The Property Shoppe Team

.Making Your Move Matter!

Madison, WI and Surrounding Area Bank Owned, REO, Pre-Foreclosure, Short Sale, and HUD Homes

Search Bank-Owned Homes for Sale | Types of Distressed Properties | What you need to know Before Making an Offer | Is a Bank Owned Home Right For You

The following link contains single family homes, condominiums, and half duplex's that are for sale by the bank (known as an REO), by the Veterans Administration (VA) and by the FHA (HUD). This link may also contain pre-foreclosure listings as well in the Madison, WI and surrounding areas. Most of these listings are being sold "as-is" with your earnest money being non-refundable after the inspection period.

View All REO and Short Sale Homes For Sale

Types of Distressed Properties:

Short Sale / Pre-Foreclosure:

These properties are owned by homeowner but are being sold for less than the balance owed on the mortgage.  They are sold in AS-IS condition and can take 30-120 days to get a response from the bank to your offer.  The owner of record is still the owner of the property so it's important that any short sale offer is signed .

Bank Owned / REO:

REO's are properties are were foreclosed by the lender at an auction and now the lender is the owner of the property.  They are sold AS-IS, may need repair, and my accept limited types of financing depending on the property condition.  Response from the lender occurs within a week in most cases.  Additionally, the lender may offer special incentives for purchasing their properties.

HUD Homes:

HUD properties are that were foreclosed upon by the lender and are now owned by the Department of Housing and Urban Development (HUD).  Priority is given to owner-occupants and non-profit organizations over investors and sales are "auction" style for the first 10 days of the listing. 

VA Homes:

VA Properties were foreclosed by the lender and are now owned by the Department of Veteran Affairs.  Like other distressed property types, these are sold AS-IS.  While they are owned by the VA, they are open to purchase to everyone and VA financing is open to all purchasers through the Vendee program.

What You Need to Know Before Making an Offer:

1. You need to have proper expectations for your bank owned foreclosure, VA, HUD or Short Sale.  Bank owned properties account for only 1% of the total inventory in the Charlotte area.  Buyers expecting to find a home that wouldn't necessarily exist at a price unheard of may be chasing a home that simply doesn't exist.  

2. You will need enough money to take care of the deferred maintenance associatied with these properties.  They may be limited to replacing some rotten wood all the way to dealing with a substantial mold and termite problem.  If you are not a handy person, consider purchasing a traditional resale home or new construction.  

3. Consider the comps before making an offer.  Often times, the bank will list a property well below market value to ilicit multiple offers and to drive up the price.  Considering that the bank owned properties make up such a small part of the market, you may have to offer more than the asking price in order to secure the property of your dreams

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