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Buying Foreclosures from Federal, State, and Local government agencies

Posted by Kelly Chung on January 7, 2009

Federal, State, and local governments have a variety of residential, commerical and industrial foreclosed properties in their inventories.
1/ GSA = Government Services Administration Property Disposition Offices oversee the sale of real estate.  The list includes office buildings, vacant land, high-rise buildings… website: GSA.gov
2/ HUD = FHA = The U.S. Department of Housing and Urban Development foreclosures occur when a borrower defaults and the lender forecloses on an FHA loan.
3/ VA = Veterans Administration repossesses property from a serviceman who has been foreclosed on.
4/ FDIC = The Federal Deposit Insurance Corp is an independent agency of the U.S. governments.  The website:  FDIC.gov
5/ Freddie Mac = Federal Home Loan Mortgage Corp is publicly chartered agency that buys residential mortgages from lending institutions.  Freddie Mac sells its foreclosures through real estate brokers who manage the properties in each sate.
6/  Fannie Mae = Federal National Mortgage Association is the largest purchaser of mortgage in the secondary market.  Fannie Mae hires real estate brokers to sell the foreclosures in its inventory. Go to: Fanniemae.com

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