Many of you may have some preconcieved ideas of what a HUD Home is, so let me clarify. Basically a home becomes a "HUD Home" when the FHA loan, which was used to purchase the home, is foreclosed on by the bank that issued the loan to the borrower.
The FHA loan may have been drawn from any lender, i.e. Wells Fargo, BofA, Chase, etc., but because FHA loans are federally insured the bank that issued them can reconvey them back to the Federal Gov't for their insured amount, once they've been foreclosed.
Now remember, FHA loans had loan limits up to $725K at one time, so many of these homes that will be coming back to our market as HUD homes could very well be newer, upscale and beautiful. They could be the house next door to you, the 5 acre ranch in the country, "move up" home in a gated community, and a luxury condo in the city, the only criteria is that the home had an FHA loan that was foreclosed on by the bank due to non-payment/default of the borrower.
I'm impressed by the way that BLB Resources, the Asset Management Company contracted by HUD to sell their homes here in the 2S Region, has taken control of the sale of these homes by enlisting expert local listing brokers, bringing on a first rate title and escrow company and a highly trained field service company to inspect and report on the homes' conditions.
There are many changes occuring to our industry and I know that having BLB Resouces at the helm in our region will bring success to the sale and management of those assets that arrive.
To learn more about these homes in the El Dorado, Placer or Sacramento Counties you can contact my office at 916.283.7427 and we'll be happy to send you a photo list of them and any other information you are seeking.
