13th Aug, 2010

Understanding Charlotte NC HUD Home Purchases and Sales

How a Charlotte NC Home Becomes a HUD Home

When a Charlotte home that is Federal Housing and Administration (FHA) insured goes into foreclosure, FHA pays the amount owed on the Charlotte home to the lender. FHA then sells the Charlotte home at market value, looking to do so as quickly as possible.  A Housing and Urban Development (HUD) home is one that has been taken back by the bank for a homeowner’s failure to make timely payments.

How HUD Home Sales Work

Like other Charlotte homes, HUD homes are listed on the Multiple Listing Service (MLS) listings and, usually, also on the internet.  In most cases, only HUD registered real estate brokers can participate in the sale of these Charlotte homes. Registered Carolina real estate brokers, on behalf of a prospective Charlotte buyer, bid electronically on these homes. The bid that is most acceptable to HUD will win the Charlotte home on a provisional basis. The required deadline for submitting real estate documents must be submitted in order to officially complete the HUD home purchase. One of these real estate documents is a pre-qualification letter or proof of cash in an amount equal to or above the home’s cost.

Why Choose Us?

As registered Charlotte real estate HUD brokers, we can help you find and purchase your Charlotte HUD home. We can guide you through the process every step of the way.  One crucial service we offer is daily monitoring of the market.  Since HUD home offerings change very quickly, this is important for any prospective buyer.

Another service we have available is assistance in finding financing and pre-qualifying for a loan to cover the cost of your home.  Once pre-qualification is secured we can provide market comparables for a HUD Home in the Charlotte, North Carolina Real Estate area.  This will help you in making an offer on the home.

Let us know how we can help!

Give Wendy Richards of The Richards Group a call at 704.604.6115 or go to our awesome website at www.NCCharlotteHomes.com.

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