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The short answer to all these questions is yes. It is possible to save money on the purchase of government foreclosures or bank foreclosures. Government foreclosure properties are owned by government agencies, usually because the previous homeowners failed to meet the obligations of their mortgage. The mortgage loans were insured by the government, and when the mortgage conditions were not met, the government paid off the remaining mortgage amount to the lender and took possession of the house. Another way that government foreclosures are acquired is through repossession for back taxes, crime forfeitures, etc.
Once the government owns these properties, it is in their best interests to sell them, which they do. Government foreclosures are available to anyone through the typical bidding process. Anyone who is interested in government foreclosure properties can place a bid for any of the properties that are for sale. However, the bid must be placed by a realtor and cannot be placed by a potential homeowner. This is where the savings comes in. Potential homebuyers can submit a bid in any amount they want to. Government foreclosed properties go to the highest bidder after the bidding process has been closed. The key to having the best bid is to place a bid that is reasonable. The government will accept a reasonable bid if it is the highest one, yet it does not have to be for the actual market value of the home. Most government foreclosures sell for less than the market value of the home. Depending on the other bidders, the savings amount can be in the thousands of dollars.
The other fantastic advantage to buying government foreclosures is that there are tons of programs out there that will help buyers purchase these homes. Some of these programs will help with things like down payments, reduced closing costs, low interest rates, and favorable mortgage terms. It definitely helps to find a realtor who is knowledgeable about these various government programs so that buyers can take advantage of every way to save money that they can. Taken as a whole, the excellent prices and availability of government programs that assist homebuyers makes government foreclosures a very good buy. The savings are definitely fact, not fiction.
If you want a good way to find the government foreclosures that are selling in your area, go to Foreclosure Data Bank and view the many government foreclosure listings that are available. A listing service is an excellent way to gain access to the best in government foreclosures.
HUD Fair Housing Equal Opportunity