HUD’s $1 Homes
February 7, 2008
What happens to HUD properties that aren’t sold? After six months on the auction block, HUD sells these homes to government agencies for a dollar.
The HUD website explains:
“By selling vacant homes for $1 after six months on the market, HUD makes it possible for communities to fix up the homes and put them to good use at a considerable savings. The newly occupied homes can then act as catalysts for neighborhood revitalization, attracting new residents and businesses to an area.
Local governments can partner with local nonprofit homeownership organizations or tap into existing local programs to resell the homes to low- and moderate-income residents of the community.”
There’s no way to get such a great deal from HUD yourself. But, if you (or someone you know) qualifies as a “low- to moderate-income resident,” you may be able to buy previous HUD properties at a discount from your community.
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