HUD is the abbreviation for the U.S. Department of Housing and Urban Development, a government agency who’s primary purpose is to promote and develop home ownership and housing in the United States. If you are paying cash for a HUD owned home you will be required to provide proof of funds sufficient to purchase the property. Buyers are very strongly encouraged to have homes inspected by a qualified home inspection company to satisfy themselves as to the condition of the property at the time of sale.
Your Horizon Realtor can assist you in your search for a HUD owned home and assist you in viewing the home and preparing your bid if you decide on a home. HUD pays real estate brokers an industry-standard commission for facilitating the sale of its homes.
HUD homes in Charlotte NC offer an exceptional value and opportunity to purchase a home at very favorable terms. Keep in mind that HUD homes can be veritable gold mines for investors, who see the enormous profit potential in renovating and flipping a property, or even renting it out.
So, people looking to live in the home they’re buying as a primary residence are given a short priority period to place bids on HUD homes. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence).
There is a nationwide website that list all foreclosed homes for HUD, VA, RD, and USMS. HUD homes come from foreclosures on FHA insured loans, which applies to thousands of homes just in the Boise area. Once a HUD home becomes aged in my market, HUD may take 80 percent of list price.