Government Foreclosures Include Tax Homes And Other Repossessed Homes
Government foreclosures are sold by the government
. There are many reasons why the government will occasionally seize a private property or a piece of commercial real estate. Sometimes, this occurs because a property owner has not paid the property taxes which are owed to the government on the property. The government can then repossess the property and resell it in order to make up the lost revenue. In some cases, if a property owner commits a crime on a property such as drug manufacturing or drug sales, for example the government can seize the property as part of the proceeds of an illegal business. Since the government is eager to recoup the money, government foreclosures are often sold at below market value.
There are many types of government homes available for sale. Tax sale homes, for example, are one of the more sought-after government foreclosure types. Tax houses are sold off because the previous homeowner did not pay property taxes on their home. Tax sale homes only need to be sold for the amount of taxes owing, and in many cases this amount is only a fraction of the actual value of the home. It is possible to find amazing deals on government homes at tax sales. Most tax sales are held between April and June.
There are also government houses which are sold because a previous homeowner has committed a crime. These government foreclosures have usually been seized due to criminal activity and are sold by the government. In some cases, the opening bids for these homes are quite low. Since an investigation has usually been conducted in the home, these foreclosures are usually well cleaned before being put up for sale. These government foreclosures are generally sold at public auction and to the highest bidder.