With all the bank foreclosures and the mountain of short sales, we forget that the government is also in the foreclosure business. Government back mortgages get returned to the government and are available for purchase. Here are a few programs that you might be interested in
I can write HUD offers for you! HUD has indentified buyer types that are eligible to purchase HUD-owned homes. Certain conditions must be met to determine the eligibility of a buyer to bid on a particular home. Only registered bidders can make offers on properties. Homebuyers must use a registered selling broker or selling agent to make an offer on their behalf.
Owner Occupant: Eligible owner occupants are individuals who have not purchased a HUD property with the past two (2) years. They can bid on homes in the Exclusive or Extended periods. Owner occupants rank above nonprofits and government agencies in the bid-selection process for Exclusive and Extended listings.
Investor: Eligible investors can bid on homes only in the Extended period and are ranked below other types of bidders in the bid-selection process.
Freddie Mac will offer homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors through the Freddie Mac First Look Initiative. This on-going initiative offers owner occupant homebuyers, Neighborhood Stabilization Program (NSP) grantees and non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 15 days of listing (30 days in Nevada), without competition from investors. The purchaser does not need to be a first time homebuyer to be eligible provided, however, that they are buying the home as their primary or secondary residence.
A foreclosed property can represent a great opportunity and a good value — but a HomePath property can offer even more. Some homes may qualify for special incentives, and many can be purchased with a low down payment and flexible mortgage terms through HomePath financing.
Fannie Mae’s innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization — allowing homebuyers to bid and purchase foreclosed properties before they are made available to investors.
- First Look is typically the first 15 days a property is listed on HomePath.com (Nevada is 30 days).
- Properties in the First Look period have a countdown clock on the property information page of HomePath.com displaying the days remaining to purchase.
- Eligible buyers during First Look are owner occupants*, public entities and their partners, and some non profits.
If that’s not enough
Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties. Check them out- one might be just what you’re looking for!
Single Family Homes for Sale
|From the Department of Veterans Affairs|
|From Federal Deposit Insurance Corporation|
|From Internal Revenue Service|
|From US Army Corps of Engineers|
|From the U.S. Marshals Service|
|From the Department of Agriculture Rural Development|
|From Fannie Mae|
|From Freddie Mac|
|From Fannie Mae|
|General Services Administration|
|Federal Deposit Insurance Corporation|