HUD Properties on the MN MLS

The federal agency, Housing and Urban Development, also known as HUD guarantees loans that are taken out by certain borrowers.  Unfortunately, when the houses go into foreclosure HUD get’s the houses back from the lender.  This is much like if you bought a car, got in an accident and it was totaled.  Your insurance company would pay off your loan and then own the car which they would then sell to someone for parts.  HUD works exactly the same.

Although you can go to the HUD website, it is not the easiest to use.  All HUD properties, fortunately, are on the MLS in Minnesota.  Your real estate agent can simply search for these properties as there is only one agent currently in the Twin Cities that lists these houses.  Once you find one on the MLS, you must go to the HUD website (Best-Assets.com) to actually buy the house.

Only registered brokers are allowed to put in offers for the properties.  You will need to be working with an agent or broker that has been approved by HUD.  Most larger brokers are.  This also gives your agent access to HUD keys to show the properties as HUD sets all their houses to open with the use of 1 of 5 master keys.

Using the MLS MN is by far the easiest way to find these HUD homes and get the best deals.

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