Thursday, May 13, 2010

Looking For Real Estate at a Discount?

The IRS, U.S. Immigration and Customs Enforcement, and the U.S. Secret Service have been busy. This has left Geithner and his posse from the Department of the Treasury with a bunch of real estate to sell. And that could translate into a bargain for you. Single-family homes, commercial buildings, vacant land, and multi-family residences are available throughout the U.S. and Puerto Rico. Most of it was seized due to smuggling, drug trafficking, money laundering, credit card fraud, food stamp fraud, mail fraud or other illegal activity. You can check them out by going to: And you can even sign up to be notified when something pops up in your area. So if you’re looking to pick up home to live in or an investment property at a discounted price, you might want to look into this. Caution: If you get serious enough to go to an auction, don’t let your emotions override common sense. I’ve been to a few tax sale auctions and have seen novice bidders get so caught up in the action that they end up over-paying because they didn’t have a grasp on the local pricing. Indeed, it pays to do your homework. Also unlike a lot of mortgage foreclosure actions, the feds will let you do an inspection prior to bidding. One more thing: All proceeds from the sales are deposited in the U.S. Treasury Asset Forfeiture Fund. This fund helps support continued law enforcement efforts and provide restitution to crime victims. So at least your money won’t go towards Obama’s Wealth Distribution Plan. Best wishes, George

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