HUD to sell foreclosed real estate

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 buyers will have an opportunity to "shop" the available listings. Buyers will have time to inspect homes, look at neighborhoods and comparison shop before submitting their auction bid on Feb. 27-28.

To participate in the special auction, interested home buyers must visit www.hud.gov where an announcement will lead the buyer to click on the state of interest. This will lead to complete information on properties available in that state.

The auction will begin on Feb. 27 at 10 a.m. EST and will end on Feb. 28 at 11:59 p.m. Bid results will be announced on Feb. 29 on the Web sites where the properties were listed.

HUD is a federal agency that implements housing policy.

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