The U.S. Dept. of Housing and Urban Development will sell up to 4,000 homes acquired through foreclosure on Feb. 27 and 28. While HUD has used the Internet for sale of HUD homes for several years, 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 homebuyers should go to the HUD Web site 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. (Eastern time) 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.
All properties will be sold on an "as is" basis, without warranty 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.
Posted by gandlwoods at February 23, 2004 04:55 PM