In Virginia, HUD homes are now listed with real estate brokers, just like any other home, however each state is different and you must check with  the local HUD office to get those details.  When the property is listed by a real estate agent on the multiple listing service, the information is readily available for anyone to access.  Lots of times, we actually come across HUD homes that are listed in the MLS and in many instances we don’t even know that they are goverment foreclosures unless the agent points them out for us. Usually our first indication that they might be government properties, is when we are notified that they are AS IS.
There are many places where we can access a list of current HUD homes and a realtor is usually one of the best sources.  HUD home buying process.. how do I find out about the HUD homes?  In most areas, then offers on HUD properties are usually submitted by a licensed real estate person.  If you are interested in finding out more about HUD homes, you can contact Tom Chambers at tommytx@earthlink.net
Additionally HUD has their very own web site which you can visit if you like.

Are you thinking seriouly about selling your Virginia Beach, Norfolk, Chesapeake, or Suffolk home?

Or is your interest more in the area of buying a new home in Virginia Beach, Norfolk, Chesapeake, or Suffolk?

No question about it, you have come to the right place. Tom Chambers is a professional real estate agent who can accomplish the mission in short order?

If you would rather sell your home yourself, I will be more than happy to give you an absolutely free consultation?

There is just nothing better then getting a top Wainwright Real Estate professional to work for you right away.
Buying or selling a home should be as convenient and stress-free as possible, and when you hire Lori Panther to work as your real estate agent she promises to satisfy your home buying and/or selling needs. Whether you’re looking to buy or sell a small condo or a multi-million dollar estate, she can get you the best price and the best results.

Don’t wait. Contact Tom today at (757) 587-9856 or visit http://www.one-percent-listing.com and fill out a request for a free market analysis and to discuss your immediate real estate needs and get your questions answered.  Additionally you can visit http://www.vahud.com and click on the MLS button and browse my site for current listings in Virginia Beach.

A HUD Home is a property where there was an FHA loan, and the property was foreclosed on by the lender.  When someome uses an

FHA loan to purchase a property and the loan falls thru or forecloses, the balance of the loan owed is paid by the federal

government to the lender and at that point the government takes over the property takes it to foreclosure and resell the

property themselves. In this case they normally use the services of a realtor to re-sell the property.

The actual department of the government that takes charge of the sale for the government is Housing of Urban Development

(HUD). They carry out the negotiation with the realtor to sell the property. All of the FHA loans are insured by the

government and therefore if you fail to make the payments to the lender, then the federal government becomes obligated to pay

off the property for you.

It is true that many of the HUD homes are run down and in need of some serious fix up, but that is not the case in all

situations, many of the HUD homes are in good condition. However this makes the bid price jump sky high and the better homes

are sometimes not the best home to bid on.

Only the homes that are in need of serious rehabilitation are sold below the market, as a matter of fact, many homes are sold

above the market value. The fact that they are forclosed, some folks think they must be selling at a great price and

unknowinly over bid. Be careful and get a valid market analysis before making an offer on any property.  If you pay more than

the home is worth, it will be impossible to make a profit.

It has been true in the past, that HUD homes sold at ridiculously low price, but here lately they have been very competitive

in the market.
Since many people may be bidding on the properties, it might sell at or near what a comparable home in the neighborhood is

selling for which is being sold by the actual owner of the property.

Sometimes the owner of the property who was being foreclosed on, failed to maintain or take care of the property  and

therefore the property could be in terrible condition.
In many cases, the owner is being ejected and is very angry and sometimes give away everything including the kitchen sink. In

many cases the home has been vacant for months and has been vandalized and possible all the copper tubing for the plumbing

has been ripped out.  In other words, you just never know what you are in for, so be cautious.

No matter what the condition of the property is, HUD homes are normally sold AS IS, which means that HUD will not make any

repairs under any condition so you must make sure you have the funds available to make some extensive repairs before you will

be able to successfully market the home.

Foreclosures are definitely climbing rapidly.  A reality of our economy is Foreclosures. Many Real Estate speculators are buying a lot of late-night commercials on describing to you how to become rich quick in foreclosures.  Don’t spend a lot of time listening to those guys, its just not nearly as easy to make money in forclosures as they make it out to be.   Virginia is a consumer protected state and the rules for foreclosure are extremely difficult to fully understand.  IF you think that buying s property at a Sheriff’s sale is not dangerous business, think again.  Rarely does the bidding investor actually get the bid especially on the best properties, as many times live in occupants are bidding and it is difficult for the investor to bid as high as a home owner might bid.  The reason for this is that the investor must be able to fix up the home, resale it and realize a profit. The home owner does not need to make a profit right away, as he simply needs a place to live.  Time is on the side of the home owner, as he will live in the property for a few years to build up the equity. As we know, the investor needs to make a quick profit, and simply cannot afford to bid as high as the home owner.

It has been many years since the real good deals in foreclosure were plentiful.  However if you want to search, you can still  find some profit making ventures.  However our current market just does not bear the fruits of lots of quick money.  The deals are still there, but you must search for them every day and you must be quick to take action when you find a possible candidate for fix up and quick resale.  If a foreclosure investor has lots of quick cash and fully understands the process of buying repo properties, they can do much better than the neophytes that have just begun to get into the business.  New investors, short of cash sometimes lose out on the best deals while they search for a source of cash to close the deal.
In many cases the inexperienced investors have found themselves in serious trouble and sometimes deep in debt.

In not the to far distant future, new laws will be coming out of the legislature in the way of new laws that regard a complete change in the game of quick fix and resell foreclosures.  These new rules will make it more difficult to purchase forclosures and could cause the unknowing investor to incurr serious legal risks.

The civil penalties for anyone not adhering strictly to the new disclosures and laws will carry severe penalties.
It seems that more and more of the foreclosed homes are now being listed at full market value thru full service real estate agents.

The demand for foreclosed properties is very high, and a good real estate agent can help you find the properties before someone else snaps them up.  Those with the most experience have found that the aid of a real estate agent can be extremely beneficial and many will offer to help you for a reduced fee.  And of course the more businesss you do with them you can expect more and more favorable treatment.

Some of the properties such as the VA and Hud actually require the services of a realtor just to submit the offer.   The federal goverment does not want to deal directly with the public, so they require that the contract be submitted via a real estate agent.

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