There are more and more HUD homes coming on the market every day and there is quite a bit of confusion about them.They are homes that were acquired by the Department of Housing and Urban Development,as the result of a foreclosure on an FHA-insured mortgage.

HUD homes are listed on our Mulitple Listing Service through real estate companies thatare given these listings through Asset Management companies who work with HUD. Before a property is listed on the MLS,an actualcertified appraiser goes to the property and reports to the company what the appraisal value is and that is given to the general public. However, the general public needs a"registered" HUD agent to put a bid in and have access to that appraisal. Tropic Shoresis a registered agent and we list and sell HUD properties. The procedure can be complicated and that is why you need a knowledgable HUD registered agent.

HUDusually lists the properties for government agencies first and if they do not bid, they open it up to "all bidders" for usually a 30 day period. At that time they notify your agent ifyour bid was accepted, rejected or possibly countered.If your bid is accepted, there is more paperwork andthe escrow deposit is forwarded to a title company. The titlesearch is done and depending on financing, etc., a closing is scheduled with all parties.

Tropic Shores covers most counties in the Tampa Bay area.

Call a HUD registered agent for more information as there is a lot more information they can provide on HUD homes.

Have a great day and enjoy!

ELSIE KEMPSEY & JULIE LUDOVICO

Team Tropic Hernando/Tropic Shores Realty