WASHINGTON – The Department of Housing and Urban Development will use the Internet on Feb. 27-28 to sell up to 4,000 homes it acquired through foreclosure throughout the continental U.S. HUD plans to publicize the auction in major newspapers around the country and use special procedures in listing homes for sale. Properties available through the auction will be pulled from the market for approximately three weeks prior to the auction dates to allow for inspection. The inspection period will begin Feb. 15 when the properties will be listed on the HUD Web site. During this time, prospective buyers will have the opportunity to "shop" the available listings, 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 buyers will go to the HUD Web site – www.hud.gov – where an announcement will lead the buyer to click on the state of interest. That will lead to complete information on properties available in that state. The auction will begin at 10 am, EST on Feb. 27 and continue until 11:59 pm EST on Feb. 28. 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 warrantee or guarantee. John Weicher, HUD assistant secretary for Housing-Federal Housing Commissioner said, "HUD hopes this special effort will make more people aware of the opportunities that are available through our programs. This in turn will further our mission of increasing homeownership and expanding the supply of affordable housing." -


[email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.