HUD Owned Home

[Sean Wilt]

New but learning quickly! Looking at a property. If it shows on the deed history, Grantor is a bank and grantee is Housing and Urban Development on a special warranty deed, what does that mean? It was foreclosed? Wouldn't that then become an REO? Trying to get this down.

Deed amount of $168k is same amount it looks like as the mortgage the previous owner had. Was just transferred 4 months ago. It's currently listed on MLS for $160k.

When HUD as the owner, and looks like not much equity in the deal if I'm understanding this, probably not much opportunity to get a deal below asking price? It's a fixer upper but not too much room for big repair dollars given comps so would want to get some concession on purchase price if possible.

Thanks!