Foreclosed Property Sale ...
Homes for Sale by HUD & VA . . . Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties.
What is a HUD Home? . . . When someone with a FHA-insured mortgage can't make the payments, the lender forecloses on the home and HUD takes ownership. Then we offer it for sale at market value based on a recent appraisal.
Who can buy a HUD Home? . . . Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
How are HUD Homes sold? . . . HUD homes are listed for sale by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract. Find local listings.
Are there any special programs? . . . Properties in designated areas are available at a reduced sales price to police officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Read more about these Good Neighbor Initiatives.
Should I get a home inspection? . . . We encourage you to get an inspection after your offer is accepted. All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems.
What about financing? . . . Although HUD does not offer financing directly, some of our homes qualify for FHA-insured loans. Shop around for a lender to find the best loan terms. Find out how an FHA loan can help you.
Visit state gov government information website.
The Department of Veterans Affairs, also known as the VA, acquires properties as a result of foreclosures on VA-guaranteed and VA-financed loans. These acquired properties are marketed for sale through a property management services contract with Ocwen Loan Servicing, LLC, West Palm Beach, Florida.
The Properties are listed by local listing real estate agents through local Multiple Listing Systems (MLS). Properties for sale may also be Viewed on Ocwen's website at www.ocwen.com and on a government site at www.homesales.gov. If you are interested in buying a VA-acquired property when it is listed for sale by Ocwen Loan Servicing, LLC, please contact a local real estate broker of your choice to see the property. Interested listing Brokers and subcontractors may also access Owen's website at www.ocwen.com for information on selling VA-acquired properties.
Frequently Asked Questions about VA-owned homes for sale . . .
Q: How do I find out how to purchase a VA-owned property?
A: Ocwen Loan Servicing, LLC is VA's service provider who lists and sells VA acquired property. You may view their website by clicking here, the government website by clicking here, or contact a local real estate broker in the area where you wish to live.
Q: Where can I find lists of VA homes available for sale?
A: Please go to Ocwen's website, the government website or contact the real estate broker of your choice.
Q: Will VA finance the purchase of a VA-owned property?
A: Yes, vendee financing (i.e., seller-financing) is available for most, but not all, property sales. With vendee financing the down payment requirements are very reasonable, and the interest rate is established by VA based on market conditions. Any prospective purchaser who requests VA financing to purchase a VA-owned property must have sufficient income to meet the loan payments, maintain the property and pay all taxes, insurance, utilities and other obligations, and acceptable credit. The purchaser must also have enough funds remaining for family support.
Q: Do I have to be a veteran to purchase a VA-owned property?
A: No, all VA properties are available for sale to both veterans and non veterans.
Q: How do I apply for vendee financing?
A: All forms and instructions are located in the Ocwen VA Vendee website.
