What’s the difference between a HUD Home and a Bank Owned Home (or Real Estate Owned / REO)? Both are homes that have gone to foreclosure auction and are now in the hands of an entity other than an individual. HUD Homes are being sold by the US Department of Housing and Urban Development (HUD) and Bank Owned homes are being sold by a bank or other corporate lender!
The way you purchase these homes are drastically different from one another. Please don’t hesitate to contact me if you have questions concerning either HUD Homes or Bank Owned Homes. I’d be happy to help.