Anywhere in the country there are government foreclosures homes for sale. They are sold either through a public or silent auction which are open to first time-buyers and seasoned investors alike. The requirements for making a bid for these homes include having a clean credit record and a livelihood.

Most of the time, the first round of a government foreclosures homes auction is strictly for first-time buyers who will also be the owner-occupiers of the home. This is in keeping with the government’s role of providing housing to every American but particularly to those who cannot secure home financing through the regular channels.

The Silent Auction

Government agencies such as the Housing and Urban Development, the Internal Revenue Service, the Federal Bureau of Investigation, the Department of Agriculture and the Veterans Affairs Administration all have foreclosure homes that they try to sell through silent auctions. These auctions are announced and advertised before-hand. Bidders are advised to touch base with government accredited Real Estate agents and brokers if they are interested in placing a bid for the government foreclosure.

There will be a prescribed time to enter a bid and these are sealed and submitted to the agency holding the auction. Once the bidding period has elapsed, the sealed bids will be opened and the highest bid gets the property.

Government foreclosed homes sold at silent auctions are all cash sales and buyers are given only a short time to settle they payment. There are government assistance programs and grants that buyers can avail to further bring down the cost of the property. Most of the information on these grants is available at the official web site of the HUD.

While these homes are sold at staggeringly low prices, one should still set aside funds for repairs and renovation as these properties are all sold ‘as is’.