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Stage Three-B: Government-Owned Properties (REO)
In some cases, Bank-Owned Properties become Government-Owned
Properties when they are backed by a government agency,
like HUD. Government ownership can also be a result of
failure to pay taxes or forfeiture due to crime.
If the property does not sell at auction, or if an
agreement is made with the owner during pre-foreclosure, the
government agency will take ownership. There is less risk
buying from the government than at auction, but there is also less
of a discount.
Also be aware that most of the time these properties are
already listed with a Broker. That means the
government (the seller) is already paying a buyer's agent
commission, whether you use one or not. Use an
agent. Moreover, contact Southern Investor's Wade
Ogletree (Coldwell Banker, JME Realty) and let him find a
local agent for you.
Government-owned property resources:
HomesSales.gov
(USA.gov)
HUD
Ocwen
USDA
USDOJ
USPS
CalVet
Fee-based Resource:
Government Auctions
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Southern Investor:
The Foreclosure Investment Resource
