Frequently Asked Questions
| QUESTION: |
What does your website offer? |
| ANSWER: |
We offer our members current property listings on thousands of preforeclosures, bankruptcies, properties from HUD, VA, USDA/Rural Development and other government agencies. |
| QUESTION: |
Who can buy these properties? |
| ANSWER: |
Anyone can buy a home for sale by the U.S. Government including investors. Full members have can access full profiles with property details, picture, real estate taxes, agency contact info and more. |
| QUESTION: |
What is a HUD property? |
| ANSWER: |
The U.S. Department of Housing and Urban Development is a federal agency that insures mortgages to homeowners through its Federal Housing Administration (FHA). HUD acquires properties from lenders that foreclose on FHA-insured mortgages and HUD then offers them for sale to the public. |
| QUESTION: |
What is a preforeclosure? |
| ANSWER: |
A preforeclosure is a property whose owner has defaulted on the loan payments and whose lender has initiated the foreclosure procedure, usually starting with an official "Notice of Default" to the owner. A preforeclosure property exists during the first stage of the legal procedure, and therefore still belongs to the owner. The length of the preforeclosure period depends on type of foreclosure process mandated by state law and the applicable legal documents the borrower signed with the lender when the property was originally purchased. |
| QUESTION: |
What is a VA property? |
| ANSWER: |
The U.S. Department of Veterans Affairs is a federal agency that guarantees mortgages to homeowners who have served in the military. VA acquires properties from lenders that foreclose on VA-guaranteed mortgages and offers them for sale to the public. |
| QUESTION: |
When do you add new listings? |
| ANSWER: |
Our listings are updated daily. |
| QUESTION: |
Is it possible to get financing and how can I find cash to buy these properties? |
| ANSWER: |
Sure. Visit your local bank institution that provide mortgages for seized properties or fixer uppers. There are several ways to find cash to purchase these properties:
- Take out a loan from your bank.
- Partners/Investors who will finance the project.
- Borrow from your family or friends.
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