BUYING HUD HOMES IN CONNECTICUT

What is a HUD Home?

When payments are not paid on a mortgage insured by the Federal Housing Administration (FHA), the lender (mortgagee) foreclosed, or accepts a deed-in-lieu. The mortgagee files a claim with the Department of Housing and Urban Development (HUD) for the unpaid principal balance and conveys title of the property to HUD.  Once conveyed, a contractor then begins the maintenance and marketing of the property.

Who can sell a HUD Home?

Only HUD registered real estate brokers (Four Corners Real Estate, LLC) and their sales agents may submit electronic bids on HUD owned properties on behalf of buyers.  HUD registered brokers may also advertise HUD homes provided that they include the fair housing logo (see below), identify the homes as "HUD owned", do not advertise as distressed or foreclosure sale, and do not represent a listing as exclusive.  Brokers (such as Four Corners Real Estate, LLC) must register annually with HUD.

Who can purchase a HUD Home?

Any individual regardless of race, color, sex, religion, national origin, handicap or familial status may purchase a HUD home.  Prospective buyers must use a HUD registered broker (Four Corners Real Estate, LLC) and must have a pre-qualification letter from a lender.  Cash buyers must provide proof of cash funds in the amount of or greater than the purchase price of the property.

Click Here to view HUD homes available in Connecticut

To go to the HUD Web site Click Here