Jacksonville NC Home Page  About Jacksonville & Camp Lejeune area homes 
JUST LISTED Homes in Hubert & Richlands North Carolina  FEATURE Homes For Sale 
NC Homes $100,000+ pg.1  NC Homes $100,000+ pg.2   NC Homes $100,000+ pg.3 
Hubert NC Homes pg.1  Jacksonville area Investment Properties 
Townhomes and Duplexes  NC Homes Under $70,000  Homes $70,000+ 
Q & A about Government Owned Homes (VA & HUD)
Dedication Page  What is a Buyers Agent?

Frequently Asked Questions on Buying
a VA or HUD Home



VA & HUD sells properties at reduced prices that you might want to buy!


Question: What is a "VA or HUD Home"?
Answer: When someone with a VA or HUD insured mortgage can't meet the payments, the lender forecloses on the home; VA or HUD pays the lender what is owed; and VA or HUD takes ownership of the home. Then they sell it at market value as quickly as possible.

Question: Who can buy these homes?
Answer: Anyone! If you have the cash or can qualify for a mortgage.

Question: Are VA and HUD Homes meant for people with low incomes?
Answer: VA and HUD homes range in price, but most are affordable. These homes can be for low and moderate incomes and occasionally you will see some larger higher priced homes for upper incomes. Whatever the case may be there are homes for most income levels.

Question: Is it true I can get a VA or HUD Home for a dollar?
Answer: These homes are sold at market value - that means that the price is set based on the price of similar homes sold in the area.

Question: If the VA or HUD Home needs repairs, will they make them?
Answer: VA & HUD Homes are sold "as-is," without warranty. That means that they will not pay to correct any problems. But even if a home needs fixing up - and not all of them do - it can be a real bargain! For example, the asking price on the home will reflect the fact that the buyer may have to invest money to make improvements. And keep in mind that on most sales, the buyer can request VA & HUD to pay all or a portion of the financing and closing costs.

You are encouraged you to get the home professionally inspected before you make an offer so you will know what repairs you may have to make BEFORE you submit your bid.

Question: How do I buy a VA or HUD home?
Answer: Start by finding a VA & HUD-certified real estate agent. Your real estate agent can submit your bid for you. VIP Realty Group has experienced brokers who will know how to do this for you.

Normally, these homes are sold in an "Offer Period." At the end of the Offer Period, all offers are opened and, basically, the highest bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid any business day. If your bid is acceptable to the VA or HUD, your real estate agent will be notified, usually within 48 hours.

Question: If my bid is accepted, then what happens?
Answer: Your real estate agent will help you through the paperwork process. That's what they are there for. You'll be given a settlement date, normally within 30-60 days, where the transaction will occur.
When you buy a VA or HUD Home, the selling agent's commissions are usually paid by VA and HUD. So it will cost you, the buyer, nothing to have the knowledge and experience of a licensed professional on your side. email: home@viprealtygrp.com

Question: How can I find out what government homes are for sale?
Answer: Right here! Right now!
Current VA Bid List of Homes
If you see one that interests you, contact VIP Realty Group who will then show you the home. She can answer any concerns or questions about the homes or the bidding process. email:home@viprealtygrp.com

Question: How can I get a loan to buy one of these homes?
Answer: VA and HUD don't make loans directly. But they do have a number of mortgage insurance programs that could help you buy a home. Contact Pamela to get more information about the various programs and she can then put you in contact with a VA or HUD approved lender, who will take you through the steps and actually make the loan. email:home@viprealtygrp.com

Question: Can I buy a government owned home as an investment?
Answer: YES. However, keep in mind that people who are buying the home as a primary residence may take get priority on a matching bid.

Question: Is there anything else I should know about these Homes?
Answer: We encourage every home buyer and home owner to be a wise consumer, so be sure to read the Consumer Information Sheets available from your agents. Houses built before 1977 may have lead based paint, which can cause harm to your family; so be sure to read about this hazard and about what you would need to do to correct it.

Please Send Me More Information About Government Owned Homes



VIP Realty Group
Members of Jacksonville Board of REALTORS, Multiple Listing Service, National Board of REALTORS, and Relocation Network

TOLL FREE 1-877-425-9354
email: home@viprealtygrp.com

Locally 910-455-0677
VIP Realty Group
4225 Western Blvd, Suite 400
Jacksonville, North Carolina 28546
Home of Camp Lejeune & New River MCAS