Government Foreclosure Listings Offer Great Bargains

by Simon Lindsay on Foreclosure Listings

Many property investors rely on online services to find government foreclosure listings. Most of these homes are sold under the Housing and Urban Development. Most of these government properties are offered primarily to low to average income households who will occupy the home.

Before even browsing through government foreclosure listings you should brush up on you knowledge of foreclosures. There are generally two types of foreclosures, the judicial and the non-judicial.

Judicial Foreclosure Proceedings

Judicial foreclosures happen by virtue of judicial proceedings. There are cases where the home owner of the distressed home is required to appear before the judge sitting on the case. Judicial proceedings are in place to protect the interests of the parties to the foreclosure, especially the home owner facing a foreclosure. The court is a venue where the home owner can contest the foreclosure or negotiate for restructured terms. While the proceedings are ongoing, the homeowners are allowed to stay in their home.

Non-Judicial Foreclosure Proceedings

Non-judicial foreclosures obviously do not involve the courts. The whole process of foreclosure moves faster as there are only two parties to it. Once the notice of foreclosure is sent to the home owner, they can either act to stop the foreclosure by filing an injunction or even a bankruptcy.

The Benefits of Government Foreclosure Listings

Perhaps the best thing about government foreclosure listings is the options it offers. There are several government agencies who are offering foreclosed properties. The lead agency is of course the Housing and Urban Development, which also supports the two major mortgage securitization companies Freddie Mac and Fannie Mae. Other government offices include the Veterans Affairs Administration, the Internal Revenue Service, the Department of Agriculture and many more. Information on these government foreclosures are not hard to find, buyers can simply visit each of these agencies' web site or they can consult their real estate broker or agent.