A HUD home is a house that was financed by the previous owners using an FHA loan but has now gone into default and foreclosed. FHA loans are guaranteed by the government (Federal Housing Administration or Freddie Mac ) so when they are repossessed by the trustee for that loan servicer they in essence go back to the government. In order to purchase a HUD home, you must have a HUD approved broker who will have access to place a bid on your behalf with the HUD site. You can search that site here for Charlotte area HUD homes but you cannot place a bid without help from a HUD approved broker. Not all real estate agents can do this so ask. Beth is HUD approved and has sold many HUD homes over the years. It is important to choose a experienced agent so that you can win bids without overpaying. These are also listed on MLS.
Did you know you can buy HUD homes with only $100 down – sometimes even just $1?? You can even purchase them with the money to pay for your improvements or upgrades using an FHA 203(k) loan. If you are a police officer or fire fighter, EMT or teacher you can buy certain houses with a 50% discount! Ask Beth for a lender referral who knows how to streamline these loans for faster service.