HUD properties can be fantastic opportunities for a buyer to get a nice home at less than market price. First, a buyer must use a real estate agent to place a bid on a property for them. So, you can't go directly to the seller or sellers agent to purchase the property. Once your realtor places a bid on a property, you have to wait to see if your property is accepted. If it is accepted, your agent will receive a buyer packet that must be completed and returned within 48 hours. In that packet HUD will provide you a summary of a recent inspection and appraisal as to what they found. They will list major defects for you so that you can inspect the property for any additional major defects. This is the time for your agent to send an experience, licensed contractor to property to check it out and you only have 48 hours. So, you will want to have the contractor lined up for you prior to placing the bid. If you find something major or objectionable during that time, you will just not complete the buyer packet and your offer is terminated.