New HUD property listings are posted on Fridays with a 10 day simultaneous bid period for owner occupants. The BID DEADLINE is on Sunday night. After the 10 day bid period is over, the bids will be opened daily and offered to all purchasers.

Are you ready for home ownership?
Qualifying for a mortgage is one issue; making the monthly payments is another. If you get behind in your payments, you could lose your home and seriously damage your credit. So, before you jump onto the home ownership bandwagon, make sure that you are financially secure.
Have you established a good credit history? Before you start looking for a home to buy, talk to a loan agent or mortgage broker to find out what you can afford to buy. Ask your agent or broker to order a credit report and review it with you to find out if there is anything on the report that might keep you from being approved for a mortgage. If so, find out what you can do to improve your credit report before you apply for a loan.
Have you saved enough money for a down payment and closing costs? You can buy a home with as little as 3 percent down. But, if you're interested in having a mortgage with the lowest interest rate possible, you'll need to put 10 to 20 percent down, and have good credit. Your mortgage broker can discuss your financing options with you.

We want to help you buy a government owned home. Federated Homes sells HUD (Department of Housing & Urban Development) owned homes. Remember all properties are sold "AS IS."HUD take's sealed bids on their properties. We have all the contracts you will need. To place your bid you will need to have your pre-qualification letter and earnest money deposit. (Certified / cashiers check or money order).
If you are not the successful bidder, your deposit will be returned to you promptly.

HUD REQUIRES : EARNEST MONEY DEPOSIT : Required with your BID. This shows that you are a serious bidder!

HUD requires $500 earnest money deposit for bids under $50,000, for Bids of $50,001 to $100,000 HUD requires $1,000. earnest money deposit, for Bids of $100,001 and above HUD requires $1,500. earnest money deposit.On VACANT LOTS HUD requires one half of the offered sales price.

PRE-QUALIFICATION LETTER :From a Bank or Mortgage company if any type of financing is to be used.
You may obtain this letter from most lending institutions.

OWNER -OCCUPANT: The first time a HUD owned home is listed you must be an "OWNER-OCCUPANT" and occupy this property (After your closing) as your primary residence for a period of one year. After 10 days with no acceptable bid the properties may be sold to all bidders or investors.

REAL ESTATE AGENTS COMMISSION SPLIT : We will handle all of the paper workand bid process. You must provide us with a commission agreement stating the name of the prospective purchaser and the address of the property he intends to bid on. Our Broker or Salesperson will sign this and return it to you via FAX. We honor a 50 / 50 commission
split upon closing,You must inform your Broker or Sales Manager of this agreement and they must sign it. Upon closing we will need your corporate tax ID # . This protects both of us. You can FAX all this information to us at (973) 678-3053.