Expert Insights: How Do I Find Government-Repossessed Properties?
The Department of Housing and Urban Development (HUD) acquires properties from lenders who foreclose on mortgages that it insures. These properties are then available for sale to potential homeowner-occupants and investors only through a licensed real estate broker. HUD will pay the broker’s commission up to 6 percent of the sales price.
The Department of Veterans Affairs (VA) also acquires properties as a result of foreclosures on VA-guaranteed loans. These acquired properties are marketed through a property management services contract with a federal bank that then lists them for sale with local real estate agents.