| There is no denying the fact that government | | | | Government foreclosures homes are initially up for bids |
| foreclosure homes can offer home buyers, especially | | | | to first time home buyers who plan on living in the |
| first timers, with savings as well as instant equity. Of | | | | property. Your broker will be the one to submit your |
| course, it is only right to find out as much as you can | | | | offer during the so-called "offer period". After the said |
| about these distressed homes if you want to | | | | period is over, all offers or bids are opened and the |
| determine if they are the logical choice for your | | | | highest one is normally accepted. |
| housing needs. | | | | In cases when there are no winning bids, the house will |
| How to be Eligible | | | | once again be auctioned off. But this time, the auction |
| The first thing you should know about these | | | | will be open to anyone. Usually, the home stays in the |
| repossessed homes is that you can only buy them if | | | | market until such time that it is sold to the winning bid. If |
| you work with an agent or broker who has been | | | | your bid wins, your agent or broker will be notified |
| certified or accredited by the Department of Housing | | | | within two days. |
| and Urban Development. These professionals will be | | | | Before you submit your bid, you should check whether |
| the one to discuss with you the home buying process | | | | you are qualified for further discounts under any of the |
| and explain the important facts. HUD actually pays for | | | | special programs. Right now, government employees |
| the agent's commission so you do not have to worry | | | | such as teachers, law enforcement officers and |
| about anything. | | | | firefighters are qualified under the Good Neighbor |
| Where to Find | | | | Initiatives. |
| If you have an internet connection at home, you can | | | | It is recommended that you have the government |
| actually access foreclosure listings sites that are | | | | foreclosures homes you are interested in checked or |
| maintained and managed by real estate companies | | | | professionally inspected for damages. These homes |
| accredited by the HUD. | | | | are sold without any warranty and HUD are not |
| The Bidding Process | | | | required to rehabilitate any part of the home. |