All Forum Posts by: Rhonda Hart

There is a temporary hold on new foreclosures. However, many VA foreclosed homes are currently on the market from completed foreclosures prior to the hold.

Hi Robert,

I am licensed in Oklahoma but have a great referral network with builder contacts in other states as well. What areas are you interested?

 I'm looking for Investors who are interested in New Construction (build to rent) properties) in Oklahoma.   If you have an interest or would like inventory options, let's connect !

Hi Austin!

Your "New Build" caught my attention. I have worked with new construction build to rent investors. If you are interested in connecting let me know.  I have a few builders in the area with inventory open to investors.

Thank you for adding more value to the post! 

1. VA Foreclosure Listings: Once a property goes through foreclosure, it may be listed for sale. The VA may offer these foreclosed homes for sale through their Vendee program. Interested buyers, including the general public, can purchase these properties.
2. Vendee Program: The VA's Vendee program is designed to sell VA-owned properties, including those acquired through foreclosure, to the public. These properties are often sold at market value, and buyers may need to work with a real estate agent to submit an offer.
3. The VA Vendee™ Loan Program offers qualified borrowers the option of purchasing eligible VA Real Estate Owned (REO) properties with little to no money down. The program is available to Veterans, non-Veterans, owner-occupants, and investors.
   The VA Vendee™ Loan Program offers qualified buyers of eligible VA REO properties a unique seller financing loan product that is competitive and affordable. Vendee™ is a viable alternative to traditional financing.
4. Condition of the Property: It's important to note that foreclosed properties, including VA foreclosed homes, may be sold in "as-is" condition. Buyers typically have the opportunity to conduct inspections, but they should be prepared for potential repairs or renovations.

If you are interested in purchasing a VA foreclosed home, you can check the official website of the U.S. Department of Veterans Affairs for information on available properties and the Vendee program. Additionally, working with a real estate professional experienced in VA transactions can be beneficial in navigating the process. Let's connect if you are interested in this investing strategy.

A HUD home is a property that was acquired by the U.S. Department of Housing and Urban Development (HUD) as a result of a foreclosure on an FHA-insured mortgage. HUD homes are often sold at a discounted price, and the process of purchasing them involves specific steps, including a bidding process. Here's an overview of the HUD home bidding process:

1. **Find HUD Homes:**

- You can find a list of available HUD homes on the HUD website or through authorized real estate agents. HUD homes are typically listed on the Multiple Listing Service (MLS).

2. **Get Pre-Approved for Financing:**

- Before placing a bid, it's advisable to get pre-approved for a mortgage. This will help you determine your budget and show HUD that you are a serious buyer.

3. **Hire a HUD-Registered Real Estate Agent:**

- While it's possible to bid on HUD homes without an agent, many buyers choose to work with a HUD-registered real estate agent. These agents have specific training and are familiar with the HUD bidding process.

4. **Place a Bid:**

- Bidding on a HUD home is typically done through an online bidding system. Your real estate agent can assist you in submitting a bid on your behalf. The bid is submitted to the HUD office managing the property.

5. **HUD Review and Acceptance:**

- After the bidding period ends, HUD reviews the bids. The highest acceptable bid is chosen. HUD considers various factors, including the bid amount, financing method, and the net to HUD (the amount HUD will receive after expenses).

6. **Notification of Winning Bid:**

- If your bid is accepted, your real estate agent will be notified. You will then have a specific period to submit the required documents and the earnest money deposit.

7. **Contract and Closing:**

- Once your bid is accepted, you enter into a contract with HUD. The closing process follows, during which you finalize financing, conduct inspections, and complete any necessary paperwork.

8. **Possession:**

- After closing, you gain possession of the property, and the title is transferred to you.

It's important to note that HUD has specific rules and procedures for bidding on and purchasing HUD homes. Working with a knowledgeable real estate professional can be beneficial in navigating the process and ensuring a successful transaction. Additionally, buyers should carefully read and understand the terms and conditions associated with HUD home purchases.

Hi Chelsea!  So exciting to hear about your plans of investing in early 2024. It's an exciting time for the Real Estate investor! Lets connect!

Congrats! On your first deal! May I give you an encouraging word on scaling? Maybe it's true there's a long game in real estate, you can also enjoy the short game and reap the fruit of your labor and wisdom.  Perhaps you aren't at the point where you can literally be a full-time nomad while your real estate works for you....but IF your dream is to travel and live out your best life from your Real Estate acquisitions...then do it....just go small for now. Maybe it's one or two trips after each deal. Maybe you have to travel budget- friendly...until you hit your ideal level. Just don't stop dreaming, don't stop working, and never stand still just wondering.  I remember an old Kenny Rogers song...that sticks in my head with every real estate transaction (sometimes it's a lot like gambling)
Know when to fold 'em
Know when to walk away
And know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done.

Hi Crystal, sometimes it's possible to simply locate the current owners and present an offer to purchase. If they are ready and willing to sell at this time, let them know you'd like to be the first to know when they do.  Sincerity and transparency go a long way in this matter. We had a similar situation in my family....all of us grandchildren wanted the opportunity to purchase our grandmother's home, but it was sold before we even knew it was for sale.  So we became acquainted with the current occupant...send her annual Christmas Card with a special memory about that house. She loves it! She promises to let one of us know when she's ready to sell.