What Is A HUD Home and Can I Buy One?

HUD homes – the backstory

You may have heard that HUD homes are a good deal if you are looking into buying a home. But what is a HUD home and why is it available at such a bargain cost?

The Department of Housing and Urban Development (HUD) defines a “HUD home” as “a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage”.

HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. In other words, it’s a property bought using an FHA-insured loan, didn’t meet the monthly mortgage, ended up in foreclosure, bought back by HUD, who is now selling it. That’s how it became a HUD home.

As to why it is available at a lower cost than other homes for sale in Charlotte, it is because the possible cost of repairs is reflected from the price.

HUD wants to sell these homes as soon as possible. To sweeten the deal, they even offer benefits and incentives for the buyers.

The HUD incentives

One such incentive is “The Good Neighbor Next Door Program” which seeks to “encourage renewal of revitalization areas by providing an opportunity for law enforcement officers, firefighters, emergency medical technicians and teachers to purchase homes in these communities…in the form of 50% discount off the list of eligible properties”.

If you happen be a community worker mentioned on the list, you are entitled to 50% off on top of the already low-priced home! Imagine the money you’ll be able to save from that!

If the foreclosed homes are not sold within six months, HUD has another special offer. The agency may sell them for $1 each to local governments to  “foster housing opportunities for low to moderate income families and address specific community needs”.

How can you buy one?

For the list of available HUD real estate owned (REO) single-family properties, you can visit the HUD Home Store. This site offers the public, brokers, potential owner-occupants, state and local governments and nonprofit organizations a centralized location where they can search for HUD properties for sale.

It is also the site where registered real estate brokers and other organizations can send bids on behalf of their clients who want to purchase a HUD property.

When you’ve found a Charlotte home you like, contact a HUD-approved real estate broker who can setup a showing for you to visit the home. Unlike the process of buying regular homes, you have to place bids through your agent, and there is a time period where bids are accepted. When that bidding period is over, HUD checks all the bids and accepts the best bid where their agency can get the highest net.

HUD homes are sold as is. If the home you like requires repairs, you will be the one responsible for it. Which is why HUD encourages interested home buyers to get a home inspection before submitting an offer for the home.

Are you considering purchasing a HUD home? Call me, Nancy Braun, at (704) 997-3794.

🏠What Are the Steps to Getting Your Charlotte NC Home Sale-Ready

Homes for sale in Charlotte NC

Are you getting geared up to put your home on the market?

As a seller, it's your responsibility to ensure that your home is going to show well to potential buyers. Each new visitor is a "first-date" for your house, so you'll want to do everything you can to make sure it's looking its best. You want the buyers who walk in through your doors to be impressed, and for someone to make an offer as soon as possible.

Make sure to set yourself apart from the competition. Remember that the effort and money you'll spend on getting your house ready will affect your chances of securing a successful sale.

There are many things you can do to increase the odds of selling your Charlotte NC home fast and for your full asking price. You can start with these simple steps.

1. Think about First Impressions

The most important aspect of a home showing is the buyer's first impression. However, buyers don't form their first impression of your home when they walk through your door. It happens when they look at the photographs on your online listings.

When looking for a home online, buyers like to see what the home looks like. Without photos, it will be hard for them to determine if it's a home worth considering. Make sure your online photos show your home in its best light.

2. Declutter and depersonalize

This is a task home sellers should never ignore. Get rid of any clutter and personal touches, like many portraits. When people walk into a home that's for sale, they want to be able to picture themselves in it, not the previous owners. Your goal is to create a welcoming, neutral home for every potential buyer.  It' s a simple step that will have a major impact on how your house shows.

3. Stage the house

Home staging can help make your home attractive to buyers. It is also an essential part of marketing a property for sale.

You can either do this yourself or hire one of the staging companies in your area. A professional home stager will have expertise in planning and choosing furniture and accessories, and arranging them in a way that shows off your home to its best advantage so that it sells quickly for maximum profit.

4. Make small repairs

Nothing good comes out of telling an interested buyer. oh, we've been meaning to do that, but we never got round to it. So before you put your home on the market, make all the small repairs you've been putting off.

Your home should be finely tuned before you put it on the market if you want it to attract more buyers and sell for top dollar.

Preparing a home for sale can be a lot easier with the help of the top real estate agent in Charlotte NC!

Enlist my help today!

Call me, Nancy Braun, at 704-997-3794. I can help you maximize your home's appeal and secure a swift sale.

Read: How to Sell My Home Fast in Charlotte - a Comprehensive Guide

106 Epworth St Chester SC 29706 | Home for Sale

106 Epworth St Chester SC 29706 | Home for Sale

Check out this cozy mill style home in Chester and dont miss out today!

Great value for a home that comes with two good size bedrooms, 1 bath, and a bright kitchen. Home needs TLC but just waiting on new buyer to put their finishing touches.

This property can be yours for ONLY $30,900.

If you have any questions, you can call Nancy Braun at (704) 997-3794!

If you’re looking for similar properties in Chester SC and surrounding areas, visit: www.ShowcaseRealty.net.

137 Marwood Dr Chester SC 29706 | Home for Sale

137 Marwood Dr Chester SC 29706 | Home for Sale

Don’t miss out! Check out this cozy mill style home in Chester!

This property comes with two good size bedrooms, 1 bath, and a bright kitchen. Home needs TLC but just waiting on new buyer to put their finishing touches.

