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Government owned Home Search
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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.
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Please enter your email below. You'll be emailed updates that match your criteria
daily. Update your criteria or cancel at any time.
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Step 2 - Enter Search Details
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Bedrooms:
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Bathrooms:
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Types:
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Minimum of 1 Type is required
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Styles:
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Locations:
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To narrow search results, click the "Specify Locations" radio button above.
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Wish List:
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Please describe below any additional desired features.
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* *
Maximum of 2000 characters
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About Government owned Homes
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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.
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