HOME FINDER

               OTHER TYPES OF BUYS

If you are interested, this is a discussion about other types of home buys.

                             GOVERNMENT HOMES

Many  Government  Agencies  take possession of  foreclosed homes and return them to the market. Anyone can buy a home for sale by the U.S. Government, but you must work with a real estate  agent, or special  government representative to submit an offer or bid.

The   Dept of Housing & Urban Development  sells  homes from foreclosure on FHA-insured mortgage. Since HUD Homes are sold in   "as-is" condition,  this is a good way to get a fixer upper.  HUD homes are  offered to people  who are buying the home as their primary residence. Following a waiting period for owner occupants, unsold properties are available to all buyers including investors.

The  Dept of Veterans Affairs (VA)  acquires homes due to defaults on VA guaranteed loans.The properties are available through real estate brokers, and are sold to veterans and nonveterans.

The Federal Deposit Insurance Corporation (FDIC) sells homes by scheduled auctions.

The   Internal  Revenue  Service  (IRS) sells homes that are seized  or  acquired for nonpayment of internal revenue taxes. They are sold by public auction and by sealed bids.            

The   U.S. General Services  Administration  (GSA)   sells homes seized, confiscated,  foreclosed,  or no longer needed by the Federal Government. Properties are generally sold by auction  or  sealed bid.  Each bidder must place a bid deposit. Sales are made to the highest bidder at or above fair market price.

The Small Business Administration (SBA) acquires property while  administering  its loan programs, and these are available for purchase by the public.

The  U S  Army Corps of Engineers under the Homeowners Assistance Program  (HAP), sells  homes acquired as a result of a  base closure or  realignment action.  The properties  are then offered for sale to the public through real estate agents.

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