It's common knowledge that banks have a lot of foreclosed propertiesthat they need to sell. However, banks are not the only institutions with an inventory of unwanted real estate. There are a number of government agencies that have properties available for sale and one area that a lot of investors like to look into are HUD Owned Homes and Fannie Mae Owned Homes.
HUD, or the Department of Housing and Urban Development, oversees the Federal housing administration or FHA. The FHA does not make loans but rather insures bank loans in order to remove the risk banks face when making loans to first-time buyers, people with small down payments, people with less than perfect credit etc. HUD has programs that help people to buy houses who would not otherwise have the opportunity. HUD also has a program that allows the first time buyer to use the $8000 stimulus tax credit as part of their down payment.Through various programs people can borrow money from banks that is insured by the FHA but when these people fail to remain current on their payments and default on their loans the homes will eventually be repossessed by the Department of Housing and Urban Development which then sells the property in order to recover its losses.
Today the majority of home buyers with less than perfect credit scores are qualifying for FHA HOME LOANS. That will eventually lead to a very high number of HUD FORECLOSURES and the savy consumer and Investor will profit if they know how to take advantage of the deals.
Jim Wood, Broker, Investor and Realtor is an expert at helping find the good deals in North Carolina and South Carolinal. Jim has lived in Spartanburg SC for over 40 years and has been a Realtor for over 30 years. When looking for a good deal you need someone that has experience in the real estate business.HUD foreclosures can be found nationwide, in a variety of different neighborhoods, and many of these properties are available at affordable prices. They have residential properties ranging from small condominiums to large, four unit residential buildings. A lot of the properties need a little TLC but it is not uncommon to find properties at discounts of 40% or more allowing you to save tens of thousands of dollars. HUD properties can be a great investment opportunity for people looking for a house to fix and flip, a rental income property, or a nice family home.
When looking for a state to relocate in you should consider South Carolina. We are still in recession but some in our area are moving forward in the real estate market. BMW located in Greer, SC just did a major expansion and they are adding jobs. Spartanburg, Greenville, Greer and all the Cities in Upstate SC are not looking back. We know that hard work and our will to help others will propel our area past this so called recession. We choose not to take part in the so called recession. Call Jim Wood today @ 864-542-2725 or Betty Wood @ 864-844-5564. Check out some of the homes in our area that have the potential of being a great deal for you.
Jim Wood Investment Co. Inc., Realtors
1046 WO Ezell Blvd
Spartanburg, SC 29301
jim@jimwoodbroker.com
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