is for sale. In some cases there will also be an escrow amount already negotiated by HUD to go toward repair needed on property after close