In recent months, there was a huge backlog of HUD homes that were held up for closing in NC and changes were made to try and streamline the entire process. There are now three main asset management companies that handle HUD homes in NC and they in turn designate local firms as listing agents. The online sites to preview the homes are now:
PEMPCO
Bids must be submitted through an authorized agent. The first 30 days of a HUD listing is open to Owner Occupied Buyers only and investors after day 30.. They also have a program that offers discounts to police, teachers, firefighters and EMT’s call the Good Neighbor Next Door where they can purchase a home for only $100 down and get 50% off the HUD list price.
Some new changes include:
Properties will now be listed daily.
7 day period for "special" buyer types (Good Neighbor)
30 day Owner Occupant Period
No bids opened until day 10
For homes that cannot be insured by HUD, bidding is open to all on day 6
At this time, closings have still been delay while HUD secures a new closing attorney. If you are interested in purchasing a HUD home, I can guide you through and help answer any questions.
Go to: www.HudHomeStore for additional information on HUD homes.
For a weekly list of Distressed properties and HUD homes in Iredell County and surrounding areas, sign up on my website. My list goes out every friday and includes some other great tips and market news or go directly to my search link.
