How To Find USDA Bank Owned Homes For Sale
Did you know that there is an inventory of USDA foreclosure properties for sale? There are some amazing deals to be picked up on properties that have gone through foreclosure. In some parts of the country you can get a foreclosure property at around a 40% discount off of what would normally be considered a fair market price.
In Louisiana the discount you can pick up on a Bank Owned Property seems to be about 20-25% on average as reported by Realtytrac.com today.
If we are thinking about getting a USDA Home Loan to finance a bank owned property, then there are really two different types of property to look at.
First a foreclosure property that is in a USDA Eligible area, but not originally financed by a USDA Loan. Your best bet to find this type of property is to use the USDA Maps and narrow down by geographic region with one of the real estate agents you can find on our Facebook Home Buyer’s Educational Page below.
The other batch of homes are actually USDA Foreclosures, so they are bank owned inventory that were originally financed with a Rural Development Loan. You can search for USDA Rural Development Bank Owned Properties on the www.USDA.resales.gov website.
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