Where do these properties come from?

Approximately one-third of all homes bought in the United States are purchased using FHA or VA financing. These loans are insured or guaranteed by the U.S. government through the Dept of Housing & Urban Development (HUD) or the Dept of Veterans Affairs (VA). When a home that was purchased using a FHA or VA loan is foreclosed, the government becomes the new owner. This process can take anywhere from 6 months to 2 years. Once the government owns the home, a government-approved broker, such as myself, sells the home back to the general public.

Can I see the inside of the home?

Yes, I have keys to every one of the homes for sale. I do ask that once you see a home of interest, you drive by the outside of the property. This way you can check out the neighborhood and exterior of the home. If you wish to see the inside, just call me and I will meet you at the property to open the door and provide you with any additional information you need.

Are the homes sold As-Is?

Yes, the government agencies selling these properties sell the homes As-Is.  You do have the option of having a professional home inspection performed and I strongly encourage you take do so.  The cost is typically between $200-250.

How do I bid?

Once you see a home you like, I will help you prepare a bid on the property. The bid process is very simple and only takes 15 minutes.  All bids for a particular property are sealed and submitted to the government. The highest bidder is awarded the home.

What are the bid deadlines?

All bids for the homes must be submitted prior to the deadlines.  Every week buyers call me after the deadlines and wish to see homes. After the deadlines, all of the homes are SOLD.  Period!

What is the difference between "first-come", "daily", and "2/28/01" bid deadlines?

Homes that are listed as "daily" or "first-come" simply mean that bids are received every day and the highest bid received that particular day wins the home.  If the list comes out on a Friday, they start accepting offers immediately. Today for example, buyers are submitting bids on the "first-come" and "daily" properties as we speak. If there is a specific date listed, this is when they stop accepting any more bids on the property. The following morning they review all of the bids received and award the property.

How much is my deposit?

The deposit for HUD homes is $1,000. The deposit for VA homes is 1% of your bid. All deposits must be in the form of a money order, cashier's check, or certified funds.

Do I have to be pre-qualified?

Yes, you cannot participate in any of my programs unless you have been pre-qualified for financing. If you're already pre-qualified, simply have your lender call me. If you're not pre-qualified, I can help. The process can be done over the phone and is free of charge.

Can I use any lender for my financing?

Yes, you can use any lender of your choice. However, make sure that your lender is experienced with financing these types of sales.  If you don't have a lender, I can recommend quite a few that I have worked over the past 7 years.

When can I move in?

Once you have a home under contract, the entire process takes 2-4 weeks to finalize. After you settle on the property and get your keys, you can move in any time!

I hope that this has been helpful. I have over 7 years experience in real estate and can help you with any type of sale. My services are not limited to foreclosures.

If you see any home for sale, call me. I can provide you with detailed information on any home, listed for sale with any company, anywhere in Maryland, DC and Virginia.

When you are buying a home, all Realtors commissions are paid by the SELLER. My services costs you nothing.