Government Foreclosures

Finding listings of government foreclosures in any area is now a simple online process. Since government foreclosed properties almost always need fixing up, they may be sold at slightly below market and creative financing is often available. These properties are popular with a variety of house shoppers, including first time home buyers.

Government foreclosures are generally the end result of a process by which a homeowner goes into default on a loan administered by a government agency like the U.S. Department of Housing and Urban Development (HUD). People default on mortgages for a variety of reasons, including divorce, medical emergencies, and sudden loss of income. At a certain point, government lenders are forced to repossess the home and quickly resell it to recoup losses.

Government Foreclosure Listings

Although HUD is a popular source for government foreclosures, there are also the Department of Veterans' Affairs (VA) and Department of Agriculture (USDA). People looking for properties held by these and other government agencies can find them online at websites maintained by the agencies themselves. There are also a host of web-based realty companies that specialize in posting government foreclosure listings, though there may be fee involved.

Whatever the method of locating government-foreclosed properties, potential buyers must employ the services of a qualified realtor or broker to bid on the home on their behalf. Government foreclosures maintain their own specific forms and proceedings, and it's essential to find an agent who specializes in these types of transactions. The Internet now makes it possible to both browse listings and find an agent in a particular area that can help.