| What is a HUD Home? |
Answer: When an individual with a HUD insured mortgage does not make the payments, the lender forecloses on the home. HUD pays the lender what is owed, and HUD then owns the home. HUD sells it at market value as quickly as possible, generally after a 5 day bid period, they will accept offers. The first 10 days is reserved for owner-occupants only.
| Who can buy a HUD home? |
Answer: Anyone, if you have the cash or can qualify for a mortgage.
| How can I find out where HUD homes for sale are? |
Answer: Right Here! We will post them on this website, including photos, directions, and other information on the property.
| How do I buy a HUD Home? |
Answer: Call us at 704-279-9000 or e-mail us at genesisrealty@Carolina.rr.com. This is all we do. We sell government owned and foreclosed homes. We will submit your offer by internet. Results are usually available within 24-48 hours.
| How do I get a loan to buy a HUD Home? |
Answer: HUD does not make loans directly. FHA financing is available with only 3% down payment. We can help you locate a lender that will be willing to pre-qualify you over the phone.
| If the HUD home needs repairs, will HUD make them? |
Answer: HUD homes are sold "as is". That means that HUD will not pay to correct any problems. If a HUD home needs fixing up, it can be a real bargain. There is financing available for repairs or improvements to rehabilitate the property in one home loan. (See Dream Home Page).
| Can I buy a HUD Home as an investments? |
Answer: HUD homes are initially offered on a priority basis to owner occupants purchasers for the first 10 days. Following a priority period, unsold properties are then available to all buyers, including investors.
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