About Short Sales

Most people in the US are aware of the current real estate crisis and the unsettling fact that many people are losing their homes to foreclosure. Before a home is in the process of becoming foreclosed, it is in the pre-foreclosure stage. The pre-foreclosure period can last anywhere from a few weeks to a few months, and is considered by many real estate investors as the absolute best time in which to negotiate the purchase of a home.

Many houses that are ‘for sale by owner’ are houses that are in a period of pre-foreclosure. The lenders sometimes allow the homeowners to try to sell their home before foreclosing it. The banks are not in the real estate business themselves and would rather the owners sell the home instead of (the lenders) having to foreclose it.

Here are many advantages to buying a pre-foreclosed home from a homeowner rather than bidding on a foreclosed home at an auction:

- Pre-foreclosed houses are often cheaper considering as it’s being sold by a home owner that is in a hurry to sell to avoid facing foreclosure and the bad credit that goes along with it.

- Because you are working with the owner you’ll be able to ask questions about the property you wouldn’t be able to otherwise.

- There is usually less competition for a pre-foreclosed home than a auctioned foreclosed home. You won’t have to worry about placing the highest bid.

- More time to evaluate financial scenario then at an auctioned property.

- Auctions can be either overwhelming or lead to egotistical or emotional decisions.

- You can bring an inspector along with you to inspect a pre-foreclosed home.

- You will be allowed to make a low down payment on a pre-foreclosed house. This is not the case at a foreclosure auction.

Always check to make sure that the pre-foreclosed home you’re interested in has no liens or judgments against it. You should also bring along someone to inspect the home for you so you’ll know of any problems. The risks in purchasing a pre-foreclosed home are similar to purchasing a home the traditional way, only a lot less expensive.

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It’s unfortunate but foreclosed homes currently represent half of all of all the homes sold in the US. Before the bank forces foreclosure there is in a period called pre-foreclosure which can last anywhere from two to twelve weeks. Many of the real estate gurus have made a fortune on pre-foreclosures and consider it as one of the best, if not the best, way to invest in real estate.

A lot of times the banks don’t want to deal with having to foreclose a home, so they will allow the owners to sell it during the pre-foreclosure period. You can get a great bargain in buying a pre-foreclosed home.

Here are many advantages to buying a pre-foreclosed home from a homeowner rather than bidding on a foreclosed home at an auction:

- Pre-foreclosed homes are often sold for less than foreclosed homes. To avoid credit problems a homeowner is motivated to sell their home before the bank takes possession.

- Since you won’t be at an auction, you will be given more time to talk to the home owner about any questions you may have concerning the house.

- There is usually less competition for a pre-foreclosed home than a auctioned foreclosed home. You won’t have to worry about placing the highest bid.

- More time to evaluate financial scenario then at an auctioned property.

- Many people can become more emotionally driven during bidding and pay more then they had intended to.

- You have time to have a pre-foreclosed home inspected resulting is less risk.

- You will be allowed to make a low down payment on a pre-foreclosed house. This is not the case at a foreclosure auction.

Make sure you bring along an inspector when you check out a pre-foreclosed home. You should also check to make sure there are no past judgment liens or unpaid taxes on the property. The risks in buying a pre-foreclosed home are not that much more then buying a home the traditional way through a real estate company.

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Seized properties and government surpluses are sold through government auctions to the public for low prices as determined by a bidding process. There are government auctions consistently held all across the United States and Canada. No matter where you live, there will likely be government auctions held near by.

Surplus inventory sold at government auctions come from the federal, state, and local governments. Often the government has a large surplus of unneeded items, and will liquidate them to the public at one of their many auctions. This can happen often as the government’s equipment requirements are constantly changing.

Quite often many of the government auction items come from businesses declaring bankruptcy. These items can be virtually anything from existing inventory to general assets including furniture, equipment, jewellery, antique items, fur coats, computers, etc.

Government auctions include seized properties which are made up of bank foreclosures, bankrupt commercial businesses, properties owned by convicted criminals, etc. Police often seize property if the owner is sentenced for a crime or if the property was used for a crime. The government also seizes the homes of the owners who are unable to keep up with their mortgage payments.

A property is considered abandoned if the owner dies and has no known relatives alive to inherit, or if the owner walks away from it for whatever reason. This can happen if the owner feels the house is worth less then he currently owes. This has been happening quit often lately in a declining housing market.

You can find out where and when government auctions will be held in your state by searching the internet. There are many membership sites that will offer you details on the abandoned properties, seized properties, and government surplus items that will be offered at your local government auctions.

Read government auction reviews on the web to find out where the best membership deals are. This will help prevent you from falling into the many scams that are on the web.