School Teacher trying to buy a HUD home (Charlotte, Raleigh: real estate, insurance)

[newlife08]

Thanks for your replies! I am hoping to spend 150-160K on a home.

Jaynarie, I am using city-data to check the home values/sales and comps for the revitalization areas listed with HUD GNND (Good Neighbor Next Door). However, I plan to drive to NC from VA to spend a weekend and scope out some areas.

Is there much to do in Charlotte for a 30 year old African American professional woman? I have been googling web sites. Maybe you all could tell me the "hip" radio stations or other sites to check out! Grown and sexy is my style...no hardcore hip-hop. I hope I am not wearing you out with my questions.

Have a good one...it is raining here.

[jaynarie]

Thanks.

And, radio stations are lacking here. I usually stick to Kiss (95.1)-Top40, a rock station and sometimes 96.1 (more urban).

I have bought more CDs in the 9 months I lived here than the previous 5 years combined....

[NYblkqueen]

This house was in excellent condition. I know because I went and looked at it with my beau. He's trying to get a GNND home, but the teachers seem to be beating him out of them. LOL I told you the teachers have it on lock. Click on property report and you can see pictures of inside the home. You just have to keep looking every friday. If I'm up at 12 am I'll go directly to hud's website to see what they have for this week. Take a look. You can't beat that deal unless you get a free home that is.

[EdNailor]

NY's mention of the Good Neighbor Next Door program is exactly what I would advise. As a mortgage professional, I find this program fun to work with. You get a home for 50% of the listing price and can use any mortgage financing you like... it doesn't have to be an FHA loan. And with the loan value being at 50%, you can usually avoid PMI!

One thing to note is that you will need to submit your offer through a Realtor. HUD requires this as a way to ensure you are represented. But using that Realtor won't cost you a dime, so it's a great idea. If you need any names of great local Realtors, let me know. I work with several of the best in town and can refer a few to you.

[newlife08]

NY, that house sure does look good to me!
Thanks for all of your replies! I honestly felt a little lost about this whole idea of relocating; my family wants me stay in VA. Seriously, I am living check to check with the cost of living and swimming in school debt. I want a new beginning...to be around like-minded "new" people. I am thinking about finishing up grad school before I make the move so that I don't have to switch programs.

You all have been great.

[toddtalley]

HMBI handles all of the HUD homes for our area, and it would be good to get familiar with checking this site every Friday morning- when the list is published. I have seen a home listed at 194,000, which someone purchased for half (97,000) through the Good Neighbor Next Door program. The ability to earn 50% equity in 3 years is phenomenal. This is a huge advantage for teachers/fire fighter and police officers to boost their salaries.

Personally, I think it would be smart to check out each property you are intersted in. When buying a foreclosure you want to be sure that the previous owner didn't take out their frustration on the home when it was repossessed for the bank. I have seen some homes where appliances were ripped out and floors were damaged. Some have had water damage or other miscellaneous issues. On the other hand, I have seen some homes that were barely lived in...it seems some people just get into bad mortgages and their salaries can't even handle the first few months. For someone to say, "Yeah but all of these homes are in the ghetto." - could not be further from the truth. "Revitalization" is more subjective than you might think. Many neighborhoods that are regularly championed on this board as "the best" have had foreclosures that are eligible for this program. Sure, you're going to see a lot more 28214, 28216, 28208 on the site...but every once in a while a gem pops up that would surprise even the most arrogant Charlottean. To be safe, the advice is the same- check each home out individually.

Be wary of anyone who says to disregard an entire zip-code. Although this advice may be good for generalizations for newcomers....this city offers all kinds of hidden treasures that zoning doesn't designate. I have lived in many different areas of town and much of the generalized drivel that comes from fear spreading posters on this site should be taken with a grain of salt. Check it out yourself!

Good luck in your searching and don't rush into anything unless it feels right. 3 years may seem like a short commitment on your amortization chart, but it will be your home, so make sure you enjoy it!

[lgrandst]

Hi,

Hud homes are available for teachers and right now they ar %50 off the asking price. I just attended a 3 hour meeting with HUD last week. I am a realtor here in Charlotte. You can also only put $100 down. There are many nice homes available and some not all have good schools. Moderator cut: tos violation

[lgrandst]

I have seen some of the HUD homes and not all are nightmares. Some even have great schools. It depends where you want to locate to. I am a realtor here and I specialize in Charlotte and Union County. I look at the HUD listings daily. You can't buy a HUD home without a realtor. I just did a 3 hour meeting with HUD last week. Moderator cut: tos violation

[NYblkqueen]

Originally Posted by toddtalley

Here is a list of this week's available properties:

HUD Properties Listing

HMBI handles all of the HUD homes for our area, and it would be good to get familiar with checking this site every Friday morning- when the list is published. I have seen a home listed at 194,000, which someone purchased for half (97,000) through the Good Neighbor Next Door program. The ability to earn 50% equity in 3 years is phenomenal. This is a huge advantage for teachers/fire fighter and police officers to boost their salaries.

Personally, I think it would be smart to check out each property you are intersted in. When buying a foreclosure you want to be sure that the previous owner didn't take out their frustration on the home when it was repossessed for the bank. I have seen some homes where appliances were ripped out and floors were damaged. Some have had water damage or other miscellaneous issues. On the other hand, I have seen some homes that were barely lived in...it seems some people just get into bad mortgages and their salaries can't even handle the first few months. For someone to say, "Yeah but all of these homes are in the ghetto." - could not be further from the truth. "Revitalization" is more subjective than you might think. Many neighborhoods that are regularly championed on this board as "the best" have had foreclosures that are eligible for this program. Sure, you're going to see a lot more 28214, 28216, 28208 on the site...but every once in a while a gem pops up that would surprise even the most arrogant Charlottean. To be safe, the advice is the same- check each home out individually.

Be wary of anyone who says to disregard an entire zip-code. Although this advice may be good for generalizations for newcomers....this city offers all kinds of hidden treasures that zoning doesn't designate. I have lived in many different areas of town and much of the generalized drivel that comes from fear spreading posters on this site should be taken with a grain of salt. Check it out yourself!

Good luck in your searching and don't rush into anything unless it feels right. 3 years may seem like a short commitment on your amortization chart, but it will be your home, so make sure you enjoy it!

I couldn't have said it better myself. I'm glad someone was able to second my opinion. It's really amazing how some folks think one place can't be subject to foreclosures. Hopefully the posters, and anyone intrested in the GNND program really takes the time to see what they have to offer.

[anifani821]

My opinion is - if people who qualify for these programs would take advantage of them and move in - even if the neighborhoods are experiencing some problems AT THIS TIME, having responsible homeowners move in could turn around the whole situation in those neighborhoods. I think this is a great way to secure a home while doing this city a great service - taking back control of neighborhoods that may fall into the hands of investors who do not always have the best interests of the neighborhood at heart. Not saying this is always true! But responsible homeowners - especially when the mix in the neighborhoods include LE as well as FD and teachers . . . seems everyone could work together to "re-claim" the neighborhoods . . . and if there is currently any crime - run the thugs out. Neighbors joining together can make the turnaround in so many of these neighborhoods, wh/ often offer really cute homes in convenient locations. I hope people will look into these programs and work hard to secure a home. Good for the buyers, good for the lien holder and good for the communities.