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Government Repo Homes

Government Repo Homes

Government repo homes are those properties which were repossessed by government agencies and are now available for sale, generally at very low prices.

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Understanding the government repo homes process

Repo Homes Process

A lot of individuals and families rely on the mortgage insured by the Federal Housing Authority (FHA) through the Department of Housing and Urban Development (HUD), while veterans have taken advantage of the loans secured by the Department of Veteran Affairs (VA) for many years.

Since the government secures or insures these loans, mortgage lenders carry less risk. In the event of a mortgage default, they usually turn over the repossessed property to whatever government agency secured the loan and reimburse all costs. The said government agency, to recover incurred losses, will then sell the properties as Government Repo Homes.

The most common type of government foreclosures are:

In addition to mortgage default, the government can initiate foreclosure proceedings because of the following reasons:

  • Non-payment of taxes
  • Property was bought thru money from illegal activities
  • Bankruptcy

How to Buy Government Repo Homes

Just like private mortgage lenders and banks, the government would also want to sell the repo homes in their inventory to recover their losses. To attract buyer interest, these homes are sold for less than their market value.

To give you a clear picture of the entire buying process, below is a simple guide:

Determine your budget

Make sure you have taken into consideration the cost of having the repo property repaired or renovated. Also, this is the best time to find out if you truly can afford a home by scrutinizing your finances.

Shop and Compare Loans

As a buyer, you have the right to enjoy the best rates and choose a mortgage product which complements your financial capability.

Find the perfect government foreclosure

You can choose to check out the different government websites to locate a property. Or, you can simply subscribe to Repo-Homes.com and enjoy access to accurate listings of government repo homes for sale all over the nation.

Find an agent

As mentioned, government agencies only work with accredited agents and so you need to find one who has been certified by the HUD, VA and other agencies. It is the only way you can purchase one of these repo homes. If the listing indicated a broker, you need to inform that broker you already have an agent working with you.

Make An Offer

Once you have inspected the property, you can ask your agent to submit your offer to the government agency. If the agency finds your offer reasonable and accepts it, you will be contacted.


Before signing the purchase agreement, you need to make sure you have read every detail carefully and you agree to the closing terms.

Government repo homes are among the best choices for home buyers and investors, both first timers and veterans. With the information you obtain from Repo-Homes.com's database of government foreclosures as well as the numerous tips provided, you will have no trouble making your purchase a success.

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