VA, FHA and bank foreclosures are appraised and priced in the same manner that all homes are priced. However, since these homes have usually been vacated, abandoned or neglected for some time, they may be discounted for condition.
HUD Owned Homes.
The thought that HUD foreclosed homes are a tremendous bargain is a myth. They are inventory that should be considered when searching for a home to buy. But, they are not the great bargain that they have been advertised to be. Foreclosed homes often have no appliances, no heating/cooling systems. They may be water damaged prior to the foreclosure and may need extensive repairs to be livable.
VA Owned Homes
Va owned homes offered for sale are listed and sold just like owner occupied homes. They are often discounted for condition. However, VA will make repairs to properties and VA owned properties are generally in move-in condition.
Bank Foreclosures
Bank owned properties are usually in move-in condition and usually need only cosmetic upgrades; paint, carpet, etc. They are priced competitively with home owner sales.
We will:
- Show you the properties in your price range and area of choice.
- Help you obtain financing
- Prepare the contract of sale for you.
- Arrange inspections for you.
- Coordinate settlement.
PROPERTY CONDITION
Foreclosed homes come in many descriptions, styles and different state of repair or condition. Foreclosed homes have been taken back by the mortgage company when the former owners defaulted. So, they may be in need of some repair or redecorating. Some paint, carpet and other upgrades and you may have a wonderful home for less than market price.
WHO CAN BUY A FORECLOSURE?
5% CLOSING HELP
Anyone with the cash or ability to obtain a mortgage loan can buy a foreclosed
home. You will have to qualify for the mortgage as with any home purchase, but
we'll help you with the financing also. Often, the cash needed to buy a HUD
foreclosure is less than you would need to buy a home offered for sale by a
non-foreclosure homeowner. HUD homes are offered to owner occupant buyers before
they are available to investors. Our agents can help you with the timing. HUD
will offer up to 5% of the purchase price toward your closing costs. So, you may
be able to buy a foreclosed home with less out of pocket money than buying from
an individual homeowner. This benefit is often the best reason to search for a HUD owned home for sale.
WHERE CAN I FIND FORECLOSURES FOR SALE?
The homes are listed in the MLS which you can access here.
Search forclosed homes
for sale here
Since most foreclosed homes for sale are not identified as such in the public listings, contact us if you wish to search JUST for foreclosed homes and our foreclosure specialist will do the search for you.
