North Carolina HUD homes are often sold at prices that are much cheaper than fair market value. HUD can afford to offer cheap houses because it is seeking to merely recoup losses caused by a foreclosure secured by the FHA, which is part of HUD. The agency buys the homes at the foreclosure auction and then resells them to the public. Those seeking to buy these homes can find HUD homes in North Carolina through HUD’s own public listings. They then use a HUD-approved North Carolina real estate agent to place bids on the properties.
Go to hudhomestore.com/HudHome/Index.aspx. Click on North Carolina on the map. Look at the next page to start viewing the search results for North Carolina HUD homes. Refine your search criteria with the options located above the home search results.
Note: The “buyer type” option is very important to investors because some listings of HUD homes in North Carolina are reserved for only owner occupants who want to buy and live in a home. Investors are still welcome to bid on the other North Carolina properties.
Go back to the main page on the HUD site. Look for the “Find a Broker” option. This is the search engine to find approved HUD brokers throughout the county. Simply enter “North Carolina” to get a complete list of approved brokers and agents for this state. Of course, it may be wiser to select a city where the North Carolina HUD home you seek to buy is located.
Go to local North Carolina mortgage lenders in an attempt to get a home loan for your chosen HUD properties. The way this usually works is that you can get preapproved for a certain price range. Take that paperwork to your broker once you have received it from the lender.
Get your broker or agent to submit a bid for the HUD homes in North Carolina that you wish to purchase. HUD North Carolina officials will then make a decision on your bid.
Buy the home if your bid is accepted. If you have a loan, you need to complete that arrangement with the lender. Your agent will also help you close the deal with a North Carolina closing agent approved by HUD.
File a property deed for your new North Carolina HUD home. This deed is filed in the county of the property that you purchase. Get this deed from HUD as part of the house closing.
HUD Home Listings