Government foreclosures are properties that have been taken by the government because the purchaser was not able to keep payments up to date on a government mortgage loan, or failed to pay property taxes in a timely manner. To obtain a list of foreclosed properties you should contact your local county clerk or recorder's office. In Michigan, a pamphlet is printed each Spring, listing all properties in default of tax payments. These properties are liquidated by a sealed bid process.

Other properties being sold by the government are listed on various websites that offer property foreclosures. You will usually need to subscribe to the website for a fee, which allows you to access their entire list of foreclosures. You should check first to make sure they have a government foreclosure listing. The websites of Fannie Mae and Freddie Mac, can be useful in finding government foreclosure listings. Both specialize in buying and selling distressed properties, and have financing options if you decide to purchase through them. You don't necessarily need to purchase a property through them to obtain financing.

All properties for purchase to the public, through the government, are offered by property management companies. These companies have a contract with HUD to list, and offer for sale, government foreclosures. A real estate broker who is registered with HUD may submit an offer and draw up a contract to purchase on your behalf. If it is written into the contract, HUD will also pay your broker's fee.

When you are considering a government foreclosure for purchase, you should definitely invest in a home inspection. All government foreclosures are sold as is, without a warranty. The buyer takes on all expenses and repairs when the home is purchased. Special programs with reduced purchase rates to fire fighters, teachers, law enforcement officers, emergency medical technicians, non profit organizations, and local governments are also available.

HUD homes are any 1 to 4 unit residential property that has been acquired by HUD as a result of a default on an FHA mortgage. HUD becomes the property owner and offers it at a reduced price to recover the debt owed the government. Anyone who can qualify for a home loan is able to purchase a HUD home.

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