HUD homes have been prevalent in our market for the last six years, or so. These are homes that have gone through the foreclosure process with the lending institutions that held the defaulted loans. The Department of Housing and Development (HUD) then reimburses the lenders for what they are owed and takes over ownership of the properties. Once HUD acquires the homes, HUD puts them on the market through an online bidding process. Initially, all newly listed HUD homes are only available to buyers that will be owner occupants, and they can only make a bid through a real estate broker that is registered with HUD.
Some of these homes will require repairs and work to get them up to your standards, however, that's why HUD homes can be such good bargains. HUD has tried to make the purchase process as simple as possible, however, it's still a government program, and as such, can be pretty confusing. I've written a short book that explains this process, called "What You Need to Know Before Buying a HUD Home".
To search for HUD homes in the communities of your choice, Click Here. Once you're on the site click on Colorado at the top right of the page.
To get my book, "What You Need to Know Before Buying a HUD Home", free of charge, click on the attachment below to open the pdf.