You can buy real estate properties from the government at low and discounted prices through government foreclosures. Get some tips, info and guide on government foreclosures and how you can avail of these properties and invest for yourself a lifelong wish. You can buy investment properties, land, multifamily, single family homes condominiums, farms and ranches. These properties were seized through government foreclosures and through HUD foreclosures for home properties.
The US Department of Housing and urban Development (HUD) has a lot of listings of for sale homes. You will be surprise to the vast listings of house property being sold by the government. But this is not directly being put up for sale by the government. To learn more on how you can buy homes for sale by the US federal government, you go to homesales.gov. You will find a lot of information, guide and tips on how you can submit a bid. The homesales.gov site can provide you with current information and listings of homes you can buy.
These previously owned houses are for sale through public auction or other method depending on the property. Some are for sale through priority and after the priority period has elapse, anyone can bid and buy these properties including investors or investment prospectors. Basically anyone can buy a home for sale by HUD, Agriculture (USDA/Rural Development) and VA homes. But you must have a real estate broker or real estate professionals authorized by HUD to bid on your behalf.
If you are interested in buying homes for sale by the US Government especially if you are a first time home buyer, you may need tips and info or simply counseling. You must have to seek assistance from a housing counseling agency authorized or approved by the Department of Housing and Urban Development. They support a network of authorized housing counseling agencies that provide counseling services across the country. You can go online and get the approved agencies in your area.
Once you have found or selected a house property you want to buy, you should contact a real estate professional who will then submit a bid on your behalf. These professionals can submit their bids online. Usually Housing and Urban Development homes are sold in an offer period. After the offer period, all offers are opened and the highest reasonable bid will then be accepted. Bids can be submitted 24-7, any of the week including weekends. They will be opened the business day. If your bid is acceptable to HUD, your real estate professional will be informed usually within forty eight hours.
For USDA/Rural Development you should contact your local USDA/Rural Development servicing office. They will provide you with the most current and accurate info and status of the home. This happens if you have already found and chosen the house property you would like to buy. They may also inform you of your eligibility for potential program benefits. Your circumstances and the status of the property listed will determine the method of bidding and ultimately purchasing the property. By going online will find most of what you need to accomplice this undertaking.
For VA homes you should have your real estate professional prepare the offer to purchase and contract of sale VA form and has to complete all the necessary documentations. By going online, you will be able to find all the information you may need to process these types of applications.
All government foreclosures and HUD foreclosures are done by the government to recuperate their investments on defaulted loans and mortgages. Once the processes of foreclosures are done they will have ownership of these properties and they put them up for sale through auctions. Online information and tips will help you a lot if you are interested in these types’ homes or properties.
Archive for ◊ February, 2010 ◊
If you are in the business of commercial property management or are considering hiring one, you should know about the arguments against commercial property management. Many property owners choose to do it themselves in order to save money. However, there are drawbacks to this. Other drawbacks include:
o How much time the owner has to spend
o How choosing not to lease someone can be seen as a reason to take legal action
o Having all of the tools needed such as background checks, credit checks, and eviction forms
o The cost of staff not being cost effective
Cost-effectiveness With Staff
One of the ways that a property management company saves money is by having multiple clients and properties. Basically, it is cheaper to have one cleaning employee that services 10 buildings than a single employee that services one building. This cost is passed on to the property owner. Cleaning is not the only staff position that you will need to have a successful business. You’ll also need someone to always answer the phones 24/7. In addition to day to day operations, you’ll also need a lawyer and an accountant. As you can see, having a single property that you manage your self is going to cost you a lot more money than hiring a property manager.
For many of us, our time is valuable. An important question to ask is – how much is your time worth? Is your time worth $9.00 per hour? If it is, then you are going to be happy being the sole employee of a commercial property. However, if you are worth more than that per hour, you may find a commercial property management company is reasonable. The company will help you to determine the rent amount that you will charge based on their fees. Typically, they are between 5% and 50% depending on the area of the country. Of course, this is heavily dependent upon services that they offer.
Avoiding Getting Sued
Depending on what part of the country you live in, your ability to get sued can be very easy. For example, you may think that it is much easier to avoid spending extra money to get a commercial property management company for your property. However, commercial property management companies provide a buffer between you and the tenant. This can be extremely important if they decide to sue. This way, the courts cannot take away all of your personal property. If the court has a private citizen before them, this is their option. If they have a CPM firm between you and the tenant, then they will find the CPM firm liable. Most states will only charge a small fine to a CPM firm for violations.
Avoiding Being Sued For Discrimination
Not everyone is on honest. There are people who make all of their money by suing others. They look for the perfect opportunity when someone has their guard down to take advantage. One of the key ways that is very profitable is to manipulate local laws in certain cities concerning commercial property and discrimination lawsuits. If you are a private owner and you’re doing all of the work yourself, you can be especially vulnerable. After all, private owners are directly linked to all of their private property including housing. If someone files a discrimination lawsuit against you, you can lose your private property because of the lawsuit. It is better to hire an outside company like a commercial property management firm in order to avoid situations like these.