February 10, 2004
HUD TO SELL UP TO 4,000 HOMES IN TWO-DAY INTERNET AUCTION
WASHINGTON - The Department of Housing and Urban Development announced today that it will sell up to 4,000 homes acquired through foreclosure in the continental United States. This special auction will take place on February 27-28 as part of HUD's continuing commitment to increasing homeownership opportunities for American families.
The Department has used the Internet for sale of HUD homes for several years, but this auction will be different. HUD will publicize the auction in major newspapers throughout the country and use special procedures in listing the homes for sale.
Properties available through the auction will be pulled from the market for approximately three weeks prior to the auction dates. This inspection period will commence on February 15 when the properties will be listed on the HUD website. During this time, prospective buyers will have an opportunity to "shop" the available listings. Buyers will have time to inspect homes, look at neighborhoods and comparison shop before submitting their auction bid on February 27-28.
"HUD hopes this special effort will make more people aware of the opportunities that are available through our programs," said John C. Weicher, HUD Assistant Secretary for Housing-Federal Housing Commissioner. "This, in turn, will further our mission of increasing homeownership and expanding the supply of affordable housing."
To participate in the special auction, interested homebuyers will go to the HUD website where an announcement will lead the buyer to click on the state of interest. This will lead to complete information on properties available in that state.
The auction will begin on February 27 at 10 am (Eastern time) and will end on February 28 at 11:59 pm. Bid results will be announced on February 29, on the websites where the properties were listed.
All properties will be sold on an "as is" basis, without warrantee or guarantee. These 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.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.