News Summary

Clark Howard's Tips

One stop shop for foreclosures

December 17, 2004

People ask Clark about real estate investments all the time. One of the hottest questions is how to find or buy a property in foreclosure.

Local publications often charge hefty sums to get a list of the properties. But what about homes in the federal inventory?

Most people know that you have to go to several different federal agency sites and sources to get this information. Each agency, including the VA, the FHA and the USDA, all do loan guarantees, and many people who buy these homes go into default.

Better than one in 10 homeowners in the FHA home loan program are in default in their mortgages. Wouldn't it be nice if there was a one-stop-shop where you could get all of that information? Well, now there is.

It's at homesales.gov and it should be completely ready in a few weeks.

As a general rule, HUD properties will be urban/suburban, USDA homes will be rural, and VA homes will include both.

Keep in mind, though, that foreclosures are just one area where you can find distressed properties for less. A divorce, a change of jobs, and estate sales are all people problems that you can capitalize on.

Make sure you do thorough homework before buying one of these properties.

Consumer advice courtesy of