Are you looking to buy a home in johnson county Kansas? How about buying a foreclosure? Foreclosed properties can great deals in this depressed market. There are several types of Foreclosures:

HUD Homes- Homes that were purchased with FHA financing and backed the the Federal Goverment return to the market as HUD homes. HUD releases new listings every week and they have an online bidding process. During the first bidding cycle only bids by owner occupants will be considered. After the first bid it is opened up to investors.

Fannie Mae- loans backed by Fannie Mae return to the market as REO properties. These homes are listed on the open market just like any normal home listing.

Bank owned- loans that don't meet Fannie Mae standards are usually held as Portfolio loans. Some are small local banks and most are large banks like Citi, Wells Fargo & Countywide.

Foreclosed properties can be a really good deal but they usually come on at market value, it is not until 60 days that the banks start get aggressive on price reductions & low offers. The other thing to remember is that Foreclosures are always sold as-is with no repairs. You are allowed to have the home inspected but only for your knowledge.

Foreclosures are not for the weak at heart and the bank may reject your offer several time before acceptance but they can be a very worth while endeavor.

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