Thursday, August 20th, 2009Last month, PEMCO offered a free seminar on selling HUD homes in Sacramento. A HUD home is a one-to-four unit residence acquired as a result of a foreclosure on an FHA-insured mortgage. In California, PEMCO is the marketing and management contractor who sells HUD homes.
After HUD acquires the property, the property is appraised, title issues resolves (if needed), and HUD’s discount sales programs are determined for eligibility.
In order to show or submit contracts on HUD homes, you must be a registered real estate broker who is properly registered with HUD. Homes are first offered to individuals in possession of a Federal Registration number related to disaster relief efforts from Hurricanes Katrina, Wilma, and Rita. They are then offered to owner occupant purchasers with any remaining houses available to all buyers, including investors.
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