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Foreclosure Listings Article
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The Value of Government Foreclosure Listings
from:When an FHA loan goes into default, the government will foreclose on the property. These properties are then the responsibility of HUD (US Department of Housing and Urban Development). These homes are generally listed on government foreclosure listings. Anyone who is in the market to buy a home can benefit from investigating government foreclosure listings. The government views them as a financial burden and wants to be rid of them. Because they are just trying to recover the loss they have on the foreclosure claim, they will generally let these homes be sold for below market value.
These properties are 1-4 unit residential homes and are available for anyone to purchase. Preference is usually given to owner-buyers, those looking to purchase with the intent of living there. However, investors are also considered and can make a large amount of money for a relatively small investment. Many of the homes that are listed on government foreclosure listings need some TLC and updating. Generally, HUD will purchase a home inspection prior to listing the home. This enables the buyer to see exactly what repairs need to be made before placing a bid to buy. HUD does not make any repairs or pay to correct any damage; the properties are sold As-Is. Anyone that is not afraid of home improvement projects can save a lot of money by buying off the government foreclosure listings.
Since HUD is a federal agency, there are special programs to help communities where these homes on government foreclosure listings are. These programs offer incentives to law enforcement officers, firefighters, teachers and EMTs who buy homes in these communities. This program was designed to promote revitalization in these communities. These incentives amount to a fifty percent discount off the listing price. In return for this significant discount, home buyers agree to live there as their primary residence for 36 months. The hope is to bring revitalization to these communities by getting “good neighbors” to purchase homes.
HUD uses government foreclosure listings web sites to list the homes that are available for sale. These web sites are maintained by management companies that are under contract by HUD. Any real estate agent that is registered with HUD is capable of handling the sale. Another benefit that comes from buying a home that is listed on a government foreclosure listing web site is that HUD agrees to pay the agent’s commission upon completion of the sale, again saving the buyer money.
Purchasing a home using government foreclosure listings is a great money saving technique. If you are willing to be flexible concerning the location and neighborhood where you purchase a home and aren’t afraid to put some TLC into that new home, then purchasing a home from HUD makes sense. If you qualify for the “good neighbor” incentive program, you not only save significantly more money, but you are contributing to the revitalization of neighborhoods across America.
Foreclosure Listings News
New round of foreclosures threatens housing market - Washington Post
 Boston Globe | New round of foreclosures threatens housing market Washington Post That rise partly reflected a slowdown in the flow of foreclosed homes onto the market. The rate at which JP Morgan Chase seized properties, for example, ... Foreclosure rates up by smallest amount in 4 years Hard for local housing prices to defy the downward pull of foreclosures Foreclosures in Md. increasing faster than the national average |
Des Moines Homes Launches Foreclosure Listings - BigNews.biz (press release)
 DesMoinesRegister.com (blog) | Des Moines Homes Launches Foreclosure Listings BigNews.biz (press release) ... Des Moines Homes stated that this new portal will allow Des Moines area residents and investors to find foreclosed properties in the Des Moines area. ... February's Des Moines home sales give signs of hope |
Current Mortgage Rates Fall, Other Economic News - Mortgage Rates & Trends (blog)
 ABC News | Current Mortgage Rates Fall, Other Economic News Mortgage Rates & Trends (blog) Increased HAMP activity will hopefully keep more homeowners from losing their homes and keep foreclosed homes off the market. Stay tuned to this space for ... Borrowers in foreclosure prevention plan losing mortgage aid Wells Fargo Surpasses Half Million Modification Mark and Continues to Expand ... Borrowers wait for answers on Obama loan plan |
False fears of shadow inventory doom - Boston Globe (blog)
False fears of shadow inventory doom Boston Globe (blog) OK, it's been a tough couple years, but we are not going to see a Biblical deluge of foreclosed homes wash away Greater Boston's real estate market. ... |
Foreclosed homes in Royal Highlands are targets of theft - Tampabay.com
Foreclosed homes in Royal Highlands are targets of theft Tampabay.com ... County have been hit hard in recent months by thieves seeking to plunder foreclosed homes, the Hernando County Sheriff's Office reported on Thursday. ... Sheriff's office seeks help thwarting home burglaries |