REO, or Real Estate Owned, properties are those owned by a bank or other financial institution after completion of the foreclosure process.

This site offers single family, 1-4 unit multi-family and condominium/town home units for sale. In many cases, the properties were acquired by the seller through a foreclosure or other settlement with the debtor.

Yes. In order to gain access to many of the features on this site, including making an offer or bidding on a property, users must first complete the registration form and agree to all Terms and Conditions. Your username and password are confidential and shall not be shared with or transferred to other parties.

Yes. Buyers are encouraged to engage a buyer’s agent to represent them in the purchase of their home. Real estate brokers can register with GoHoming (or Affiliates) and submit offers or bids on behalf of their buyer clients. Brokers must be actively licensed in the state where the property is located. Qualified brokers are paid commission on the winning net bid or net offer amount. Commission amounts are posted in the applicable Multiple Listing Service (MLS).

In most cases, yes. Please note that Cash and Conventional financing options are preferred. Any property or property type not eligible for financing will be clearly marked on the property detail page. Please keep in mind that not all properties will qualify for a loan due to their physical condition or the amount of the purchase price.

Traditional Offer and Sale - No Time Limit. A Buyer extends an offer to purchase the property. The Seller may then accept, reject or make a counter offer. This counter offer may be accepted by the potential buyer, rejected by the buyer, or the buyer may counter the seller’s offer. When both parties agree to a price and terms, the closing process begins.

Absolute Bidding. In this type of bidding, the seller agrees to sell the property to the highest bidder regardless of the price.

Reserve Price Bidding. In this case, the seller sets a minimum price or "reserve" at which price they would agree to sell the property. Traditionally, once the reserve price is met, the bidding continues through the end of the bidding period. The reserve price is not disclosed at any point in time; however, bidders can view if the reserve price has been met on the property details page.

Buy Now Bidding. This is flat-rate price of the property fixed by the seller for buyers who wish to avoid the bidding process. This type of sale is conducted in the same fashion as typical reserve price bidding except that once a bidder places a Buy Now bid, he or she is declared the winning bidder and the property is no longer available for others to bid on.

Use the search criteria on the website to find the property you are interested in. Click “View Details”. In the “Offer Center” box the listing will specify either “Time Limit” or “No Limit – Best Offer” for No Time Limit.

The Web Technology Fee is charged to buyers who purchase a property through the GoHoming^TM technology platform. The Web Technology Fee is paid to GoHoming by the buyer. This $199 fee covers the cost of providing the GoHoming technology platform and is included as part of the purchase price.

The Buyer's Premium is charged to buyers who purchase a property through the GoHoming^TM technology platform via a "Time Limit Sale" (these are the sales that have a count-down clock). The Buyer's Premium is a separate charge from the $199 Web Technology Fee. The amount of the Buyer’s Premium is shown on the "Property Details" page. The amount is based on the value of the property, and ranges from $625 to 5% of the amount of the property's value. This fee is included as part of the purchase price, and covers the cost of marketing the property and facilitating the sale.

Time Limit sales have no post contract inspection contingency period, so buyers should inspect these properties prior to bidding. No Time Limit sales have a seven day inspection contingency period, so it is not necessary to inspect prior to submitting an offer.

Speed, price and selection. When you buy a property online, you eliminate all the back and forth of faxed and emailed offers and counter offers common to a traditional real estate purchase.

In many cases, these properties are owned by a lender that acquired the property through foreclosure or other means. In other cases, these properties are owned by individuals or companies looking to sell their real estate.

Sellers set their own acceptable sales prices and acceptable price levels typically change from property to property.

A winning bid is the bid that is the highest bid at the end of the bidding period that meets or exceeds the Reserve Price, the bid that meets the Buy Now price or, with Absolute Bidding, the highest bid by the end of the bidding period assuming that the bidder meets the closing requirements.

No. Sellers have the legal right to accept or reject bids or offers based on all of the components or the bid or offer, including financing type and requested closing date. Time Limit sales may be subject to a Reserve Price as a mechanism for recovering a percentage of the property's current market value. The Reserve Price strategy will vary from one seller to the next.

