Canadians in general feels that buying a foreclosure property is great in US. True! But you need to be careful, because there are so many scam artists are robbing foreigners promising all kind of profits. From past few years all kind of companies are forming up to take advantage of this foreclosure rush.
US Foreclosure Virgins
Do your own due diligence. Never trust when someone tells you trust me. Consult Real Estate attorney before entering any contract. Proper education and information combined with all professionals can be a winning recipe for success for Real estate investments.
Looking for an US foreclosure is not a hard task given this dynamic. You can find useful information from sources that list bank-owned properties, the United States Department of Agriculture (USDA), the US Marshal Service, and the Internal Revenue Service (IRS) site.
It is of importance to clarify that banks do not view foreclosed properties as assets, as they need to pay maintenance and depreciation costs for the listings. Given their incentive to get the homes off of their balance sheets as soon as possible, it is critical that people in the market for foreclosed homes in Arizona be very careful to make sure that the home they are looking to purchase will not turn out to be a big liability at a later date.
The US Department of Housing (HUD), Homesteps, and Fannie Mae are also solid sources that make available foreclosed property listings on a daily basis, and all of them have an affiliation with the US government. It would be useful to review each one of these agencies in detail.
For someone wishing to purchase a foreclosed home in US, HUD lists what are called HUD properties. A person wishing to purchase a foreclosure that is a HUD property must be prepared to also be an occupant of the house, as HUD foreclosed properties in the initial stages are only made available as owner-occupiers or principal owners. They are in time made available to the general public only when it becomes near impossible to get them off the market.
Yet another top resource where foreclosures in US can be located is Homesteps. This organization is affiliated with the US government, and it is a division of Freddie Mac. Freddie Mac is a money lender that is sponsored by the government. Homesteps has an easy to use website that has many foreclosure listings which can be found effortlessly based on the desired attributes typed in by the potential buyer.
Another money lender sponsored by the government in addition to Freddie Mac is Fannie Mae. Fannie Mae’s site has a search engine that is of top quality just like the one on Homesteps. Someone can specify the exact part of US in which they would like to live, as well as other specifics like number of rooms, etc.
It would surprise many individuals to know that government agencies in addition to those which are mortgage-based also list many good foreclosures on their websites. In particular, the US Dept. of Agriculture (USDA), the US Marshall Service, and the IRS or Internal Revenue Service all list foreclosed properties on a daily basis.
For new Real Estate investors, the USDA not only establishes and maintains food, farming, trade, and agriculture policies. It also seizes farms, businesses, and other foreclosed properties and lists them for sale on its website.
The US government’s Dept. of Justice Asset Forfeiture Program is administered by the US Marshall Service. Properties which are captured by the FBI, the Dept. of Homeland Security, and the US Attorney General’s office are all listed on the US Marshall Service’s site.
These properties were seized by law enforcing government organizations in the effort to combat and control crime. In fact, the profits generated by the sales of these foreclosed properties are put towards crime fighting efforts.
The IRS, or Internal Revenue Service, also provides listings of foreclosed properties, specifically those seized as a result of the owners’ not paying taxes. most of the properties listed on the IRS site are available for quick sale via auction. many listings in US can be found on the IRS website, which is very detailed.
Finding a foreclosed home in US is not hard to do, as many information sources containing thousands of foreclosed property listings are available on the Internet.
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The above information is provided as a guideline and is not intended to give a professional legal advice. Please consult a real estate lawyer for their opinion on your particular case.
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