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Are Government Owned Homes Really Bargains?

     Regular foreclosed property is sold by auction, starting with the amount owed to the lending institution. You may be able to get the property at $1 over the asking price. However, you may have to buy sight unseen, and you will have to provide cash up front. It is possible to put 10% up, then come up with the rest in 1 month, but this may not be enough time to secure a mortgage.

     HUD and VA homes are different. It's more like buying a normal home. Typically, since these homes are owned by the government, they are vacant, may be renovated, and you can visit them before you buy. Your real estate agent will have keys for you to check it out. Most likely, you won't have to deal with sellers or negotiations, and can be fairly quick if you find a home you like.


[ Do I Need an Agent? ] [ Can I Afford to Buy? ] [ What is Equity? ] [ How Do I Get Started? ] [ Should I Hire My Own Broker? ] [ "Is it a Bad Idea to Buy From ""FSBO's""? (For Sale By Owner)" ] [ How do I Know if a Broker is Right For Me? ] [ Do I Need a Lawyer if I Have a Good Broker? ] [ What are the Most Important Factors in the Value of a Home? ] [ Are Government Owned Homes Really Bargains? ] [ What about Open Houses? ]

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