No, there are no fees or deposits required to submit bids or offers on this site.

The minimum required Earnest Money deposit is calculated based on a pre-determined percentage of your winning bid or offer amount. The required deposit ranges from 1% to 7%, but is never less than $1,000. To view the Earnest Money deposit percentage for a specific property, visit the property's "Details" page.

Placing a higher Earnest Money deposit will make your home purchase terms more attractive to the seller.

Please be aware that, if you are unable to comply with the terms and conditions of the executed Purchase Agreement, your Earnest Money deposit may not be refunded. Otherwise, the amount will be applied at closing to the purchase price.

The act of placing a bid at the last possible moment in the hope of winning is called Auction Sniping and is intended solely to deny other bidders any response time who otherwise were willing to place a higher bid. To provide transparency and fair bidding opportunity to the buyers, the sellers are given an option to extend their listing time in case a last-minute bid is received (auto-extend feature). If you are outbid in the last few minutes before the end of a listing, you will be notified via Email and the listing will be extended for a few more minutes (preset by the sellers). It is recommended that you track Email alerts and keep an eye on the listings that are nearing their time limit. Please note that it is the seller’s prerogative to use auto-extend feature.

After you receive notification that your bid was the winning bid or that your offer is accepted, the seller will contact you with instructions concerning the completion of the purchase and sale agreement.

Open bids or offers (i.e. those that have been made but the property still remains open for additional bids or offers) may be retracted. Once you have been identified as the winning bidder or if your offer has been accepted by the seller, you have agreed to purchase the property. It is imperative that you complete your due diligence and obtain financing for your acquisition of property, if necessary, prior to bidding or submitting an offer.

If you win a Time Limit bid or your No Time Limit offer is approved, you will be contacted by a representative of the seller within one business day. The winning bid or offer acceptance is contingent upon completion of the documentation process and is subject to the seller’s final approval.

PLEASE NOTE THAT AN E-MAIL DOES NOT CONSTITUTE ACCEPTANCE OF YOUR OFFER OR BID. Acceptance of any offer or bid is contingent upon completion of the documentation process (including seller’s execution of the purchase and sale agreement). Seller reserves the right to receive and document backup offers at any time.

No, unless otherwise indicated, for all properties listed, if there was a redemption period, it has expired.

Yes.  However, the seller may offer the buyer an incentive to allow the seller to select the Title Company. See the purchase and sale agreement (contract) or seller required contract addendum for details.

Yes.  However, the seller may offer the buyer an incentive to allow the seller to select the Closing Attorney, Escrow Agent, or Closing Agent. See the purchase and sale agreement (contract) or seller required contract addendum for details.

Please refer to the purchase and sale agreement (contract) and / or seller required contract addendum for a summary of how closing costs are paid. Typical closing costs include escrow fees, recording fees, lenders title insurance premiums and expenses, loan fees, document processing fees, document transfer taxes, homeowners' association dues and other miscellaneous and customary expenses and taxes.

The type of sale (Time Limit, No Time Limit, etc.) and financing terms will dictate when closing will occur. Estimated closing dates will be calculated during the offer or bid entry process.

Pursuant to the Terms and Conditions of the purchase and sale agreement, your Earnest Money Deposit will be subject to forfeiture if you fail to close, unless the failure to close is due to some legally substantiated fault of the seller.

Offers are typically rejected for two reasons:
(1) A superior offer was submitted.
(2) The offer did not meet the seller's expectation for an acceptable purchase price.

If you finance your purchase, most lenders will require that you obtain hazard insurance and, depending upon the location of the property, flood insurance. Even without lender involvement, insurance is still strongly recommended. We encourage you to determine and satisfy your requirements for flood and hazard insurance in advance of placing an offer on a property. For questions about flood insurance and hazard insurance, you may call a GoHoming-recommended provider or a provider of your own choosing. Please keep in mind that not all properties will qualify for a loan due to their physical condition.

Coming soon, real estate brokers and their agents will be able to list properties on GoHoming.com and utilize the online bidding process. Please email contactus@gohoming.com or visit the GoHoming.com website for more details.