Frequently Asked Questions on HUD properties

What is a "HUD Home"?
HUD stands for U.S. Department of Housing and Urban Development. When someone with a mortgage insured by HUD defaults on the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home.

How do I buy a HUD home?
You start by contacting a Goldstar Advantage Realty agent. You agent must and will submit a bid on the home for you.

HUD Homes are normally sold during a specified period of time called an ‘offer period’. At the end of the offer period, all offers are opened and the highest bid is normally accepted. If the home isn't sold during the initial offer period, a bid can be submitted any business day. If your bid is acceptable to HUD, HUD will notify your agent usually within 48 hours.

If my bid is accepted, then what happens?
Your Goldstar Advantage agent will help you through the paperwork process. A settlement date to close on the property will be established usually within 30-60 days. Your Goldstar Advantage agent will guide you through the entire process.