Government Properties & Surplus – Great Investing Opportunities
Seized and abandoned properties as well as government surpluses are offered to the public through government auctions. There are many government auctions being held across the country every single week. The deals you’ll find here are unprecedented and could be used for personal investing or to start a business.
The government surplus items sold at government auctions are items not required by the federal, state, and local government. These items can come from the government purchasing more than they needed, or technological equipment that has been updated.
Items found at government auctions can also come from businesses that have gone bankrupt. Many of these items found at government auctions can include furniture, computers, electronics, furniture, and miscellaneous equipment. Most people don’t think of these types of items at a government auction, however, it’s where you can get these types of used items the cheapest.
Seized properties can consist of foreclosures, bankruptcies, criminal properties, etc. These properties can also be purchased at government auctions. Depending on the circumstances the police may seize property if the owner is sentenced to jail.
There are many causes as to why a property could be declared abandoned including the owner leaving the property (usually because of property taxes, mortgage default or simply because the property is valued at less then his current mortgage), or the owner dies but there isn’t any living family members on record.
You can find out where and when government auctions will be held in your state by searching the internet. There are many membership sites that will offer you details on the abandoned properties, seized properties, and government surplus items that will be offered at your local government auctions.
To determine which sites are legitimate it is highly recommended that you visit a government auction review site beforehand. This will educate you on which sites provide the most opportunities that government auctions can provide.
Pre-foreclosure Versus Foreclosures – Pros of the ‘Pre’
It’s unfortunate but foreclosed homes currently represent half of all of all the homes sold in the US. Before the bank forces foreclosure there is in a period called pre-foreclosure which can last anywhere from two to twelve weeks. Many of the real estate gurus have made a fortune on pre-foreclosures and consider it as one of the best, if not the best, way to invest in real estate.
A lot of times the banks don’t want to deal with having to foreclose a home, so they will allow the owners to sell it during the pre-foreclosure period. You can get a great bargain in buying a pre-foreclosed home.
Here are some of the reasons many real estate professionals prefer purchasing a pre-foreclosed properties rather then waiting until they reach foreclosure:
- Pre-foreclosed homes are often sold for less than foreclosed homes. To avoid credit problems a homeowner is motivated to sell their home before the bank takes possesion.
- You will have the opportunity to ask the home owner questions concerning the home.
- Because the masses are more aware of where and when the government auctions are happening there are not as many investors competing for a pre-foreclosure property.
- More time to consider your finances before making the decision to purchase a home.
- Many people can become more emotionally driven during bidding and pay more then they had intended to.
- You can bring an inspector along with you to inspect a pre-foreclosed home.
- You will be allowed to make a low down payment on a pre-foreclosed house. This is not the case at a foreclosure auction.
Always check to make sure that the pre-foreclosed home you’re interested in has no liens or judgements against it. You should also bring along someone to inspect the home for you so you’ll know of any problems. The risks in purchasing a pre-foreclosed home are similar to purchasing a home the traditional way, only a lot less expensive.
Forecloser News – Many To Blame
Home foreclosures have been at record highs ” this is no surprise to anyone following the news. What is most surreal in the whole calamity is that those who are most responsible seem to be the ones getting bailed out.
When something of this magnitude happens, there is plenty of blame to go around. And it starts from the top ” the government induced policy changes and support of Fanny Mae and Freddie Mac that led to such mediocre lending practices. Certainly the blame must start there.
Then comes the Banking and Lending institutions in general. We seem to forget that companies are first and foremost accountable to their stock holders. In other words, they are in business to make money. Often times making money is in direct conflict with doing the right thing. Corporate greed clouded the judgment of many financial CEOs and, we, the average consumer are now paying for that greed.
We have a long standing history in the United States of lending practices that are realistic. The typical structure of a home mortgage has largely remained unchanged for decades. Sure there have been a few different flavors, but nothing like what was introduced in the past few years. We went from 30 year fixed rate loans with 20% down, to zero down programs and even 125% refinance options with absurd interest only multi-year payment options. And that doesnt even begin to touch on the issues of variable rate loans and just how out of control they became.
