There are MAJOR differences in HUD, VA and Bank owned homes, and the bidding process.

First a HUD foreclosure is a FHA loan that went into default by the previous purchaser.

There are basically 3 ways a HUD foreclosure is offered to purchase. PLEASE NOTE the differences when you view the available homes:

1) IN= insured property offered by HUD. This home can get an insured FHA loan with generally no stipulations.
2)UN= uninsured loan and this means that HUD finds this home generally to be in repair excess of 5,000.00 or more.
3)IE= this type of property generally needs some required escrow repair and HUD is stipulating what it is. This money will be set aside at the closing for you to do the repair.

There are also some stipulations with purchasing VA properties, but if you want to purchase a VA property (and with these foreclosures-you DO NOT have to be a Veteran!) we will be happy to go over the details with you. 

Our bank foreclosure listings are the easiest to purchase! Note: You must be pre-approved for any and all of these foreclosures in advance of viewing any property and submitting a bid.

Timing is of the utmost importance. For example the HUD, VA and a few of my Bank Foreclosures can ONLY be bidded on within a certain time frame. For example, the new HUD properties come on a Friday, therefore, it is important that you view and then bid on the property within 5 DAYS!!!

Yes, please take note, many of these properties can only be viewed and bidded on within a certain amount of days…SO time is of the essence!

What is “Soon to be listed” all about? We like to give our Clients the first opportunity to find out where there will be new homes listed soon. we may not currently have listings available in your desired areas, BUT we may soon be listing one in your desired area once they are through the full foreclosure process and title is ready to be cleared. Therefore, all our clients are the FIRST to know when homes will be available in their desired area! (address’s are NOT given at this time, just basic info on the property and the town) You MUST email us with you name, phone with area code and your email address to Carole@CaroleONeill.com

We will then contact you the minute the home comes on. This service is only available for our clients.

Down payments can vary but you can buy a HUD foreclosure (if it is an insured property) for as little as 3% down payment plus closing costs.

This is one of the reasons a mortgage approval is necessary - you should know all your costs, BEFORE bidding on the property.

All our bank foreclosures require a certified check with a minimum of $2000 earnest money.

Yes, but a cash offer is always more favorable to the lender (and we do require a statement from your bank verifying the cash deposit).

Again, it is of the utmost importance that BEFORE you can bid on any property, and if you intend to purchase the property with financing, you MUST be approved by a lender with a full written commitment letter (subject only to sales contract and appraisal).

Not all properties can qualify for a loan.  Some properties need to many repairs and require 'cash only'..... so call our office on specific properties.