|A J Williamson tells you about buying a Government Owned Home!|
AJ Williamson has been selling VA and HUD repossessions in the Virginia Beach, Chesapeake and Norfolk area since 1987, and has a wonderful working knowledge of what you need to do to purchase a government owned home in the Hampton Roads area.
What you should know:
When buying a government owned property, you have to work with a real estate agent. HUD and VA do not deal with individual buyers.
It is best to work with an agent experienced in selling HUD and VA properties. Improperly prepared paperwork would result in your not winning a bid. AJ has been selling government owned homes for over a fifteen years.
Homes are sold AS IS; the government will not make repairs or improvements.
Earnest money required a contract writing will be $500 or $1,000. Cash is not accepted.
You may use your VA eligibility to buy a home from HUD or VA with no down payment. You do NOT have to be VA eligible to buy a VA owned home. Everyone must qualify regarding income to debt ratios. Everyone must have good credit.
Buying A VA owned home:
Homes acquired by the Veterans Administration are now listed in the Multiple Listing Service (MLS) along with properties listed by all participating real estate companies. Properties may also be accessed at this link:
Buying a HUD owned home:
Homes acquired by the HUD Administration are now listed in the Multiple Listing Service (MLS) along with properties listed by all participating real estate companies.
Down payment is 3% on a single family home; $100 on a townhome or condo with a full price offer...less than full price is 3%. Investors down payment is 25%.
You must get outside financing. HUD does not finance the home for you. If you need us to, we can assist you in selecting a local mortgage company.
Incentives are offered from time to time.
to Multiple Listings Service
AJ and Sarah Williamson, Associate Broker, GRI
(757) 639-3222 direct, or (757) 456-2345
A. J. and Sarah Williamson
Associate Broker, GRI
A.J. Williamson, Re/Max Alliance