HUD Forclosures A HUD forclosed home is a single family or multi-family residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. (1) All HUD homes are sold as is with a discount according to the level of repairs and rennovations required. When HUD homes are listed for auction, the owner/occupant have 10 days to attempt to get a bid accepted. Bids by the public must be made through a HUD registered broker or agent to a listing site run by HUD-contracted management companies. Once a bid is won, the buyer must close within a time specified by the closing agent, which is usually 48 hours.
Source Buying HUD Foreclosures: What Investors Should Know