Government Auction Listings

Both the home owners and lenders across the United States are suffering because of current real estate crisis. The number of bank foreclosures and pre foreclosures is at an all time high and are accounting for 40% of all homes sold within the last 2 months (currently it is early Oct/08), and the government bail-outs haven’t been the holy grail has expected. The American Dream has now turned into a nightmare for home owners.

So what happens to homes after they’re foreclosed? Obviously, someone else will gain from another’s loss, which means that some good can come from this crisis. Foreclosed homes are usually sold at auctions for factions of their worth. Lenders will allow the foreclosed homes to sell well below market value, just to quickly recover any loaned amount possible. This can be a good thing for others, including first time buyers and low-income families, who are looking to purchase a home for investment or to reside in. Also if you’re buying a foreclosed home the bank will be more accommodating, if you have good credit, as they would prefer a mortgage payment rather then leaving the home abandoned.

Sometimes homeowners will go ahead and sell their homes before being foreclosed; this is simply called ‘pre-foreclosure’. Homeowners have a period of time to sell the house themselves before it is officially foreclosed. The public will be notified through government auction sites of a home facing foreclosure, which will give potential buyers time to make a deal with the bank or current owners.

Many people are finding that they can earn money by purchasing pre-foreclosed and foreclosed homes and then reselling them. For example, it’s possible to buy foreclosed and pre-foreclosed homes for as low as 25% of it’s market value, then reselling it for 75% of it’s value. For a house worth $200,000 that would be a $100,000 profit. There are many who have never had any previous experience in the real estate business now taking advantage of the opportunities provided by the real estate crisis. Foreclosed homes are most often offered through government auctions. But where can you find out about such opportunities?

There are many government auction websites that offer all the latest information on bank foreclosures. You can find listings on current and upcoming foreclosed homes. The best foreclosure sites do charge a membership fee, however, so do some of the worth sites. So how will you know which sites offer legitimate listings and which ones don’t?

The research is actually very easy to do if you read information on government auction ‘review’ sites. These reviews are very informative and they will keep visitors updated on the top, most trustworthy government auction membership sites. The government auction reviews test through specific criteria, and are scored according to the results. Obviously, the higher the score, the better and up-to-date the site’s foreclosure details are.

Whether you’re interested in simply getting a good deal on your dream home or investing for a profit, you need to read the reviews about the top government review sites before deciding which ones to enroll in. This way, you’ll get all the detailed information on which sites offer the best up-to-date information on home foreclosures and avoid any scams. Here are four steps to follow to help you down the right path:

- Go to a free government auction review site and read the reviews

- Go to to one of the top recommended government sites and become a member

- Go to to one of the top govenment sites and browse and select the best values in the foreclosure listings

- When it makes sense drop by the properties of highest interest and then visit the corresponding government auction