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Government foreclosure investing is on the rise for many reasons. Investors are able to purchase these homes and use them as rental property or to upgrade their primary residence. Commercial, industrial, and even available open land is on foreclosure lists as well. Government foreclosures differ from bank foreclosures, but all are a vital part of the opportunity available to the property-buyer today.
Government foreclosures are available through several agencies. By contacting each of them, you can see each of your options. The government organizations to look into include these single-family home property holders:
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The U.S. Department of Housing and Urban Development (HUD)
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The Federal Deposit Insurance Corporation (FDIC)
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The U.S. Department of Customs and Border Protection
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The U.S. Marshals Service
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The U.S. Department of Veterans Affairs
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The Internal Revenue Service
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The U.S. Small Business Administration
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The U.S. Army Corps of Engineers®
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The U.S. Department of Agriculture-Rural Development (USDA)
Each of these organizations may have properties or personal property available for sale that resulted from a government foreclosure. Some properties are seized due to lack of payment of taxes, criminal investigation or deportation, as well as for many other reasons. Each of these properties represents an opportunity for investment.
For multifamily properties in foreclosure, look into each of the following government organizations for properties available:
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The U.S. Department of Housing and Urban Development (HUD)
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The U.S. Lender, Fannie Mae
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The U.S. General Services Administration (GSA)
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The Federal Deposit Insurance Corporation (FDIC)
For those looking for commercial and other properties that are under government foreclosure, the Federal government has a variety of properties to offer:
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For commercial real estate and land from the United States Government, including commercial and industrial buildings, land, and structures, inquire with the Federal Assets Sales Real Property, or FAS-RP organization (search www.USA.gov under the appropriate state).
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For farms and ranches for sale by the United States Government, visit the Department of Agriculture's Farm Loan Program for available properties (www.usda.gov).
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State and Local Government properties for sale are also from foreclosures and are available by state at www.USA.gov.
Government foreclosures are undertaken for many reasons, yet the key to finding them is to regularly check with these organizations for new properties available. Work with a real estate agent approved for HUD buying (most of them are) and be sure to give them the authority to look. HUD also requires an approved real estate agent to handle the auctioning of any properties. You cannot handle the transaction personally.
So be sure to exhaust these sources in seeking deals on foreclosures and in making a profitable real estate investment.
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