FHA loan Inspection contingency Short sale 
Redfin
MARCH 4, 2025
There are several types of foreclosure sales – auctions, bank-owned properties, government-owned properties, preforeclosures, and short sales. Government-owned properties Some mortgages are government-backed, like VA loans and FHA loans. What is foreclosure?
HomeLight
SEPTEMBER 1, 2020
If the former homeowner defaulted on an FHA loan, the home may become inventory for various HUD programs, including the Good Neighbor Next Door program. You can buy a short sale, or you can buy a bank-owned property — but the foreclosure is just what’s happening in the process.”. Step 9: Order an inspection.
The Close
AUGUST 6, 2024
Notably, falling below MPR standards could be a deal breaker for some homebuyer programs, such as a Federal Housing Authority (FHA) loan or VA loan. A seller also may sell a home as-is at full market value, even if the repairs are minor, if they’re underwater on their mortgage, or if it is a short sale.
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