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Foreclosures for Sale in Madison

Foreclosures, REO (bank-owned), and short sale properties are great ways to get a good deal on a home purchase, but they're not for everyone. We have dealt with all types of properties over the years, and can guide you through the maze of the purchase process for each. We are a HUD-approved broker, and only HUD-approved brokers can submit offers on their properties listed for sale. HUD, the U.S. Department. of Housing and Urban Development is the government agency that regulates FHA, the Federal Home Administration home mortgage insurance program. Fannie Mae, the Federal National Mortgage Association, which is not a government agency, purchases certain FHA mortgages from banks in addition to conventional mortgages, to free up cash, so banks can make more loans . For an article on the differences, see FHA-FNMA Differences. Freddie Mac, the Federal Home Loan Corporation, is another GSE, "government sponsored enterprise", like Fannie Mae, but purchases some FHA-insured Savings & Loan mortgages instead of FHA-insured bank loans. What's the difference between Fannie Mae & Freddie Mac? Click here to see.

Go to the Fannie Mae website to find FNMA-owned properties: Homepath.com.

Go to the Freddie Mac website to see their foreclosed properties: Homesteps.com

Go to the HUD website to find FHA-foreclosed properties: HUDHomestore.com.

An auction site for REO properties is Homesearch.com. Online auctions are a little different. Contact me for information on how this works.

When a home is sold at a sheriff's sale and the highest bidder is the bank, that's when they become bank-owned, aka REO (real estate owned), properties. As HUD has insured these homes, and Fannie Mae and Freddie Mac have purchased the loans, they need to be paid back, and must approve the offer submitted to the mortgagee (bank or S&L) by the seller's real estate broker. FNMA, FHLC, and FHA properties are listed with a managing broker in the Multiple Listing Service (MLS). When you find a home on either one of these websites, contact us to make an appointment to see the homes. 

Short Sales are homes that have not been foreclosed on by the bank yet. The owner has notified the bank that they can no longer make the monthly payments, and have asked for the bank to accept less than the mortgage amount in order for them to get out of the payments before the home goes to foreclosure. Foreclosure "Lis Pendens" usually has been filed, and the seller is in pre-foreclosure, with a right of redemption. Lately, banks are making more of an effort to help owners stay in their home, which actually makes the Short sale process longer. Click on the link to learn more about Short Sale vs. Foreclosure. These homes will usually be listed for sale in the MLS. The mortgagee will have to accept any offer made to the seller for a short sale to go through. It is a long process, taking over 90 days to close in many cases. The bank may not take your offer or they may ask the seller to contribute something to the sale. The process is not for everyone, as it requires a great deal of patience and time.

6 Results Days on Site (new to old)
$98,000 For Sale
5006 Buckeye Rd
Madison, WI 53716
1 bed, 1 bath | Single Family Home
970 sq ft, 11761 sq ft lot
$198,000 For Sale
4725 Crescent Rd
Madison, WI 53711
2 units | Multi Family Home
14375 sq ft lot
$290,000 For Sale
5014 Flad Ave
Madison, WI 53711
6 beds, 3 full, 1 partial baths | Single Family Home
3,765 sq ft, 11761 sq ft lot
$116,000 For Sale
626 Troy Dr
Madison, WI 53704
4 beds, 3 baths | Single Family Home
2,900 sq ft, 13504 sq ft lot
$149,900 For Sale
109 Ardmore Dr
Madison, WI 53713
3 beds, 1 bath | Single Family Home
912 sq ft, 9148 sq ft lot
$150,000 For Sale
4507 Maryland Dr
Madison, WI 53704
3 beds, 1 full, 1 partial baths | Single Family Home
1,449 sq ft, 8276 sq ft lot

Listings 1-6 out of 6


David was a pleasure to work with. He offers great advice, good turnaround time on all communication, and helped ensure every step of the process ran smoothly. I'd definitely work with Owner Plus Realty again. Steffen Olsen
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