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Old 07-26-2007, 05:48 PM
 
3 posts, read 54,099 times
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A neighbor mentioned that if they can't sell their house on the open market they would sell it to HUD as a Section 8. How does that work? I know people can get Section 8 vouchers from the government as a type of housing subsidy, but I never heard of someone selling their house to HUD. And if they can do that, wouldn't they likely get less than if they sold their house through a realator?
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Old 07-27-2007, 01:20 AM
 
1,463 posts, read 4,128,712 times
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Quote:
Originally Posted by Lynn955 View Post
A neighbor mentioned that if they can't sell their house on the open market they would sell it to HUD as a Section 8. How does that work? I know people can get Section 8 vouchers from the government as a type of housing subsidy, but I never heard of someone selling their house to HUD. And if they can do that, wouldn't they likely get less than if they sold their house through a realator?
Goes on all the time, especially in inner cities....Its great because you don't have to wait and you get market value. Its a way to get people to refurbish homes and clean up blighted areas...
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Old 07-27-2007, 08:28 AM
 
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Question Thanks, but I am still a little confused...

There is one house on our block that is already Section 8. In that case the homeowner moved to another neighborhood, but he did not sell his house here. Instead of selling it he rents it out as put of the Section 8 program.

But in this case my neighbor said he is selling his house to HUD for Section 8. Does that mean HUD will find someone to act as the landlord or will HUD be the landlord?
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Old 07-28-2007, 12:29 PM
 
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I believe that HUD sells the house. You can probably find out more about how the process works by visiting one of the HUD websites.

Try | HomeSource |
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Old 07-29-2007, 11:51 AM
 
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Thanks, but I did look at the HUD site, but couldn't find anything about HUD buying houses.
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Old 07-29-2007, 12:04 PM
 
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Try this site. HUD sells homes but I am unsure as to whether or not they buy them.

Homes and Communities - U.S. Department of Housing and Urban Development (HUD)
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Old 07-29-2007, 08:03 PM
 
Location: Upper Marlboro, MD
109 posts, read 453,117 times
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According to their website, no they don't buy homes. HUD Homes
Question 3: Will HUD buy my house? Can I sell my home to HUD?

Answer: No. HUD does not buy homes. The homes that HUD sells come into HUD's possession as a result of defaults on FHA (HUD) insured mortgages.

Read our section on selling your home. It offers basic information that is good to know when selling your home.
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Old 08-17-2014, 05:22 PM
 
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Default Hud will "buy" your home

Not true. My best friend's older sister " sold" her home to HUD. It works out great because she get her money on time each month. If her home rented for $650, someone on Section 8 moved in and would pay whatever amount they were responsible for to HUD. HUD, however pays her the full amount each month. Its a great move if the properties that you wish to rent out aren't 5 star properties. She still has to act as the landlord and fix whatever falls within the confines of the rental agreement. Other than the fact that the person living in the home receives rental assistance from HUD, it is treated as any other rental property. Another good thing is that there's never any issues with late rent.
Also, if the tenants are causing damage to your property, just as you would under normal circumstances, you can still evict a residence. And if I'm not mistaken, she got to interview the tenants before approving their move in. She looked at prior rental history, credit reports, etc.
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Old 08-17-2014, 09:44 PM
 
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Sounds like your 'best friends sister' still owns the house and has contracted with HUD to provide section 8 housing
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Old 08-19-2014, 11:57 AM
 
338 posts, read 139,653 times
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Quote:
Originally Posted by gellibean View Post
Not true. My best friend's older sister " sold" her home to HUD. It works out great because she get her money on time each month. If her home rented for $650, someone on Section 8 moved in and would pay whatever amount they were responsible for to HUD. HUD, however pays her the full amount each month. Its a great move if the properties that you wish to rent out aren't 5 star properties. She still has to act as the landlord and fix whatever falls within the confines of the rental agreement. Other than the fact that the person living in the home receives rental assistance from HUD, it is treated as any other rental property. Another good thing is that there's never any issues with late rent.
Also, if the tenants are causing damage to your property, just as you would under normal circumstances, you can still evict a residence. And if I'm not mistaken, she got to interview the tenants before approving their move in. She looked at prior rental history, credit reports, etc.
Umm...that's called renting out a property. Obviously.

Last edited by bufflove; 08-19-2014 at 12:40 PM..
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