HUD OWNED HOMES

Equal Housing Opportunity

REALTY OF MAINE IS A REGISTERED HUD BROKER.

FOR A LISTING OF MAINE HUD HOMES, GO TO: http://www.hudhomestore.com

CALL OR EMAIL US TODAY TO VIEW ANY OF THE HUD HOMES IN THIS AREA.

WHAT IS A HUD HOME?

When payments are not paid on a mortgage insured by the Federal Housing Administration (FHA), the lender (mortgagee) forecloses, or accepts a deed-in-lieu. The mortgagee files a claim with the Department of Housing and Urban Development (HUD) for the unpaid principal balance and conveys title of the property to HUD. Once conveyed, the contractors then begin the maintenance and marketing of the property.

WHO CAN PURCHASE A HUD HOME?

Any individual regardless of race, color, sex, religion, national origin, handicap or familial status may purchase a HUD home. Prospective buyers must use a HUD registered Broker and must have a pre-qualification letter from a lender. Cash buyers must provide proof of cash funds in the amount of or greater than the purchase price of the property.

WHO CAN SELL A HUD HOME?

Only HUD registered real estate brokers and their sales agents may submit electronic bids for HUD owned properties on behalf of buyers. HUD registered brokers may also advertise HUD Homes provided that they include the fair housing logo, identify the home as "HUD owned", do not advertise as distressed or foreclosure sale, and do not represent listing as exclusive. BROKERS MUST REGISTER ANNUALLY WITH HUD.

"AS IS" POLICY.

All HUD home are sold strictly "AS-IS". HUD does not make repairs on any property. There are no representations, or warranties, expressed or implied on the HUD homes. HUD does not guarantee the condition of any property, regardless of its FHA insurability. The property may or may not meet local code or zoning requirements. It is the buyer's responsibility to investigate compliance with local regulations. Agents should encourage buyers to have a home inspection conducted by a qualified home inspector to satisfy them as to the condition of the property at the time of the sale. A copy of the Property Condition Report (PCR) should also be reviewed by the buyer. Please not that the PCR is for informational purposes only and should not be considered a warranty of any kind. It is the buyer's responsibility to verify the accuracy of its content. The HUD 9256CN addendum "For Your Protection: Get a Home Inspection" must be signed and submitted as part of the HUD-9548 Sales Contract.