St. Paul Government Foreclosures Offer Cheap Homes

Government foreclosures offer cheap homes for sale in the St. Paul, MN area and surrounding communities. Agencies such as the Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA) have St. Paul foreclosed homes for sale. Government properties offered for sale at property auctions or through the MLS are sold at or below market value. Other sources for government foreclosures include the General Services Administration GSA also offers online auctions in six regions of the country. You may want to check these out as well. There usually is not much inventory available though. The Bureau of Land Management (BLM) Public Land Sales occasionally sells excess public lands to the public such as parcels of land in the Las Vegas Desert. Most of this land is rural grassland or desert, and the land is sold at market value. Sheriff sales are another place to find foreclosed homes. U.S. Custom Service sells seized property at foreclosure auctions as well. The U.S. Army Corp of Engineers allows prospective buyers to inspect their foreclosed houses. You will need to use a Realtor to represent you when you purchase government foreclosed homes whether at auctions or through the MLS.
HUD and VA Foreclosed Houses You will have the most luck finding St. Paul HUD and VA foreclosure listings than with any other government agency. When borrowers default on their FHA loans, FHA pays the lender the loan balance and transfers the home ownership to HUD. HUD then sells their foreclosed houses to the public with a bidding process. You must use a Realtor to submit your offer on your behalf. HUD homes are offered for sale during an “Offer Period”. After the offer period expires, they usually select the highest bid with the best terms. HUD will notify your Realtor within 48 hrs. if your bid has been selected. You can obtain FHA financing or conventional financings to pay for the home if you need to obtain a loan. To find HUD foreclosed houses, check the HUD website and the local MLS. Since HUD does not want to be in the real estate business, they offer their properties at substantially discounted prices. VA foreclosed homes are homes that were once owned by veterans who used their VA benefits to obtain a loan. The lender is insured against loss by the VA. When the borrower defaults, the VA pays off the loan balance to the lender. The VA then forecloses upon the home. Advantages of purchasing VA foreclosed houses are many. Prices are discounted anywhere from 10% to 50%. The VA will pay the buyer’s closing costs saving you as much as 6% of the purchase price. The VA will provide financing for some of these homes. The process to purchase a VA home is similar to other bank owned properties except there is an offer period which runs about 10 days after the home is listed. All offers during this period are considered to have been received simultaneously. The offers are reviewed to make sure they meet the VA minimum criteria. All VA foreclosure listings are offered on the MLS. You can also find listings on the VA website. You must make an offer through a Realtor. Expect the offer and acceptance process to be slow. All government foreclosed homes are purchased in an “as is’’ condition. HUD and VA do not make repairs. When you purchase government foreclosures, you get properties with built in equities. Right now there are many St. Paul government foreclosed houses to choose from. Buyers/investors should take advantage of these deals now.