Benefits of Government Foreclosed Homes
One of the main benefits of buying a government foreclosure homes is that the price is under the market value. Therefore, you can get good value for your money invested. From time to time, the government is seizing or foreclosing homes from owners who have defaulted on their home mortgage payments and property taxes.
There are other reasons in which the government will seize a home such as in the instance of a property owner who commits a crime on the property (the most common instances of this include drug manufacturing or sales). Homes that were previously involved in some sort of criminal activity are often sold at a public auction to the highest bidder and the opening bid for these types of homes can be very low.
So, the government is also looking for people who are interested in buying these foreclosure homes at better prices. This will help them to cover their losses.
You can usually find the best deal from government foreclosure homes because you only need to pay the property taxes to the point where the previous owners had defaulted or neglected to pay. The sales for government foreclosure homes usually happen during the month of April to June. These foreclosure homes are normally sold at a price that is much below the market value.
Every year the government will compile a long list of foreclosure homes that are ready to be sold to the public. You can get this list from the Department of Housing and Urban Development or HUD. If you are serious in getting a home that is under the market price, you should take a look at the government foreclosure homes. Again, the list is provided free by the Department of Housing and Urban Development.
Some things to keep in minds when purchasing the governemnt foreclosure homes…
– The government foreclosure homes are sold “as it is”. The government will not repair or renovate the houses before they sold them. Therefore, it is your responsibility to get your own home inspection. Make sure you inspect the entire home that you are interested in buying thoroughly. Usually the government will give you 15 days to do a thorough check and inspection. Keep in mind that home repair or home improvements can cost a lot of money. So you need to be very careful on this. You don’t want to end up spending more money on home repair.
– Before you hire a home inspection, you can obtain a property condition report from the Department of Housing and Urban Development to have a feel about the condition of the property. However, never just believe the report without doing a home inspection.
But not all government foreclosure homes are in bad condition. Some are really good and are ready for you and your family to move in. Most of the time, what you require to do is to do some painting on the wall and change the carpet. So you can save a lot of money on renovation and home improvements. However, make sure you do your due diligence before signing the contract.
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