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.

***

Send a Letter to the Editor for publication.
Send a comment or news tip to our newsroom.
Please include the headline of the story.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription