HUD homes are properties the United States Government repossess after they go through foreclosure. Another great benefit of purchasing HUD homes in Charlotte is that a homebuyer can also receive additional financing up to $5,000 for repairexpenses. For example, there’s an offer period for HUD homes, within which all bids must be submitted. HUD homes are also listed on local Multiple Listing Services and on the internet.
Ask your agent to provide comparable sales for HUD homes because there is no guarantee you will get a break on the price. An owner occupant purchaser is a person who plans to live in the property as their primary residence for at least 1 year, and has not purchased another HUD Home as an owner occupant within the past 2 years.
A HUD home is when a government-insured loan (FHA) gets foreclosed and the Federal Housing and Unban Development pays the defaulted loan off, and then puts the home on the market. HUD ends up selling a great deal of foreclosures throughout the country every year, and for buyers and real estate investors, they can be very profitable purchases.
HUD will generally accept the highest bid, or the bid that brings them the highest net. Whether you are an experienced investor or new homebuyer, buying foreclosed properties from the United States Department of Housing and Urban Development (HUD) is a great way to make money in the real estate market.
Nu Home Source Realty is here to help you avoid the countless hours of searching for HUD Homes for Sale in Dallas/Fort Worth. If after reading the following information you are interested in buying a HUD home, we encourage you to contact us to schedule a free evaluation to see if a HUD home is the right fit for you.