Buying a HUD home is certainly one of the best real estate deals available. HUD homes are actually properties owned by HUD, the Department of Housing and Urban Development. These are homes where the owner failed to pay an FHA backed loan and resulted in a foreclosure. These properties are now back on the market for sale, often at a great price.
We want to help you find HUD homes in Charlotte NC.
However, before buying a HUD home here are three very important tips:
Find an experienced Realtor. Purchasing HUD homes involves a lot of details; rules for investors vs home owners. When bidding on a HUD home homeowners that plan on occupying the home will have a slight advantage or real estate investors. An experienced Realtor can guide you through the bidding process.
Understand Your Financing Options. One of the most economical ways to purchase a HUD home is through the $100 down program. Conventional loans can also be used as well as 203-B programs or the 203k loans.
Properties sold AS IS. Unlike typical homes for sale on the market where you may have the opportunity to negotiate for repairs cost. This is not the case with HUD homes. What you see is what you get. So do your homework, make a licensed contractor part of your team and make sure to get a honest estimate on repair costs. Some HUD homes only require minor cosmetic repairs. Other properties could have extensive and perhaps hidden repairs.
Nancy Braun is the creative force behind Charlotte’s Showcase Realty and its several divisions. Focusing on technology and delivering a new kind of real estate experience, she has created a new model for the Charlotte real estate industry.
I wanted to take a minute to thank you and your office on the handling of the purchase of Temple Crt Gastonia NC. Showcase Realty was outstanding and did great job. They're attention to details and follow up communication was very much appreciated. Being more than 900 miles away they made process much easier for us as they coordinated the whole process on a complicated HUD foreclosed property.
I have worked with other agents in Charlotte area over past 3yrs. I found their efforts less than satisfactory. Showcase Realty was outstanding. I will continue work with Showcase team and your office as we continue purchase and sell property in the greater Charlotte area.
Again, thank you for outstanding service.