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Get a Good Deal on a Government Foreclosure

September 23, 2013

Government foreclosures still have good dealsLooking for a foreclosure to buy to get the best bargain? Private foreclosure inventories across the U.S. have fallen, but government foreclosure inventories are still plentiful and are a great opportunity for securing your next home at a bargain, according to a recent Equifax Finance blog article titled “

Looking for a Foreclosure to Buy? Try Uncle Sam.”

So what’s Uncle Sam got for you? Plenty! Between Federal Housing Administration (FHA), Fannie Mae and Freddie Mac foreclosures, there are opportunities for you to buy a fantastic home at an even better price, and most government foreclosures come with buyer perks like special financing and closing cost assistance.

Owner-occupants have the advantage with foreclosures, as those looking to buy a foreclosure and live in it as their primary residence get the first opportunity to bid on a home without competition from investors (usually it’s a 30 day period after the home hits that market during which time only owner-occupants can bid, but sometimes that period is only 15 days, so make sure you know how much time you have to make a bid).

Buyers of government foreclosures may be able to take advantage of special mortgage programs, including loans to help with renovations or repairs. These financing options offer low down payments, no lender-requested appraisal, no mortgage assistance and more. Some programs also offer closing cost assistance to participants who complete financial education workshops on topics like credit and home buying. With FHA foreclosures, you must use an FHA-registered agent or broker, so again, be sure that you know the rules before you get started.

Read the full article on the Equifax Finance blog where you can also read more articles on home buying from their real estate experts. The site also has a wealth of helpful info on other personal finance topics like

credit ratings, retirement, insurance, identity theft protection and more.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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