What is HUD? The U.S. Department of Housing and Urban Development Act of 1965 created HUD as a Cabinet-level agency. Through it's various programs, HUD ends up with foreclosured properties that it needs to sell off. To that end, HUDHomeStore.com, as well as through the Realtor's MLS, will post HUD's foreclosure listings for the public to view, and purchase, through their real estate agent. In Arizona, all of this is done online. HUD does offer owner occupants a short window of opportunity to bid on foreclosure properties before investors can, so if you find a property you like, be sure to ask your Realtor when that property's deadline to submit is. HUD's Good Neighbor Next Door Program
Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
How the Program Works
Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days.
How to Participate in Good Neighbor Next Door
Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program.
HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement. The number of properties available is limited and the list of available properties changes weekly.
To learn more, please see the Good Neighbor Sales "Frequently Asked Questions! Comments and Questions". |
MLS listings of HUD homes for sale in Arizona via ARMLS / IDX
| All real estate advertised herein is subject to
the Federal Fair Housing Act, which makes it illegal to advertise "any preference, limitation, or
discrimination because of race, color, religion, sex, handicap, familial status, or national origin, or
intention to make any such preference, limitation, or discrimination." We will not knowingly accept any advertising for real estate which is in violation of the law.
All persons are hereby informed that all dwellings advertised are available on an equal opportunity
basis. |
 |
|
|
|
