Industry News

HUD to sell foreclosed real estate

Plans to unload approximately 4,000 homes in two-day Internet auction
Published on Feb 10, 2004

The Department of Housing and Urban Development today announced that it will sell up to 4,000 homes acquired through foreclosure in the continental United States through a special Internet auction on Feb. 27-28. All properties will be sold on an "as is" basis, without warrantee or guarantee. These properties were previously sold with FHA insurance and received by HUD as a result of foreclosure by a lender and payment of the related FHA insurance claim to the foreclosing lender. HUD has used the Internet for sale of its homes for several years, but this auction will be different in that HUD will publicize the auction in major newspapers throughout the country and use special procedures in listing the homes for sale. Properties available through the auction will be pulled from the market for approximately three weeks prior to the auction dates. This inspection period will commence on Feb. 15 when the properties will be listed on the HUD Web site. During this time, prospective buye...

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