If you're like many home buyers in today's market, you're looking for a great deal. HUD (Department of Housing and Urban Development) homes provide the chance to get that great deal, but buying a HUD foreclosure is a little different than a normal real estate purchase. In order to understand the HUD home buying process you must first understand what a HUD home is.
What is a HUD Home? From the HUD website, it states: "A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim." There aren't a whole lot of HUD homes available, but with the increase of FHA mortgages as of late, we can…