Triangle HUD Foreclosure Homes
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Buying, selling, relocating,
investing?If you have the cash or can qualify for a mortgage, you can buy a HUD home. HUD homes range in price, but most are affordable for low- and moderate-income Americans. HUD sells homes at market value - that means that the price is set based on the price of similar homes sold in the area.
HUD Homes are sold "as-is," without warranty. That means that HUD will not pay to correct any problems. But even if a HUD Home needs fixing up - and not all of them do - it can be a real bargain! For example, HUD's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. On most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs.
To buy a HUD home, start by finding a participating Real Estate agent. Your real estate agent must submit your bid for you. Normally, HUD Homes are sold in an "Offer Period." At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to HUD, your real estate agent will be notified, usually within 48 hours.
I encourage you to get the home professionally inspected before you make an offer so you will know what repairs you may have to make.
For more information on the pros and cons of buying a HUD home, or for a list of HUD homes in an area you are interested in - please fill out the information.