Government
Foreclosures - A Chance to Pick Up Quality Properties at Bargain Prices
By James Ferris
A lot of people that are looking into getting into real estate investing
realize that investing in foreclosures is a great way to save some money
and get a good deal. People realize that when someone doesn't pay their
loan the bank will be forced to take the house back and will need to sell
it. What some people are not aware of though is that banks are not the
only institutions with real estate that needs to be sold. Government
foreclosures can be a fantastic investment opportunity and there are
several different government agencies that have properties for sale.
One such organization is HUD or the Department of Housing and Urban
Development. HUD is a branch of the FHA or Federal Housing Authority which
guarantees certain types of bank loans. When a homeowner defaults on a
bank loan that is guaranteed by the FHA ownership of that property will
revert back to HUD which then has the responsibility of selling the
property.
Another government organization that ends up with a lot of real estate
for sale is the Veterans Administration. The VA makes low interest loans
available to men and women who have served in the military. Unfortunately,
there are times when these people are unable to keep up with their loan
payments for whatever reason and because of this the VA ends up with
properties that need to be sold and you don't have to be a veteran to buy
these repossessed properties.
Even the IRS ends up with real estate that needs to be sold. The IRS
will sometimes take someone's house when that person has failed to pay
their income taxes. The IRS is not in the real estate business and does
not want to own a bunch of rental properties. They need to sell these
houses.
Banks and credit unions are not the only institutions with an inventory
of real estate that needs to be sold. Government foreclosures can be a
potential gold mine for investors where they can find quality properties
at rock bottom prices.
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home foreclosure listings and find foreclosed homes at huge discounts.
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