Go to Government Foreclosures For Buying Cheap-Priced Properties

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Government foreclosure properties are owned by Us Government, by many of its executive wings. For example, the Housing and Urban improvement agency (Hud) is a welfare department, helping population to buy homes of their own. It guarantees mortgage loans through assurance provided by Federal Housing supervision (Fha), other wing of Hud as well as Government. Also there are Government-sponsored agencies - Fannie Mae and Freddie Mac - lending home loans, at comparatively lower interest rates to the public.

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All these Government owned agencies have thousands of properties for sale presently, foreclosed for default in refund of mortgage loans. While Hud has properties defaulted by the barrowers, for which it guaranteed refund and placed the dues of mortgage lenders on default, Fannie Mae and Freddie Mac carry huge whole of properties, delinquent on refund of their loans. The foreclosure urgency prevailing in the country is calculate behind these substantial numbers of delinquent properties, piling up under foreclosure properties every month.

Another type of Government foreclosures are properties seized by Federal and State Government agencies for variety of tax dues, fines imposed and confiscation by Internal revenue assistance for variety of reasons. All these properties get top priority on foreclosure process, over and above other debts such as mortgage loans in the Courts of Law.

The one thing tasteless about all these Government foreclosure properties is they are available, at unbelievably low prices for home buyers and investors. Hud is primarily curious in providing financial aid guarantee, for particular family homes and multi-residence condos, mostly for lower revenue and middle revenue group of people. Therefore the fair market values of these properties are comparatively lower than properties in the open market.

The mortgage loans extended to these home owners are not that big, when compared to other properties. The interest rates charged are also very reasonable. But the downturn of Us economy has caused the havoc in the financial markets, loss of jobs for many population and escalation of cost of living. Effect is millions of home owners, together with Hud homes, were unable to meet their financial commitments like mortgage loan refund installments and forfeited their properties to foreclosure.

This is the calculate why Hud foreclosure properties are very cheap in prices. Home buyers for the first time are given priority in buying these properties for a confident period from the notification of these properties. Thereupon any one together with investors, can bid for these properties through Hud regional offices with the help of Hud certified Real Estate Agents.

Similarly Tax-lien properties attached by Government in Courts for default in payment of taxes are very cheap, since the price quoted for these Tax-lien attached properties is only the whole of tax due to the Government. Logically they are nowhere near the fair value of the property concerned.

It should be understood that most of the Government foreclosures properties will be fixer-upper properties, since they are sold in "as is" condition. But the very low price of these properties is sufficient recompense for a home buyer or investor, to spend some money to bring them to top-notch condition. Once renovated, these Government foreclosures will become assets with a totally distinct and higher value to reap good margins on the investments.

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