Government Foreclosure – The Top 3 Sources
There are a number of ways to purchase Government Foreclosure property. Whether you’re a property investor or looking to buy a place of your own now is a good time to buy as there are many to choose from at prices well below current market value. In this article I discuss 3 types of government foreclosure properties you can purchase.
Tax Deed Sales
You can buy Government Foreclosure properties at tax deed sales. When property taxes are not paid, the county can auction off the property at a public sale in order to recoup the money owed. At a tax deed sale the opening bid is usually the tax money owed plus a small fee for administration. The bidding continues with the property going to the highest bidder, who usually gets complete property rights and full possession of the property so long as there is no “right of redemption” law in that state that allows the property owner a certain period of time (varies from state to state) to pay the delinquent taxes and penalties and still retain ownership of the property.
VA foreclosure
Another type of government foreclosure property you can buy is a VA foreclosure.When a VA property goes into foreclosure, the VA makes the property available for sale to the public using a property management company who then lists the properties on the internet and with real estate brokers. You can simply browse their user friendly website for properties or go to your local broker and ask for information about VA listings they may have in your area.
HUD foreclosure.
The last type of government foreclosure property I’ll be discussing is a HUD foreclosure.These become available when FHA mortgages have been defaulted on and eventually foreclosed. Home buyers have first option to buy these, however if it is still unsold after a short period of time, investors are able to buy them. You can look for HUD foreclosures on their website or on a foreclosure listing site like foreclosure.com. You are not able to submit an offer yourself on a HUD foreclosure but need to contact a real estate broker who is registered with HUD (most are) to act on your behalf. He will then submit your offer and contract to purchase.
Be sure to try out foreclosure.com for government foreclosure listings, like HUD properties, They offer a FREE 7 day trial and you can go here now to test drive it.
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