Foreclosures Help Information

Posts Tagged ‘Government Homes’

Foreclosed Government Homes

Question: I see this program on tv alot and want to know if anyone has used it to buy government tax foreclosed homes?

John Beck is famous on tv for his pennies on the dollar program. Has anyone ever bought house that cheap before using his program? If so Please enlighten me, and tell me where you get the lists. And what you paid for it, and any other details you can tell me. I find it hard to believe that some one would loose their house for $378.52 just because they didn't pay the taxes. Thanks in advance. Anything personnel cant be sent to my email this is a yahoo address realestatehero
He states in his program that these are actual purchase prices and they are free and clear. And after buying you can sell, keep, rent, ect.
he doesnt state that after you buy you have to pay the taxes, he states that the price you buy is the back tax.

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Answer: This is basically a scam.

Does it sound logical that a person that owns a home that has value will lose that house just because of a few years of back taxes? First of all, if the property has a mortgage there is no-way that the bank will allow this property to be lost due to back taxes. The lender would step-up and pay these taxes.

The only properties that are lost like that is bare land when the owner discovers that the property is basically worthless. No water, no utilities, land locked by other parcels without any legal "right-of-way" to get onto the parcel. I've seen owners try and give these worthless plots away to a charity just for the tax deduction. The charities refuse them because they don't want to be responsible for the taxes either.

Government Foreclosures - Government Owned Homes - Video

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Government Listings Foreclosed Homes

Question: How can I look up foreclosed home listings and auctions is Los Angeles Ca for free including details??

I do not want to give my credit card info for the free trials in order to view the listing details.. Are there any government websites or any websites where I can search for this completely free? Your answers are appreciated. Thank you.

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Answer: Here's a site with reviews on various different government auction websites. You may find what you're looking for there.

Video - Government Foreclosure Properties- Listings for Free

Government Foreclosed Homes In Florida

Foreclosure news in Florida reveals that the number of foreclosed properties that are up for sale is still at almost record levels in August 2009.   And as market levels lingered at record lows, the prices for homes continued to fall as indicated in the foreclosure listings.  In the month of August, the state of Florida witnessed more than 62,000 foreclosure filings.  For the Sunshine State, this represented a more than 10 percent increase and was the second highest number of foreclosure filings.  For this particular month, scheduled auctions jumped by 13 percent while initial default notices rose by 12 percent, compared to the previous month.  Therefore, for home buyers who are seeking very low priced homes, such as real estate investors, foreclosure news in Florida remained encouraging.

An effective way to search for those homes that have been foreclosed by government-backed agencies and banks and are in the market at bargain prices when compared to their market values, are foreclosure news and listings.  These properties are either government foreclosures or repo homes.  While this is certainly bad news for people losing their homes, it is good news for those who are planning to acquire a home but cannot afford it.  And on top of the much lower prices, mortgage rates are also staying within the five percent range for fixed 30-year mortgages with fixed rates.  Foreclosure news at the moment is good news for home buyers because the values of foreclosed properties have dropped to values that are five to 40 percent lower compared to their actual market values.  Therefore, real estate investors have been waiting for such a situation.

But on the other hand, home sellers may also benefit from this kind of foreclosure news in which there are a lot of home buyers searching for bargain prices.  But home sellers will have to consider the short sale where the selling price is lower than the amount that they still owe the lender.  For the short sale to work, the lender has to accept the proceeds as payment for the loan balance and forgive the difference.  Therefore, this type of foreclosure news may also prove to be beneficial to the home seller because he can evade the negative effects of a foreclosure.  New tax laws also mean that he can also save on the tax that he would have been required to pay because the amount forgiven would have been regarded by the IRS as income for the seller.

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Source - Foreclosure News: Homes In Florida 5 To 40 Percent Below Market Value

Government Forclosures-What is a HUD Home?