Property that has been seized by the government is typically sold for a low price through an auction. The general public is often invited to these auctions, which are held all over the United States every year.
These homes are seized for a variety of reasons, ranging from foreclosures to abandonment. Whenever homeowners neglect their mortgage payments, for instance, the bank will foreclose the property, and then resell it at an auction. Sometimes a home can be seized by the government when the owner is sentenced for a crime.
Banks, law enforcement, and the government don't have the time or resources to keep up with all of these homes, so they try to sell them at auctions as a way to recover some of the costs. They will put the prices down extremely low if they have to, just as long as they receive SOME money.
This is great news for those who are looking for great deals on property. Because of the home foreclosure crisis going on all over the country, some homes are now being sold at government auctions for prices much lower than their market value. This makes it easier for low income families to buy a home that they normally wouldn't be able to afford.
This is also a great opportunity for business savvy individuals to make real estate investments. They can buy homes and properties through government real estate auctions and then resell them for a lot more money than they paid for them. Many people who have never had an interest in real estate before are now finding financial opportunities with the home foreclosure crisis.
If you're interested in purchasing a home through a government real estate auction, there are some important factors that you should take into consideration.
Here are some basic policies that you may have to abide by:
- You must be at least eighteen years old.
- You can't be an employee of the state.
- You can't be a contractor, vendor, or agent with access to information pertaining to the property you're interested in.
- You must fill out and submit a bidder registration form. It must be approved. If you're bidding on someone else's behalf, then the form must be notarized prior to submission.
- You need to inspect the property before placing a bid. This is common sense, of course.
- You also must understand that the home is being sold "as is."
It's very important that you do proper research prior to bidding. You should take the time to inspect every inch of the property. Make sure you understand all the regulations and rules about the government auction that you plan on attending. Sometimes government auction websites will provide detailed information about upcoming auctions, so you can do your research online.
After you study the rules and feel that you're knowledgeable enough to attend an upcoming government real estate auction, then you need to show up early for the bidding. Good luck on finding the perfect deal-and winning! There are Palm Springs Foreclosures available here in Riverside County as well as foreclosures in the cities of La Quinta, Palm Desert, Indian Wells, Rancho Mirage and Indio.
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