When someone with an HUD (US Department of Housing and Urban Development) insured mortgage can’t meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then HUD sells it at market value as quickly as possible.
If you have enough money or can get a loan, you are eligible for buying an HUD home in Ohio during an “Offer Period”. You should submit your bid for any HUD home that is on sale today and wait until the end of the Offer Period. If your offer is found to be the highest “net” offer and is deemed reasonable the HUD home will be sold to you.
Our Buyer’s Resource Exclusive Buyer’s Agents can assist you with buying HUD homes, as we are a Registered HUD Broker in Ohio. We can submit your bid for you and go through the paperwork process before, during, and after a HUD home is purchased.