Department to Sell 4,000 Homes During Two-Day Internet Auction

Wednesday, February 11, 2004

The Department announced yesterday plans to sell up to 4,000 foreclosed homes through an Internet auction. The auction will begin on February 27 at 10 a.m. (EST) and will end on February 28 at 11:59 pm (EST). Bid results will be announced on February 29.

Properties to be sold will be pulled from the market approximately three weeks prior to the auction. The homes may be inspected beginning February 15 when the properties will be listed on the HUD website. Buyers will be able to inspect homes, look at neighborhoods and comparison shop before the bidding begins.

To participate in the special auction, interested homebuyers should go to the HUD website where an announcement will lead the buyer to click on the state of interest.

Properties will be sold on an "as is," without warrantee or guarantee. The properties were previously sold with FHA insurance and received by HUD as a result of foreclosure by a lender and payment of the related FHA insurance claim to the foreclosing lender.

The Department will publicize the auction in major newspapers throughout the country and use special procedures in listing the homes for sale.

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