Foreclosure Listing for U.S. Government Foreclosures

You can find a foreclosure listing for U.S. government foreclosures on the web sites of the HUD, VA, and DA or on homesales.gov. You can find commercial and land foreclosures at fasrp.sc.egov.usda.gov, which is the web site of the Federal Asset Sales Real Property.

Anybody can buy a foreclosed residential or distressed commercial property from any federal agency, but you must find an accredited real estate broker, servicing representative or agent to submit your bid.

If you are a first-time home buyer looking for a home foreclosed by the government, it is best if you contact first a housing counselor working with the HUD. There are HUD counselors available across the country.

On the other hand, if you have already found an HUD-foreclosed house on homesales.gov, look for a trusted real estate agent who will submit your bid online. Your agent can submit your bid any day of the week, even during holidays and weekends. Your bid will be examined together with other bids submitted within a certain offer period. If your bid is accepted, HUD will notify your agent. If your bid is rejected, you can bid again in the next round if the home was not sold.

If you found a home you like in the USDA foreclosure listing, contact your local USDA servicing unit, which will give you further information on the conditions of the home and your eligibility for USDA housing programs. The USDA has bidding procedures that vary depending on the conditions of the property and your financial qualifications.

Just like HUD, the VA also requires you to find a real estate agent to prepare the VA form titled Offer to Purchase and Contract of Sale and complete all other documents. Your agent will submit your purchase offer through a listing broker accredited by VA. You can look at the required documents and VA forms at the REO section of ocwen.com.

If you are looking for commercial foreclosures by the government, you can visit the web site of the Federal Asset Sales Real Property. Other federal agencies that sell repo homes but do not use the FASRP site are the Treasury, IRS, Marshals Service, SBA, FDIC, BLM, and Corps of Engineers.

In addition, the foreclosure listing for commercial properties foreclosed by the HUD and DA are also presented in other sites other than the FASRP site. Look for the multifamily properties sections of the web sites of Fannie Mae, HUD, USDA and the Corps of Engineers Properties.

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