There are several types of foreclosures and we are prepared to help you with each. If you are interested in foreclosures please let us know, as we keep a very close eye out for these properties. You may need to act quickly, as the “good deals,” will not wait. So please call or message us and we will put you on our Rapid Foreclosure Email List.
HUD Foreclosures are FHA loans that have been foreclosed upon and now FHA is selling these homes, usually at a discounted price. There is a unique timeline that allows for owner-occupants to have first shot at these properties. If an owner-occupant does not secure the home, after a particular period, then the home becomes available to investors. These homes are sold As-Is; however, if you are getting a FHA loan you may be able to finance some repairs. Cash deals are expected to close in 30 or fewer days and within 45 days for financed deals.
VA Foreclosures are when VA loans have been foreclosed upon and now the VA is selling these homes, usually at a discounted price. Owner occupants and investors have an equal opportunity to seize these homes at the same time. The listing office will usually allow the property to be on the market 2 to 5 days and if there are multiple offers, each buyer will get an opportunity to re-submit their highest and best offer. The net to the VA is usually the most important factor to winning the bid.
These are a type of foreclosure in which the bank repossesses the home and is now selling it, often at a discount. In most cases, these are As-Is transactions.
Short sales are sales in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property. There are several stipulations that occur. One, the current owner cannot afford to pay the liens' full amounts. Two, the lien holders agree to release their lien, on the real estate, and accept less than the amount owed on the debt. A short sale is often used as an alternative to foreclosure because it mitigates additional costs to both the creditor and borrower. Both (a foreclosure and short sale) often result in a negative credit report against the property owner. A short sale can result in a below-market price, for a new buyer, but, it can be a lengthy process. Expect 3 to 9 months to close on a short sale (maybe longer).