hudhomestore.com  is the place to find active inventory. In other words, homes that are available for sale with no other offers currently accepted. It is a user friendly site, that all Realtors should be fairly familiar with. The site really is easy to navigate. Click on your state, type in your county or city and you will see the properties that are for sale. If a buyer goes to this site, it is not password protected, and buyers can feel free to search the inventory. They may not make a bid, you must use a licensed HUD broker to bid and represent you. Most Brokers have the ability to bid on these homes. Not all brokers have the ability so you need to ask and make sure. Also if they do have the ability, it doesn't mean that they do it all the time and are well-versed in the program. It really is a specialized sale.
HUD designed this program to help homeowners purchase a home. They have many different incentive programs also. They offer a One hundred dollar down program and they also offer the ability to wrap in repair amounts into the loan.(203K)FHA It gets complicated but a REALTOR that does a lot of these sales, should be able to explain it simply enough. HUD also may contribute up to 3% of closing costs assistance as well. As in anything in life, its all negotiable.
What is a HUD home?  That is simple. A HUD home is a home that was previously purchased using FHA financing. HUD has backed the loan. The home is a Real Estate Owned Asset. It is owned by HUD and now they would like to sell this asset. You cannot purchase or "takeover" the loan or the payments. HUD backed the bank that wrote the loan and paid them in full. It is a straight purchase obtaining new financing or paying cash. Investors are welcome to purchase HUD homes if the home has been on the market for thirty days or more and the home is listed in the EXTENDED category. That simply means that Owner occupant buyers have not made a bid, so they open it up to all buyers. This is a steadfast rule and must not be overlooked. An investor who misrepresents his intentions is subject to heavy fines and punishment. (250 thousand dollar fine and up to five years of federal prison) It is NO joke. Buyers may purchase HUD REO properties as on owner-occupant if they certify that they will occupy the property as their principal residence for at least 12 months and they have not purchased a HUD owned property within the past 24 months as an owner occupant.    HUD homes are sold AS-IS.  NO one can make repairs before closing.  Owner Occupant buyers must get permission to put on utilities in their own name for a three day window, and then conduct an inspection within 15 days.  During those fifteen 15 days you are able to cancel the contract.  HUD now offers Doc-u-sign to make it easier to process paperwork and save $20 in overnight fees.  Please have your buyers agent  call listing agent immediately upon notice of having your bid awarded.  They will instruct you as to where to send your earnest money deposit.  If you need more help or have questions please feel free to email me  CallyDoyle28@gmail.com or Cally.doyle@floridamoves.com   - Cally Doyle Realtor, Coldwell Banker Residential, 813-685-7755 or Cally Doyle 813-610-5191 (Disregard this if already using a Fla. Lic. HUD Broker.)