Sat, Jul 04, 2009
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Government Repo's??? |
determined
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Posted: 11:24 on 01-23-2003
Anyone have any experience with this. Recently got a great listing. Not sure about the best way to go---Is it exactly like bidding on a foreclosure at the couthouse?
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determined
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Posted: 12:09 on 01-26-2003
Anyone???? 
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way_motivated
417 Posts
Member Since: 09/16/2002
Colorado Springs, CO
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Posted: 12:55 on 01-26-2003
what kind of repo's are they, HUD, VA???
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determined
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Posted: 22:14 on 01-26-2003
Originally on the website it said it was gov't auction property --so perhaps the owner's were involved in some kind of illegal dealings and the property was repossed as a result
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DaveT
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Member Since: 04/07/2002
Pawleys Island, SC
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Posted: 23:18 on 01-26-2003
determined,
The two largest sellers of Government foreclosures are VA and HUD. These properties are bought through a sealed bid auction, and your bid is submitted on their purchase offer forms. A registered broker is required to submit your bid.
There is no negotiation, no counteroffer. Either your bid is acceptable or it isn't. Of all the acceptable bids submitted during the bid period, the bid resulting in the highest net sale proceeds to the Government is awarded the right to buy the property. You have to find your own financing if you are the winning bidder and you have 60 days to settle after your contract is ratified.
Foreclosures happen all the time, because homeowners with VA or FHA loans get into serious financial trouble and allow their home to go into foreclosure, eventually becoming the property of the VA or HUD. If the property was seized as a result of illegal drug activity, the US Marshals Service would auction the property.
Check out these web sites for lists of VA or HUD foreclosed property for sale in your area, as well as instructions on how to buy VA or HUD property.
HUD Homes For Sale VA Homes For Sale
[ Edited by DaveT on Date 01/26/2003 ]
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