Chesapeake Va Real Estate We Provide Solutions for All of your Chesapeake Virginia Real Estate and Relocation Needs
 
Karen Pecsek, ABR CRS

Government owned Home Search


Never Miss The Perfect Home Again!

Here's your chance to be notified of all new listings of government and/or bank owned homes that meet your criteria, absolutely FREE! Please complete and submit the form below.

Not only will you be notified by email of all new listings of Government owned homes and REO Bank owned homes, that match your search criteria within our system, but your home search will also be compared against other participating agents' listings within your desired area(s). All new listings added to system that match your criteria will be emailed to you.

Note: Our home search form lets you create and save multiple Home Search profiles. You may update these profiles or cancel at anytime.


Please enter your email below. You'll be emailed updates that match your criteria daily. Update your criteria or cancel at any time.

Step 1 - Enter Personal Information
First Name:  Address1: 
Last Name:  Address2: 
Email:  Address3: 
Phone:  City: 
    Country: 
    State/Province: 
    Zip/Postal Code: 
Step 2 - Enter Search Details
 
Price:   to    USD
Bedrooms: 
Bathrooms: 

Types: 
 

* Minimum of 1 Type is required
Styles: 
    
To narrow search results, click the "Specify Styles" radio button above.


Locations:      
To narrow search results, click the "Specify Locations" radio button above.
Wish List:  Please describe below any additional desired features.
* * Maximum of 2000 characters


 

About Government owned Homes


Thinking about purchasing a government-owned home in Virginia Beach, Virginia, or any other Virginia city? Here are some of the things you will want to know about government owned homes.

I have been asked many questions about the process of purchasing one these homes,

so here are the basics of what you may need to know before purchasing a government-owned home.

 

 Q:  What is a government owned home?
  A:  Government owned homes are simply properties that have been acquired by a government entity such as

        the VA (Veterans Administration) or HUD (Federal Housing Authority), better known as FHA. These

        homes are usually acquired due to a default situation. Since these are properties that were previously

        either insured or guaranteed by a government-backed mortgage loan, they are acquired from the

        foreclosing lender by the given government entity.

 

Q:    Do you need to be a veteran to purchase a home owned by the Veterans Administration?

 A:    No. Anyone who either has cash or qualifies for new financing is eligible to purchase these homes.

 

Q:   Will the government repair these VA-owned homes?

 A:    No, these homes are sold on an “AS IS” basis. Therefore, it is prudent to use due diligence when

         bidding on one of these homes.

 

 Q:    Is the first offer the accepted offer?
  A:   
No, most of these homes are subject to a specified bidding period, with the highest qualified bidder at

         the close of the period selected as the winning bidder. 

 

 Q:    Is a deposit required in order to bid on a property?
  A:   Yes, a $1000 Earnest money deposit (certified funds) is required in order to bid.

 

Q:    Can an investor purchase these homes?
  A:   
Yes. At the end of the bidding period, if no acceptable owner occupant bids were received, 

         the properties become open to investor bids to purchase.

 

 Q:   Can you do a walk-through inspection on the property even though they are being sold "as-is"?
  A:  Yes. Following required procedures, you may elect to turn on utilities to do a systems check and 

        walk-through inspection prior to closing. 

 

Q:    Are there any special fees associated with purchasing a VA-owned home? 

  A:  Yes. VA vendee (owner financing) is available to qualified purchasers on VA-owned homes, but

        requires 2.25% fee to be paid in cash at closing, plus standard closing cost. (You do not need to be a

        veteran).

 

Q:    Where can I obtain the most recent listings of available properties?

  A:  Current Listings of government-owned homes are available through both the MLS system as well

        as directly from VA or HUD property manager websites.  The easiest way to obtain the last listings is to

        register here to automatically receive the latest available listings via email.

 

Q:    Can I bid directly on a VA or HUD owned home?
  A:  No, you must bid through a qualified broker.

 

 

 

 

Home  |  Contact Me  |  Search MLS Listings  |  Government Owned Homes  |  Featured Listings  |  Home Evaluation  |  Chesapeake  Real Estate  |  Virginia Beach Real Estate  |  Virginia Beach Relocation
 
  Privacy Policy  |  Site Map  |  Links  |  For Agents  |  Profile  |  Login

©2007-2008 The Real Estate Group