Looking For a Deal Of a Lifetime?

 Foreclosures are properties owned by mortgage lenders because the original owner defaulted on the loan payments. Generally speaking, the mortgage lender initiates the foreclosure process after three months of non-payment by the borrower. The Nicosia Team specializes in representing buyers and investors of the following 3 types of foreclosure properties:

1. REO's - stands for "Real Estate Owned", these properties are owned by the bank, savings and loan, or other lending entity. REO Foreclosures are listed for sale by local real estate agents, like The Nicosia Team, and appear on our website the same as any other listing.
2. Fannie Mae Foreclosures - these are bank owned properties in which the original owner purchased the home with a conventional mortgage loan that was insured by Fannie Mae. Fannie Mae Foreclosures primarily appear on Fannie Mae's website, www.homepath.com, before being pushed to our website.
3. HUD Foreclosures - these are bank owned properties in which the original owner purchased the home with a government mortgage loan (such as FHA or VA) that was insured by HUD, The United States Department of Housing and Urban Development. HUD Foreclosures primarily appear on HUD's website, www.hudhomestore.com, before being pushed to our website. 

Foreclosure's usually represent great deals on housing, but are by no means for the faint of heart. Buyers and investors of foreclosure's are typically (but not always) purchasing the property with cash, or have a lot of cash on hand to handle the repairs and renovations that most foreclosure properties require. Traditional Conventional, FHA and VA financing usually will not work with a foreclosed property, because the typical condition of a foreclosure will not pass the strict appraisal/inspection process associated with Conventional, FHA and VA loan programs. But if cash is not an option, other renovation loan programs exist such as FHA 203k and the Homepath Renovation Mortgage (for use on Fannie Mae Foreclosures only). Some of The Nicosia's Team's trusted loan officers also offer Conventional Renovation Loans, contact us directly for details on these programs.