How to Search Government Sites for Foreclosures

If you are in the market for a new home, do not overlook government foreclosure properties. These homes are the result of foreclosures on homes that were purchased using a government-backed loan such as an FHA or VA loan. One of the benefits of shopping for a government foreclosure property is that you can acquire an updated listing of all the homes available in your area for free. You can often purchase these homes for far below the current market value and thus gain instant equity.

Instructions

1. Decide on a price range beforehand. Because government foreclosure listings are numerous, viewing all the homes available in your city may be daunting. Choosing a price range will help narrow down your search and provide you with a listing of homes that you can afford.

2. Visit hud.gov. This is the website for the U.S. Department of Housing and Urban Development. Select "Topic Areas" from the selection bar at the top of the screen and then select "Homes for Sale."

3. Select a government website on which to browse foreclosures. The HUD website displays a list of links to real estate for sale from federal agencies, such as the Department of Veteran's Affairs, the IRS, and the FDIC.

4. Select your price range and choose the number of bedrooms and bathrooms you would like your future home to have. This helps narrow down your search even further.

5. Review the property listings returned in your search. If any of the listings appeal to you, click on the picture to access additional information about the property. Pay close attention to any additional information provided, such as special features or property damage.

6. Write down or print any foreclosure listings you find that are of special interest to you. Take the list to your real estate agent and schedule a viewing of the home.

Tips & Warnings

• If you want to make a bid on a home immediately, some government foreclosure sites allow you to place an online bid for the property.

References

• HUD.gov: Homes For Sale

Resources

• CRE Online: Is Foreclosure Investing for You?
• Realty Times: Foreclosures Gaining Buyer Interest - Inspect Before You Buy