Foreclosures Help Information

Posts Tagged ‘government tax foreclosed homes for sale’

Tax Foreclosed Homes For Sale

Question: Where online could I go to get info on buying a foreclosed house or buy home for overdue taxes?

House in Madison County, Il. owners evicted, tax sale or foreclosure of house. Need online address for info, I have property index number and address

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Answer: Forget those last 2, all rip off sites that take advantage of people who don't know better. Every HUD foreclosure is on the HUD website at www.HUD.gov then look at foreclosures, it'll guide you thru it.

The first answer is right for the tax foreclosures, those are at your local courthouse.

First Time Home Buyers' $8,000 Tax Credit

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Tax Foreclosed Homes

Question: Why don't more people look into foreclosed and tax siezed homes?

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Answer: The lack of disclosures is the biggest hurdle. Also, remember that only irresponsible people end up with homes in foreclosure.

If they did not even care enough to keep their home what makes you think they would have taken care of it while they lived there?

Tax Foreclosure Sales Secrets

Government Tax Foreclosed Homes

Question: Purchasing Homes at Tax Auction?

Can anyone give me some advice about purchasing homes at government auctions. What are the ins and outs and what tips do you have. Also on bank foreclosed homes.

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Answer: Ok, the first thing you need to have is available money already arranged. Yes, I know that the guy on the infomercial said that you could do all of this with no money out of pocket, if you only buy his secret strategy book.

He lied. You need money in order to buy things, including houses at auction.

Next, you need to do your homework. Long before the auction day, you need to research the properties you are considering buying. Unless you're a general contractor, you'll need to hire one, and have him/her inspect the properties before you bid.

Oh, and remember that money you'll need to buy the house? You'll need some more to pay for renovations.

You can finance some of this, but initially, you'll be taking out home equity loans (on your current home) or borrowing from friends and family. Once you've got a proven track record of making money in this area, banks will be more generous, but right now you don't have that.

Remember that you will be competing against folks that do this for a living, and are either general contractors themselves, or have them on staff.

As to bank foreclosed homes, most banks simply have a Realtor that they use to market their properties. Banks aren't stupid, and they want the best return they can get on a quick sale. They hire professionals.

(You might consider taking the courses and getting a real estate license yourself. I know several people that only buy and sell their own properties, using their access to the MLS and other agent-related assets to research and market properties.)

None of this should be taken to say that you cannot make a good return buying, renovating and selling properties bought at tax auction or from banks. You can, and many people do.

But it is not easy, and like any other line of work, you need to know what you're doing and have the resources to do it right.

Foreclosures & $8,000 Tax Credit