IS it possible to buy governmet foreclosed homes really cheap?

Question

if so HOw?

Answer 1

Usually the house is healily morgaged, with a government insured load. So the bank will bid the amount it is owed, which is problaly more than the property is worth since they will add on back interest, penalties, fees, etc. If you want to buy it you will have to bid more than that, so it will not be a bargin. One the bank has the property they will sell it themselves through a real estate broker. I have seen these TV shows also, but I don't see any $75,000 houses being sold for $400 in my area.

Answer 2

If i remember correctly, yo have to have a very large portion of the money up front.
In the up coming market, you should be able to find some "deals" but the "Home bought for $1000, but worth 350K" is fake.
First people sell there homes in the 12 month prior to actual forclosure, if they have that type of equity.
Second in the rare events they don't, there is heavy competition. You'll see about tons of people a bidding, look at the amount of websites dedicated to forclosures.

PRE foclosures, knowing the people who are in the hard ships, now that is where the money can be made. good luck

Answer 3

Buying foreclosed homes the lender is going to be there trying to get all they can out of the home that they are stuck with. Buying one cheap probably so but the lender would not have to be very interested in it to not bid against you to get it back. Probably needs alot of work or torn down.

Answer 4

yes, Go to your local court house and ask for the forclosures. There all public record. You can go there and find out how much they are, If there are any leans on the homes and whatnot. Also, sometimes they hold auctions on the courthouse steps or somewhere else on the grounds that you can bid on these houses. Hope that helps.

Answer 5

that could be a sturdy time to purchase a house to your very own place of residing. Flipping at this element is hard, considering that merchandising could be a undertaking, and expenditures are nonetheless dropping so there is not any assure, or perhaps particular probability of springing up funds - even nevertheless you have superior the residing house, you nonetheless very in all probability does no longer additionally be waiting to get your investment back. in case you decide on for to do it besides, in case you do purely one at a time you may in all probability start up with under $one hundred,000.

Answer 6

Best answered by you going and looking at the horse's teeth. Here are the links from our research department that will help you out. We also have all the links for all the states on their delinquent tax sales.
Homes and properties being sold by the different departments in US Government:
http://www.hud.gov/homes/homesforsale.cfm
Real Estate for Sale by US Government:
http://www.firstgov.gov/shopping/realestate/realestate.shtml and this link: http://www.homesales.gov/homesales/mainAction.do
REAL ESTATE FOR SALE BY THE UNITED STATES DEPARTMENT OF AGRICULTURE (USDA):
http://www.resales.usda.gov/
Unclaimed Property and Escheat Law Includes all states Unclaimed Property Offices:
http://www.willyancey.com/unclaimed.htm Contact us for individual state research links on other real estate related information.
When you finish your research you will be able to go here and they'll have to take you.
Real Estate jobs with US Government: http://www.federaljobsearch.com/real_estate.asp?cid=0&tid=20176745
lol
Buena Suerte

Answer 7

Absolutely, Checkout my website, www.asajousloans.com, its my specialty. Foreclosured home listed in all 50 states and in Puerto Rico.

Answer 8

they keep having some commercial on tv about it so i guess it is