As we announced back in April, AG Prime Realty was named a Local Listing Broker for HUD homes in Southern Connecticut. We have been eagerly working to satisfy all the requirements of HUD contract in order to start placing these homes on the market. That time has begun and we have listed already 7 homes and 5 of them are already under contract.
Opposite to common perception, HUD homes are not involved in the foreclosure issues you may hear in the news. It is a complicated discussion but the easiest explanation is that unlike the GSE sellers of foreclosed properties, HUD has actually purchased and owns the properties we are selling. The deed transfer to HUD is done outside of the process that today is under so much scrutiny. From HUD.gov:
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclos
ure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
Our HUD homes are now being listed and they can be found in two places. Our site AGPrimeRealty.com is adding HUD related content and easy to search tools for locating HUD properties we are offering for sale. Also, HUD has launched a new site for all HUD homes at HUDHomeStore.com. Our site actually shows many more pictures and more elaborate home description.
There are certain rules how to bid on the HUD properties that we will cover in our next HUD posting.