Real Estate Opportunities - Seized Real Estate
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Seized Real Estates are those properties that go to banks and other state, federal and private organizations under various bankruptcy and seizure laws. These organizations seize many properties like lands, houses, apartments, farms, ranches and commercial buildings because of financial malpractices by their owners. Seizure comes into force if an owner repeatedly fails to pay the land taxes and revenues properly. Another major reason for seizure of real estate is nonpayment of internal revenue taxes. The government or private financial organizations usually auction off the seized real estate properties.
Buyers can have great deals on the seized real estate properties. Once a property is on auction, buyers can bid for it. It allows the buyer the freedom to choose from many properties before buying one. Usually these properties come for a fraction of their market values in such auctions.
Seized Real Estate properties come for low prices because of the constant additions to the seized properties. The financial organizations that seize these properties are always in urgent need to sell them. It is costly and troublesome to maintain them. Therefore, they hold auction of these properties so that they can recover at least some amount of their money. There are instances where people have bought homes and properties for as low as 90% off their market value in such auctions.
The real estates that the government organizations can seize include various types of properties. Among those are Fannie Mae houses that include single-family homes, town houses and condominiums in different neighborhoods. Housing and Urban Development (HUD) housings fall under another category of homes. For buying these houses, one needs to approach real estate brokers having real estate seizure license.
Federal Deposit Insurance Corporation covers all types of residential, industrial and commercial properties. On the other hand, Small Business Administration (SBA) may include a range of private and commercial properties such as - furniture, machinery, single-family homes, vacant lands and farms.
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