Often HUD and VA foreclosures are a good deal but they should be looked at with a critical eye. Lots of buyers are ready to pounce on them without looking at other homes on the market...Just because someone got foreclosed and the government ended up with the home does not mean it is a good deal. Sometime they get bid up over their market value. Make sure you know what else is on the market. You may do better off the MLS where there is a seller that may be a LOT more flexible than the government is and whose home may be in better condition to boot.
Some agents 'specialize' in selling government homes because the commission can be larger. Just make sure when you look at homes you don't get steered to a home because of the commission the agent is going to take. One way to avoid this is to insist on a buyer agent contract with the agent's company specifying the commission. For HUD homes - HUD will pay 5% to the buyer's agent. I'm happy with 3%.
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If you are in the market for a home in the Cherry Hill, NJ area, make sure you hire an agent who will work for you on your side of the transaction.
Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time.
If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.
NAEBA put the E in EBA.
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Some of these homes need a lot of work. Sometimes you are better off buying the home next door for $20,000 more than buying the HUD home for $20,000 less that requires $25,000 in repairs...