HUD to hold house auction online

Department of Housing and Urban Development

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The Department of Housing and Urban Development will sell up to 4,000 homes in a two-day Internet auction as a way to increase homeownership opportunities.

Using the Internet to sell homes is not new, however the department will publicize the auction in major newspapers throughout the country for increased exposure. Properties, which were acquired through foreclosures, will be pulled from the marketplace three weeks before the Feb. 27-28 auction. They will be listed on the HUD Web site, allowing prospective homebuyers to inspect houses and view neighborhoods before submitting their bids.

HUD's Web site will have instructions on how interested homebuyers can find properties in their states. More complete information on the properties will available in that state. All properties will be sold on an as is basis without warranty or guarantee.

The auction begins Feb. 27 at 10 a.m. EST and ends Feb. 28 at 11:59 p.m. Bid results will be announced Feb. 29 on the Web sites where the properties were listed.

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