Charlotte HUD Homes are 1 to 4 unit residential properties acquired by HUD as a result of a foreclosure action on an FHA loan. HUD becomes the
property owner & offers the HUD home for sale to Charlotte homebuyers to recover the loss on the foreclosure claim.
Almost anyone can purchase a Charlotte HUD Home! If you have the cash or can qualify for a home loan you may be able to buy a HUD property today. HUD Homes are initially offered to owner-occupant purchases for the first 10 days of active status. Following the priority period for the owner occupants, unsold properties are available to all buyers, including investors.
When real estate owners default on foreclosure HUD home loans, HUD forecloses the properties & sells them to the general public at a public foreclosure auction. Finding and purchasing HUD foreclosures can help you save big on
your next house or real estate investment property, often well below market value. Allow Peters & Associates, Inc. to assist in locating your next home!
What is a HUD Home
- Residential property acquired by HUD as a result of a foreclosure on an FHA-insured loan.
- HUD becomes the owner & offers it for sale to recover the loss on the foreclosure claim.
- HUD homes are sold as-is.
Who Can Buy a HUD Home
- Owner-Occupants – Must live in the house for 12 months.
- Investors – Can only bid on HUD Homes in the extended phase.
- Nonprofit Agencies – Must be approved through (HOC).
- Do your research before moving to quickly
Many buyers assume that, if the US Department of HUD is selling the property, it must be a great deal. This could not be further from the truth! When the HUD inventory is low, oftentimes buyers will bid the property up to, or above the fair market value. Look at every HUD deal on its own merit & make your decision based on that.
- Understand the Bidding Process
HUD purchases are very different than conventional deals because they follow a “blind” bidding process. The bidding date is released by HUD & each buyer submits their best offer without the knowledge of any other bids. As long as HUD finds the highest offer acceptable, that offer is the one accepted. HUD retains the right to refuse all offers.
Good Neighbor Next Door
Law enforcement officers, pre-Kindergarten through 12th grade teachers & firefighters, emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of fifty percent from the list price of the home. In return you must commit to live in the property for 36 months as your primary residence.
How the Program Works
Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for 5 days.
$100 Down Program Dollar Homes
HUD’s $1 Homes program helps local governments to foster housing opportunities for low to moderate income families & address specific community needs by offering them the opportunity to purchase qualified HUD owned homes for a dollar each.
$1 Homes are single family homes that are acquired by the Federal Housing Administration as a result of foreclosure actions. Single family properties are made available through the program whenever FHA is unable to sell the homes for 6 months.
By selling vacant homes for a dollar after 6 months on the market, HUD makes it possible for communities to fix up the homes & put them to good use at a large savings. The newly occupied homes can then act as catalysts for neighborhood revitalization, attracting new residents & businesses to an area.
Non-Profit Agency HUD Program