58 Riner Road

How the Auction Works

Every sale on this list follows the rules set by the U.S. Department of Housing and Urban Development (HUD):

How you bid

You bid through a real estate agent registered with HUD: you choose the agent and they place the bid for you. Homes are offered first, for an exclusive period, to buyers who will live in them; after that period anyone may bid, including investors.

Where

Online, on HUD's own listing site at hudhomestore.gov. There is no courthouse auction, no bidding in person, and nothing to attend.

When sales run

Each listing states the date HUD opens the bids it received. A home that does not sell in its exclusive period moves to an extended period and stays listed until an acceptable bid arrives.

Due if you win

Earnest money with the signed contract, in the amount that listing states. On most sales you may ask HUD to pay up to 3% of your financing and closing costs.

Balance due

Set in the sales contract for the individual home. HUD publishes closing terms with the listing rather than as one standing rule.

After the sale

HUD sells strictly as-is. It does not warrant the condition and will not pay to correct defects or make repairs, and it urges every buyer to get a professional inspection BEFORE offering, because the asking price reflects the home in its current condition.