Homesales.gov, One Stop Shopping for Buying Surplus Homes From The US Government.

Posted by ShortSales Published in Federal Housing Administration, Foreclosure Auctions, HUD, Real Estate Investment, Reos, foreclosure

Homes for Sale by the U. S. Government

The HomeSales.gov web site provides current information about single family homes for sale by the U.S. Federal Government. These previously owned homes are for sale by public auction or other method depending on the property. Anyone can buy a home for sale by the U.S. Government, but you must work with a real estate agent, broker or servicing representative to submit an offer or bid.

The website has an easy to use interface where you can click the state of interest on a US map, then indicate the city or town you are interested in. A listing of all available homes is shown. Many of the properties have detailed information including pictures, a property condition report, and contact information for more details.

Since many of the homes are offered through auction, the bid the bid price and bidding information is presented as well. The listing indicated which agency is selling the property, and the appropriate manner in which to place a bid or offer on the property.

Housing Counseling

Housing counseling is strongly encouraged for anyone interested in buying a home for sale by the U.S. Government, particularly first-time homebuyers. There are a number of housing counseling agencies approved by the Department of Housing and Urban Development (HUD). HUD supports a network of approved housing counseling agencies that provide counseling services across the nation. you can contact your local HUD office for a complete list of HUD approved agencies in your area. More information is available on the HUD Website.

How to Buy U. S. Government-Owned Homes

Once you find the property you are interested in making and offer on, you need to follow the proper procedure in order to complete the offer process. This usually involves contacting a HUD approved real estate agent or broker. You can find a complete listing of approved agents on the HUD website. The program requirements and process will differ depending on which agency is selling the property. The listing will indicate the process required for each property.

There are a number of government programs that assist buyers in purchasing surplus government homes. They are:

The U.S. Departments of Housing and Urban Development (HUD)
Agriculture (USDA/Rural Development)
Veterans Affairs (VA)

HUD Homes

After you find a HUD Home on homesales.gov that you want to buy, you should find a real estate broker who can submit the bid for you. The broker can submit the bid online. Normally, HUD Homes are sold in an “Offer Period”. At the end of the Offer Period, all offers are opened and the highest reasonable bid is accepted. If the home isn’t sold in the initial Offer Period, you can submit a bid until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to HUD, your real estate agent will be notified, usually within 48 hours.

USDA/Rural Development Homes

After you find a USDA/Rural Development home on homesales.gov that you want to buy, you should contact the local USDA/Rural Development servicing office, which will provide the most current and accurate information regarding the status of the home as well as your eligibility for potential program benefits. You can find the local servicing office contact information on the home’s description web page. Depending on your circumstances and the status of the property listed, your method of bidding and ultimately purchasing the property may vary.

VA Homes

After you find a VA Home on homesales.gov that you want to buy you should have a real estate agent or the selling agent prepare the Offer to Purchase And Contract of Sale VA form, and complete all necessary documentation. Your agent will submit your offer through the listing broker for approval. The listing broker’s name and telephone number are found at the beginning of each listing.