How to Find Government Tax-Foreclosure Propeties
Finding government tax-foreclosure properties is relatively easy. There are many Internet sites that will sell you a list of tax foreclosures. These usually charge a minimal fee to get started and include HUD.com, Current foreclosures.com and freeforeclosuredatabase.com. However, you can get an even better list if you're willing to put forth the effort--and for free.
- Difficulty:
- Moderately Easy
Instructions
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1
Contact the Department of Housing and Urban Development. This can be done by email on a national basis or state by state, as HUD has offices in each state.
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2
Contact Fannie Mae lenders. You can get a list of them online or by calling a bank or real estate lender. After contacting Fannie Mae lenders, you can get a complete list of Fannie Mae government tax foreclosures.
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3
Contact a Realtor. Let him know that you're interested in buying government tax foreclosures. He'll obtain a list and arrange showings for you.
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4
Investigate the properties you're interested in. Government tax foreclosures are often sold for pennies on the dollar, but many of them have extensive work needed. Before making an offer, get estimates as to what the property is worth and how much repairs will cost.
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5
Make a bid on the property to the proper agency. If the bid isn't accepted, make a higher bid if you want.
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1
Tips & Warnings
If you're serious about buying income properties from government tax foreclosures, keep updated, as properties are added weekly. Get on the mailing lists of government agencies that handle these tax foreclosures.
Be sure you thoroughly research the properties you intend to bid on. Not only do you need to know the value of the property and cost of repairs, you must research the title and make sure there are no other liens to pay off. Look at the neighborhood and be sure you want to own property there.
