HUD Homes can offer great value to the home buyer who is seeking a good deal.  These are properties that were insured by a federal program, such as FHA, and have been foreclosed on.  The foreclosing institution has then exercised their option to turn the home over to HUD.

HUD homes are listed on the Multiple Listing Service, however in order to actually show and bid on a HUD home the broker must be registered with HUD.  Not all brokers are registered!  In addition, the Realtor must have a 'special' HUD key to access the home.  The normal Tucson MLS key doesn't work.

When a home first becomes a HUD, a comprehensive inspection is done on the home and is posted on the Michaelson, Conner & Boul website.  This allows the bidder to get a sense of the condition and financing options that may be available on the home.

Once a home is offered for sale, the auction is held open for 10 days.  The only people that can bid on the home during the initial 10 day period is folks who plan on being owner-occupants.  So, no investors, landlords yet!  Homes come on the auction block on Thursdays and continue for the 10 days.  Bids then are opened and announced the following Monday AM.

If not successful bid was received on a home, then it opens to all;  owner-occupants, investors, landlords, etc.  The bids then are due daily - with the next day bids opened and successful bids announced.

If HUD or foreclosure homes are of an interest in Pima County, visit my website at www.itucsonrealestate.com/deals.html for a free list of foreclosures and HUD homes!