Buying Foreclosed Homes

Instant Equity. Tremendous Value

A foreclosure home is a 1 to 4 unit residential property acquired by the Government, VA or the Bank as a result of a foreclosure action. The Bank or Government becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

Who can buy a Foreclosed Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may purchase a foreclosure. Some foreclosed homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

Are there any special programs?
Some foreclosed properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments.

Should I get a home inspection?
We encourage you to get an inspection after your offer is accepted. All foreclosures are sold AS-IS, without warranty.

What about financing?
Some foreclosed homes qualify for FHA-insured loans. Our team of professionals can direct you to one of our preferred lenders.

Allow us to share some of the benefits of homeownership:

Pride of Ownership

Pride of ownership is the number one reason why people yearn to own their home. It means you can paint the walls any color you desire, turn up the volume on your CD player, attach permanent fixtures and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future.

Appreciation

Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated. The Office of Federal Housing Enterprise Oversight tracks the movements of single family home values across the country. Its House Price Index breaks down the changes by region and metropolitan area. Many people view their home investment as a hedge against inflation.

Mortgage Interest Deductions

Home ownership is a superb tax shelter and our tax rates favor homeowners. As long as your mortgage balance is smaller than the price of your home, mortgage interest is fully deductible on your tax return. Interest is the largest component of your mortgage payment.

Property Tax Deductions

IRS Publication 530 contains tax information for first-time home buyers. Real estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes.

Capital Gain Exclusion

As long as you have lived in your home for two of the past five years, you can exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains. You do not have to buy a replacement home or move up. There is no age restriction, and the "over-55" rule does not apply. You can exclude the above thresholds from taxes every 24 months, which means you could sell every two years and pocket your profit--subject to limitation--free from taxation.

Making your home buying transaction as easy as possible for you is our primary goal.  We are happy to serve all your real estate needs!

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"Instant Equity. Tremendous Value. "

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