Do Your Homework And Don't Be Scammed: 5 Tips

Government owned and foreclosed properties are seized for non-payment of taxes

, late on mortgage payments, or abandoned. Government entities cannot use these properties as they stand. It is preferable for the government auction off these commodities for negotiable funds. If you are looking to purchase real estate, consider auctions in Southern California, Las Vegas, Phoenix, South Florida and Washington. One in every 593 housing units in these areas was filed within a month, is in general good condition, and are available for bidding. Not where you want to live? Consider bidding on and purchasing real estate for investment purposes.

*Online auctions are becoming more and more popular to extend the potential sales to bidders from around the world. As you look through websites for government auctions listings, find a site that does not require a fee to get the most current and up to date listing. Always, and this is very important, make sure that sites are legal and follow government guidelines. Do not be scammed by those who would make money off unsuspecting bidders.

*Reports of repossessed homes of $10,000 are reported on websites. One of the most popular is the HUD foreclosed list. This is a government website that offers a list of tax foreclosures, bank foreclosures, and pre-cost homes for sale. To ensure that the highest quality information is passed on to consumers, researchers determine that titles are clear and that all taxes will be paid with the sale.

*Government listed HUD homes may save you as much as 30% of the market value. Smarter purchasing and larger property values for your money are available at government auctions.

*Anyone can purchase HUD homes as long as they qualify for financing. There are still special financing and discount programs available through the government. Government homes sold at auction can also be purchased with conventional loans or, if you are fortunate enough, cash.

*The steps to successful bidding and purchasing at government auctions include looking at all the data bases of available homes in your desired area. Check your credit report and find a lender willing to give you up front buying power. The key to successful bidding at government housing auctions is to have the ability to purchase quickly. All bids on foreclosed and seized homes are on a silent basis. In other words, in writing.

There is no standing up and "yelling" out the price you want. When you have won a bid on a foreclosed home at a government auction, specifically HUD auctions, you will be notified in writing.

by: Adrian Getty

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