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While the larger chunk of home foreclosures in the country has homes which have been foreclosed upon by various lending agencies, there are also a sizeable number of homes that have been foreclosed upon by various departments of the U.S government. Many sections within the government are given the authority to foreclose upon property to recover unpaid taxes and/or fines from the property’s owner.
These homes are then sold by the Department of Housing and Urban Development as HUD homes. The reason for these homes being viewed favorably by many buyers is that these homes are often sold at prices which are considerable lower that their estimated worth.
If you do intend to buy a government tax foreclosure home, getting in touch with a government approved real estate agent becomes mandatory. This is because the process through which these homes are sold, require the placing of sealed bids through these agents.
Since you do need to go through a real estate agent, getting your agent’s assistance in looking for these homes is recommended. An important fact is that the agent’s fee can be taken care of by the Department of Housing and Urban Development as long as it finds a mention in the deal’s initial paper work.
Given that these homes could be vacant for extended periods of time, personally inspecting these homes is always a good idea. The inspection would clearly indicate to you if the deal is worth it. Your agent can also help fix appointments for the inspection of these homes.
With there being a number of government foreclosure homes to choose from, you should ensure that you go through as many options as are made available to you before finalizing any deal.
HUD Fair Housing Equal Opportunity