The Federal Housing Administration, generally known as “FHA”, is the largest government insurer of mortgages in the world. A part of the United States Department of Housing and Urban Development (HUD), FHA provides mortgage insurance on single-family, multifamily, manufactured homes and hospital loans made by FHA-approved lenders throughout the United States and its territories. While borrowers must meet certain requirements established by FHA to qualify for the insurance, lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her loan.
When the FHA buys a home back from a lender, that home becomes a “HUD” home. At that time HUD will assign the property to one of their Field Service Management Companies and one of their Asset Management companies to prepare and list the home for sale. The Asset Management companies have listing agents that assist them in marketing and listing the homes on local MLS sites. As of February 2011 HUD has over 400 homes listed for sale in the State of Utah. To become a qualified agent and or view the homes that HUD has available to purchase, please visit
Qualified agents can assist buyers in purchasing HUD owned Homes. They must first bid on the home. After receiving an accepted Bid they will then be required to submit a contract package to the Asset Management company assigned to the property. Once the contract is accepted, the agent can choose the title company of their choice to close the transaction. HUD still requires that certain rules are followed through the closing process and the title companies register with HUD to close those transactions. If your title company is not familiar with the process Our HUD Team is here to help you close your transaction. We have a very experienced team that has closed thousands of HUD transactions and is very familiar with the process. They can quickly and efficiently get your HUD contract closed.
HUD recently changed their Management and Marketing contracts to Field Service Management (FSM) and Asset Management (AM) contracts. In Utah, HUD has contracted with 2 companies for Field Service Management and 3 companies for their Asset Management services. We have included some of the information for these companies below.
Nevada has 1 Asset Management company for the state
Matt Martin www.mmrem.com
The following are the 3 Asset Management companies for HUD owned Homes in Utah:
Matt Martin Real Estate Management:
Toll free #888-632-4482 Website: www.mmrem.com
HomeTelos, L.P.:
Toll Free #866-971-2212 Website: www.hometelos.com
Pemco, Ltd.
Toll Free #877-772-8880 Website: www.hudpemco.com
The following are the 2 Field Service Management companies for HUD owned Homes in Utah:
Asset Management Specialists, Inc.:
Toll Free #866-699-1734 Website: http://amsreo.com
- Paste the following link to your browser to obtain a copy of the Utility Connection Form/Info:
http://amsreo.com/contactus/utilityactivation
Important Links for HUD owned Homes:
HUD News/Press Releases: http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories
HUD Home Store GNND link: http://hudhomestore.com/HUDHome/GNND.aspx
HUD’s FAQ’s link: http://www.hudhomestore.com/ListingSiteFAQ.htm
HUD video link for Entering a Bid for a Property: http://support.yardi.com/HUDTraining/MM3/Videos/ListingSite_EnterBidV2.swf
HUD video link for Checking Bids: http://support.yardi.com/HUDTraining/MM3/Videos/ListingSite_BidderFunctions.swf