Tag Archives for " HUD Homes "

Showcase Goes Behind the Scenes of Buying a HUD Home

Below is Showcase Realty’s BRAND NEW HUD video, which not only explains the purpose behind buying and selling HUD homes, but it also has personal interviews with those who have experienced first-hand the many benefits of purchasing a HUD property. HUD Homes are not just “distressed” homes that are sold for less, they are a way to revitalize neighborhoods and sell to those who otherwise couldn’t buy a home!

Showcase Realty from Burke Communications on Vimeo.

To learn more about HUD homes, or get expert assistance from a member of our team, go to Showcase’s HUD Homes page!

Upcoming Open House in Stonehaven Subdivision!

Join us for an Open House in Stonehaven Subdivision this Saturday, December 4th!
This is a joint Open House featuring six homes in the neighborhood, Showcase Realty will be presenting 6217 Ropley Court.
We look forward to seeing you this Saturday!

Click the flyer to view more pictures of the property:

For more information, please call 704-889-5600 or email info@showcaserealty.net
To learn more about Showcase Realty’s available homes, visit http://www.showcaserealty.net/

October 25, 2010

What You Need to Know About HUD Homes -AND- Why They Are So Affordable

Showcase Realty has recently acquired the honor of being one of the few brokerages able to list HUD Homes in the Charlotte, NC Metro and surrounding areas. The following is a quick helpful explanation of HUD Homes from the US Dept. of Housing and Urban Development:

What is a HUD Home?
A HUD Home may be a single-family house, a townhome, condominium or other type of residence. The properties were deeded to HUD/FHA by mortgage companies who had foreclosed on FHA-insured mortgage loans. Now HUD must sell these homes – as quickly as possible at market value – in order to obtain the maximum financial return on its mortgage insurance funds.

Who can buy a HUD Home?
Anyone who has the money or can qualify for the necessary amount of mortgage financing can purchase a HUD Home. You do not have to be low-incomeor meet any other auch limitations.

Can I get a HUD Home for free, or for one dollar?
No. HUD acquires its properties through the foreclosure of FHA insured mortgages. One of HUD’s many missions is to maximize return to the FHA insurance fund, which it does by selling the properties at fair market value.

How do I buy a HUD Home?
HUD’s policy is to market acquired properties on a competitive basis with offers being submitted through any participating licensed real estate broker. Local brokers will assist you in the transaction. They can show the property to prospective buyers, as well as answer questions and provide information on the location of parks, schools, shopping and employment centers.

Are HUD Homes meant for low income people?
HUD Homes come in a variety of price ranges, though most are affordably priced, making them accessible to low and moderate income Americans.

What are the income requirements?
If you make a cash purchase, there are no income requirements. Otherwise, you must be able to qualify for a particular type of mortgage financing based on established mortgage lending criteria.

How does HUD decide how much to charge for a HUD Home?
THe listing price of a HUD property is a price based on the appraised value.

Can investors purchase HUD Homes?
Yes. However, HUD offers its properties to owner/occupants for a period before making them available to investors.

What happens if I can’t close the sale within the time permitted by HUD?
You’ll probably have to pay fees for an extension of time, usually in increments of 15 days.

Is there any way for me to get advanced notice about homes that will be coming up for sale?
No. HUD Homes are listed for sale in the local multilple listing service (MLS), the Internet at www.hud.gov or ask your broker.

Since the partnership is still very new, Showcase Realty’s HUD Homes have not become available on MLS yet – but will be very soon. Keep checking back to see when they will be listed or keep an eye on our website.