This property can be yours for ONLY $31,900.

If you have any questions, you can call Nancy Braun at (704) 997-3794!

If you’re looking for similar properties in Chester SC and surrounding areas, visit: www.ShowcaseRealty.net.

127 W Lacy St Chester SC 29706 | Home for Sale

127 W Lacy St Chester SC 29706 | Home for Sale

Don’t miss out! Charming bungalow style house in Chester!

This property has many period details with multiple fireplaces, spacious rooms and nice trim details. Home needs TLC and just waiting for new owner to put finishing touches. Brand new water heater!

This property can be yours for ONLY $38,900.

If you have any questions, you can call Nancy Braun at (704) 997-3794!

If you’re looking for similar properties in Chester SC and surrounding areas, visit: www.ShowcaseRealty.net.

PRICE REDUCED! Lots 8 9 10 Primose Dr and Lots 74, 75/76 Brook Cir Salisbury NC 28147

PRICE REDUCED! Lots 8 9 10 Primose Dr and Lots 74, 75/76 Brook Cir Salisbury NC 28147

GREAT VALUE!

Don’t miss out on these 5 lots for sale with endless opportunities perfect for a builder!

Build a home on each lot, build a mini subdivision, build a private estate!

With 1,400 sq ft building minimum – pick your floor plan, bring your builder and start your new dream home today. Wooded lot for privacy! No city taxes. No well or septic currently on property.

Purchase individual lots or as a whole with lots 8, 9, 10 on Primrose Dr and lots 74, 75/76 on Brook Cir.

All lots can be yours – a total of 8.2 acres – for ONLY $60,000!

Lot 8 Primrose Dr – $15,000

Lot 9 Primrose Dr – $10,000

Lot 10 Primrose Dr – $22,000

Lot 74 Brook Cir – $5,000

Lot 75/76 Brook Cir – $10,000

If you have any questions, you can call Nancy Braun at (704) 997-3794!

If you’re looking for similar properties in Charlotte NC and surrounding areas, visit: www.ShowcaseRealty.net.

PRICE REDUCED! 2200 Cloister Dr Charlotte NC 28211 | Home for Sale

PRICE REDUCED! 2200 Cloister Dr Charlotte NC 28211 | Home for Sale

Gorgeous modern open floor plan home in the heart of Southpark!

Great features include detached garage with full bedroom upstairs, 3 outdoor entertaining area for your dream garden and gatherings, huge library with built-ins and rolling ladder, recessed lights throughout, kitchen and baths are accented with beautiful stones and glass tiles, modern light fixtures, jack n Jill bath, 2nd story is the master suite with balcony, platform bed, large walk-in closet, walk-in pantry, invisible fencing and so much more!

This property can be yours for ONLY $999,900.

If you have any questions, you can call Nancy Braun at (704) 997-3794!

If you’re looking for similar properties in Charlotte NC and surrounding areas, visit: www.ShowcaseRealty.net.

OPEN HOUSE: 2200 Cloister Drive, Charlotte NC

Gorgeous modern open floor plan home in the heart of Southpark!

Homeownership Open House Opportunity! –8929 2200 Cloister Drive, Charlotte NC – How to be a homeowner successfully purchasing this HUD-owned home! This SUNDAY! March 4 – 1 PM – 3PM!

Great features include detached garage with full bedroom upstairs, 3 outdoor entertaining area for your dream garden and gatherings, huge library with built-ins and rolling ladder, invisible fencing and so much more!

If you have any questions, you can call Nancy Braun at (704) 997-3794!

If you’re looking for similar properties in Mint Hill NC and surrounding areas, visit: www.ShowcaseRealty.net.

February 28, 2018

Another Happy Client Reviews Showcase Realty

Another Happy Client Reviews Showcase Realty Charlotte NC Real Estate Agents

“This file is now closed! Wooohooo!

I just want to take a moment to genuinely thank you both as well as the asset manager for your patience and understanding. There were several setbacks, but with a compassionate, responsive team such as yours, we were able to finally reach common ground and satisfaction on both ends.

Thank you again!”

– N. Wilson

Sell your home or find your dream home with best Charlotte NC real estate agent Nancy Braun and the Showcase Realty Team! Call (704) 997-3794 today!

If you’re looking for homes for sale, visit: www.ShowcaseRealty.net.

February 24, 2018

OPEN HOUSE: 8929 Driftwood Commo, Mint Hill, NC, 28227 | Home for Sale

Fabulous 2 story home in sought after community in Versage!

Homeownership Open House Opportunity! – 8929 Driftwood Commo, Mint Hill, NC, 28227 – How to be a homeowner successfully purchasing this HUD-owned home! This SATURDAY! February 24 – 11 AM – 1PM!

Homes has recently been renovated with fresh paint, new SS appliances, new flooring, HVAC repairs, roof repairs and so much more. There is a bonus room downstairs with a full bath which is perfect for a guest room. Bay windows in the breakfast room, shiny prefinished wood floors in the formal dining room and living room. Open concept floorplan! Home is ready to be moved in.

Schools

  • Elementary School: Lebanon
  • Middle School: Northeast
  • High School: Independence

If you have any questions, you can call Nancy Braun at (704) 997-3794!

If you’re looking for similar properties in Mint Hill NC and surrounding areas, visit: www.ShowcaseRealty.net.