If you have searched for HUD owned foreclosures in the past it’s time to take another look. HUD has launched a new site HUD Homestore. If you have been searching for or have bid on homes in the past through the BidSelect process you will need to register on the new site.
HUD is following the new Freddie and Fannie guidelines of a 15 day hold on investor bids but in some cases HUD homes in need of repairs will not qualify for conventional, VA or FHA (except 203K) financing. Leaving them open for bids from investors.
You will now need to check to see if your agent is HUD registered. This means they need an NAID number. I’m in the process of re-registering under the new system but have a NAID number under the brokerage so have access to assist buyers in bidding.
If you need assistance in looking at or bidding on a HUD home give me a call at 703-346-2213. There are a number of properties available in Northern Virginia including Prince William and Fairfax Counties