Rule Changes For HUD Home Sales Proposed By HUD

Since the real estate market bubble burst in 2008, the number of foreclosed homes that the U.S. Department of Housing and Urban Development (HUD) has had to manage and sell to investors and new home owners has increased significantly, averaging around 100,000 homes sold per year and hitting a peak of 111,416 HUD homes sold during fiscal year 2013.  As a result, HUD has proposed several changes with regard to the disposition of REO properties, or, in plain terms, how they sell HUD homes.  According to HUD, these changes “seek to provide greater efficiency in the administration of HUD’s property disposition program for REO properties….and provide flexibility in anticipation of future changes to the property disposition program for REO properties.”

Highlights of Proposed Rule Changes By HUD With Respect To The Disposition, or Sale of HUD Homes:

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