I am a die-hard capitalist and believe whole-heartedly in the capitalist system that the United States of America was built upon. But where is capitalism when failed management policies are not allowed to fail? As a small business owner, I know that if I ran my business the way the banks ran theirs Id have been bankrupt a long time ago. And I dont think there would have been anyone trying to give me money to stay in business.
Why have these CEOs not been held accountable for their accounts? I have no problem with multi-million dollar executive incomes ” none at all. Our capitalist system has always rewarded those who have performed. Bring me a CEO that creates $200 million in net revenue for a company and I have no problem whatsoever in that CEO being rewarded with a $2 million bonus at year end. However, we have become a society of entitlement views. Lose the big salaries and give performance based bonuses ” isnt that really what the capitalist system is about? Performance?
Options to Foreclosure
Due to the bad economy, foreclosures have become a big problem in the United States. This problem affects not just citizens of the States but virtually everyone in the world. The reasons for this downturn in the economy can be traced to many things such as greed, sky rocketing real estate, unemployment and the shaky stock market. These factors have helped contribute to the massive foreclosure crisis that the country has, it is important for homeowners to know their rights if they are faced with the problem.
It is true that homeowners have options when faced with foreclosure. They first need to decide if they actually want to keep or sell the house. Can they afford to live in it anymore? Sometimes things happen in life that prevent us from having everything we want, being happy with what we have is always best. Once the decision is made on whether it should be sold or not, then they can move on with what to do and how to handle it.
One option is you could sell the property, especially if you have determined that you can no longer afford to live thier. There is nothing worse than having your home be a burden on your finances. If you make money from the sale, you can keep it, this is a good advantage and will help you when you go to purchase something cheaper or rent a place.
Of course, as mentioned, selling the property is always an option, they will be able to keep the money made from the sale and put it towards another house or possibly rent a house or apartment. If selling the property, it is important to continue to make payments on the mortgage.
Foreclosure does not have to be the end of the world, if homeowners know their options then they can possibly avoid the situation. There is no medicine like preventive medicine however, it is important for homeowners not to bite off more than they can chew. The more you spend, the more money you will need to earn.
Government Auction Review Sites – Taking the Guess Work out of Foreclosures
How would you like to buy a car, truck, or SUV for only 10% of its original worth? How about a house? Or perhaps jewelry? Does it sound too good to be true? Well, this time, it is true! Government auctions provide excellent deals and savings on vehicles, electronics, homes, jewelry, and other expensive items that are obtained through foreclosures, repossessions, and seizures.
Imagine how great it would be to purchase a car, truck, or SUV for as low as 10% of the original value. Due to the current housing and finance crisis in the US, many homes, vehicles, jewelry, office equipment, and other expensive items are being sold in every state through government auctions. Your dream vehicle could be up for bid at this very moment for as low as $100! Those of you who own a small business can find great deals on the office supplies. You can also buy many items for very low prices and resell them for more!
These government auctions are held every day across the country, yet many people aren’t even aware of them. Car dealers and small business owners obviously visit them often. The general public is often invited as well, although the government doesn’t spend all that much money and time advertising them. You can try finding out where they’ll be held in your local newspaper or by calling local town halls and offices. You can also do research on the Internet.
Speaking of the Internet, you can find government auction sites and start bidding right now! A google search for “government auctions” brings over 2 million hits! These government auction sites will showcase many of the surplus and repossessed items for the public to bid electronically.
You must be very careful though. Many of these government auction sites are nothing more than scams. For instance, you could be charged a membership access fee to certain online “government auctions”, only to find that the items are no longer available! So many of these online government auction sites only offer empty promises and outdated listings.
So how will you be able to tell the legitimate government auction sites from the scammers? Fortunately there are also government auction review sites as well. These experts provide professional government auction reviews. They research government auctions and offer reviews and evaluations.
Government auction review sites obtain information about legitimate government auction items, dates, and locations. The government auctions sites are tested by certain criteria including:
- the quantity of listings and how up to date they are
- the range of sources used
- ability to find required item
- how relevant is the information
- by how the membership fees are charged
The experts running the government auction review sites obviously put a lot of time and effort in to their research. You will save a lot of time and money by being kept up to date with the trustworthy online government auctions. Just think of the head start you’ll get over others with the knowledge you’ll receive from visiting a government auction review site!
