Government foreclosures are properties seized by the government for non payment of mortgages through government programs ? VA, HUD, FHA, etc. These properties are homes, apartments, land or any property where there has been a default on a government sponsored loan.

Foreclosure listings, about HUD homes, are available at many websites catering to foreclosures. Once you have access to a good website with foreclosure listings about HUD homes, you will notice that the lists are updated at least once a day. This saves you from chasing a listing that may no longer be available. The foreclosure listings will also include contact information so you will be able to contact the government office responsible for the foreclosure listing.

Regular government sites usually do not offer foreclosure listings about HUD homes. These foreclosures are put under contract with property management companies to sell the foreclosures for them. The sites for these property management companies usually ask for a fee to access their foreclosure lists.

The Fannie Mae and Freddie Mac websites also offer foreclosure listings about HUD homes. They specialize in selling distressed properties. Both of these sites offer financing options to help you acquire a foreclosure property.

HUD homes are categorized as one to four unit residential properties that have been acquired by HUD as a result of default on an FHA insured mortgage. HUD is the property owner and offers the property for sale in order to recover the debt still owed. Anyone who has the cash or can qualify for a loan can purchase a HUD home. There are special programs that allow a reduced purchase rate to firefighters, teachers, law enforcement officers, emergency medical, local governments, and nonprofit organizations, are available.

Any time you consider buying a government foreclosure, be sure to get a home inspection to see how much work needs to be done. This is because all government foreclosures are sold 'as is', and without any warranty. When you purchase a government foreclosure you will be taking on all expenses and repairs.

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