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Government Foreclosures and How to Find a Deal



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By : Karim El Sheikh    99 or more times read
There are a variety of reasons why the government would choose to foreclose on a property, with mortgage being only one of them. Taxes are another reason, as well as assessments, liens, fees and even unpaid utility bills. To make up for losses, the government usually chooses to sell them through agencies such as the Department of Housing and Urban Development (hence listings for HUD homes).

You can also check with U.S. Department of Veteran Affairs or update yourself on IRS foreclosure sales. There are also listings for the FDIC (Federal Deposit Insurance Commission), US Customs and even in your local county office.

Listings can be found by calling directly or searching on the web for listings in the area you are interested in. If you do not want to take a home directly off someone’s hands, keep in mind that some foreclosures are due to violations of federal law, such as tax evasion or more.
A foreclosure auction gives you many different opportunities to find or buy a home. It can also represent valid investment opportunities for the savvy business-oriented person. You can choose to purchase a home through a licensed real estate agent or go through short sale auctions if you happen to have the cash on hand.

Government foreclosures often carry discounts, especially if you qualify for certain eligibilities, such as for HUD properties. For example, law enforcement officials looking to move into a new home can get up to 50% for houses in some areas. This can be the advantage over bank owned foreclosures.
One great advantage of buying HUD homes or VA properties is that the government gives you a fair estimation of the state the house is in. You can choose to buy as is and repair as you go or look for more favorable neighborhoods and locations. County auctions usually mean you have to show up at the courthouse (and remember the laws for whatever type of auction you are bidding for). You can also choose a representative to bid for you.

Foreclosures are not limited to homes. Properties for business are also subject to these type of foreclosures, which can provide a valid opportunity if you are looking to renovate and sell. Whether you are looking for a home or for a way to make extra money, government foreclosures can help you reach your goal.

Government foreclosures often have multiple people (or even businesses) bidding on them and normally go to the highest bidder. Stick to your sale price and do not budge. Overbidding over fair market price will do you no good and harm instead of help your investment.

Taking advantage of government foreclosures can help you find great deals when it comes to buying your home or acquiring property. Take a little time to research the ins and outs and come well prepared. Many government agencies provide free information on how to bid right on their websites—or you can get your real estate agent to do so for you.
ForeclosureFreeSearch.com is one of the first foreclosure listing websites to emerge on the web. Search all foreclosed homes in your area for an amazing deal.

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