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Frequently Asked Questions About Foreclosure Listings

VA Listings-
What do the codes on the listing mean?
What does "VA Vendee Financing Avail. , Down Payment $500" mean?
What does "Cash Only, Down Payment $0" mean?
The listing includes "Cellar may have water problems." Will the VA repair this?
What does "LBP" yes, mean?
What does "First Come Property" mean?
Can I make an offer directly to the VA?
Is the price shown firm or can I bid lower?HUD Listings-
What does "Insured/Uninsured=IN" mean?
Will HUD make the repairs?
What does" Bid Date: Extended, List Date: 01/07/00, Deadline: Daily" mean?
Can I make an offer directly to the HUD?
Is the price shown firm or can I bid lower?
Does HUD take bids on line?
FNMA Listings-
Will FNMA make house repairs?
Can I make an offer directly to the FNMA?
Is the price shown firm or can I bid lower?
Does FNMA have special financing? Go to

g questions and answers below.

Freddie Mac/Homesteps Listings-
Will Freddie Mac/Homesteps make house repairs?
Can I make an offer directly to the Freddie Mac?
Is the price shown firm or can I bid lower?
Does Freddie Mac have special financing?
Bank or Finance Company Listings-
Will banks make house repairs?
Can I make an offer directly to the bank?
Is the price shown firm or can I bid lower?
Do banks with foreclosures have special financing?


Unidentified Government Listings-
Where do I place an offer if no government agency is listed?
Will there be any special financing available?
Will there be repairs made?
Is the price shown firm or can I bid lower?


VA Listings

What do the codes on the listing mean?

The first line of the listing to the right of the address is the description.

"FR/6RMS/3BR/1BA/1049SF" stands for:

Frame, Six rooms, Three bedrooms, One bath, 1049 square feet

Other exterior codes are : AD ADOBE, AL Aluminum Siding, AS Asbestos Siding, BR Brick, BV Brick Veneer, FR Frame, LG Log, MA Masonry, ST Stucco, VS Vinyl Siding, WF Wood Framing.

What does "VA Vendee Financing Avail. , Down Payment $500" mean?

This means there is special financing available from the VA. The down payment is only $500. If the VA Vendee Financing is available for a property and no down payment is mentioned, the funding fee is 2.25% of the loan amount. The VA’s interest rates are competitive. Ask your real estate agent for the current rate.

What does "Cash Only, Down Payment $0" mean?

You must secure your financing from a bank or mortgage company or have cash. The $0 down payment refers to the fact that you do not pay a down payment to the VA.

The listing includes "Cellar may have water problems." Will the VA repair this?

All VA homes are sold "as is." Have the property thoroughly inspected before making an offer.

What does "LBP" yes, mean?

The house was built before 1978 and should be inspected for lead paint.

What does "First Come Property" mean?

There is no bid process on this house. The offers will be reviewed as they are received.

Can I make an offer directly to the VA?

No. You must go through a real estate agent to place an offer or bid.

Is the price shown firm or can I bid lower?

You can bid lower, but the VA does not counter bid. If you a turned down, you will have to rebid.

HUD Listings

What does "Insured/Uninsured=IN" mean?

IN means the property is insurable without major repairs. UN is usually followed by an amount. It means the property is uninsurable until repairs estimated to cost this amount are made.

Will HUD make the repairs?

All HUD properties are sold "as is." Have the property inspected thoroughly before making an offer.

What does" Bid Date: Extended, List Date: 01/07/00, Deadline: Daily" mean?

The list date is the date the property was put up for sale. The Bid Date: Extended means they are continuously taking offers. Deadline: Daily means that they will take offers until the house is sold. There is no bidding process.

Can I make an offer directly to the HUD?

No. You must go through a real estate agent to place an offer or bid.

Is the price shown firm or can I bid lower?

You can bid lower, but HUD does not counter bid. If you a turned down, you will have to rebid.

Does HUD take bids on line?

HUD recently discontinued taking bids on line. It is not anticipated they will begin this again.

FNMA Listings

Will FNMA make house repairs?

FNMA may make repairs to increase the marketability of the property, but FNMA does not warranty the property or its repairs in any way. All FNMA properties are sold "as is." Have the property inspected thoroughly before making an offer.

Can I make an offer directly to the FNMA?

No. You must go through a real estate agent to place an offer or bid.

Is the price shown firm or can I bid lower?

You can bid lower, but FNMA does not counter bid. If you a turned down, you will have to rebid.

Does FNMA have special financing?

Not usually. Your real estate broker will know if there are any special terms. In most cases, you will have to your financing in place.

Freddie Mac/Homesteps Listings

Will Freddie Mac/Homesteps make house repairs?

Yes. Freddie Mac makes repairs to the property. You can select repairs you wish to have made and they will add these to the sales price. They will warrantee their work.

Can I make an offer directly to the Freddie Mac?

No. You must go through a real estate agent to place an offer or bid.

Is the price shown firm or can I bid lower?

You can bid lower, but Freddie Mac does not counter bid. If you a turned down, you will have to rebid.

Repair work fees are fixed amounts.

Does Freddie Mac have special financing?

Yes. Your real estate broker will know if there are any special terms. It is usually 5% down at competitive interest rates. They have lower closing costs and fees.

Bank or Finance Company Listings

Will banks make house repairs?

Sometimes. You can negotiate with the bank on these.

Can I make an offer directly to the bank?

Yes. You do not have to go through a real estate agent to place an offer.

Is the price shown firm or can I bid lower?

You can bid lower. The bank may counter bid.

Do banks with foreclosures have special financing?

Yes, in most cases. They want to sell the property quickly, so if you have good credit they will be anxious to work with you.

Unidentified Government Listings

Where do I place an offer if no government agency is listed?

If no government agency is listed, you will have to contact a real estate agent to place an offer or view the property. Some government agencies list these homes with only with real estate agents.

Will there be any special financing available?

No. You will have to secure your own financing.

Will there be repairs made?

No. The property is "as is." Have the property inspected thoroughly before making an offer.

Is the price shown firm or can I bid lower?

You can bid lower, but you will not receive a counter bid. If you a turned down, you will have to rebid.pe your paragraph here.