Seized Property for 90% off Market
Value?
Watchdog Fraud/SCAM Directory of sites to avoid.
** **
We have temporarily removed the list of the 200+ fraudulent Real Estate Auctions websites due
to threats of legal action from these Cowardly SCAM sites. We are working to have our
directory back up as soon as possible. But we CAN tell you which websites
are NOT frauds. (lawyers .. now try to sue us.)
Recent popularity
In the last year buying bank and government seized properties has become very popular. This is because
people have discovered that they can purchase any type of real estate:
affordable homes,
single-family homes, multi-unit houses, apartments/townhouses, commercial properties,
mobile homes, land, timeshares, vacation and rental properties at greatly
discounted prices ... property listings as much as 90% off the market value.
Why so cheap?
A seized property is a home or property that has been repossessed by the lender
because the owners failed to pay the mortgage - this is called foreclosure. A
home or property can also be seized by the government due to illegal activities
or tax evasion.
Hundreds of thousands of properties
are seized every year.
Because of the constant influx of new seized properties and the enormous amount
of money and time required to maintain and market them, the banks and government
attempt to recover at least some of the money by conducting public seized
property auctions.
Bank and government homes and properties are purchased here for as much
as 90% off their market value.
Real estate's little secret
Not many people attend these auctions because they are not well advertised.
There's a reason for this. Since the profits will already be small, the banks
and government will not spend much money on advertisement ... maybe only a small
ad in the local newspaper. This means attendance is small, so those who do attend
have a great opportunity to purchase
bank and government homes and properties
at bargain costs by sheer lack of competition.
Properties at you fingertips
2004 saw entire networks spring up solely to administer these seized property
listings. Members can now perform online searches for bargain properties in
any part of the country. The better services allow someone to search by city
or zip code, and include photo and detailed descriptions in the search results.
Fraudulent websites
Unfortunately, as with any innovative idea come the scammers. Hundreds of "bank property listings"
and "government property listings" websites have popped up, claiming to offer direct access to networks where people
can purchase these properties. Most charge $50-$75 dollars to browse their listings.
But once a customer pays the membership fee they find:
- Outdated Listings
- Non-Working Pages
- Non-Intuitive Navigation
- Zero Support or Customer Service
During our investigation of bank and government properties websites we were offered the
opportunity to access the "premium homes and property listings" by becoming
an "elite" member of this particular service for just $50 more. We found many instances
where the websites appeared to exist just to take a consumer's money. In most cases
we were never able to contact anyone from the sites.
Yes, you can purchase homes at a 90% discount.
If you can stay away from the SCAM websites, it is possible to purchase perfectly
nice ... even stunning, homes and properties by accessing these networks of
seized property listings. For anyone looking to purchase a home or invest in
real estate, below is our
list of recommended Bank and Government property listings networks.
This list is compiled from our investigation of online property listing websites.
All networks listed below had to satisfy our following minimum requirements:
- Network spans all 50 states.
- Listings are fully searchable by city and zip.
- Listings include photograph and description.
- Listings are updated daily.
- Customer service available via phone or email.
WorldWideReviews (2005-2009)