Foreclosures - The Banks Misfortune can become Your Fortune

By Joanne Bingham

In the United States, the economic crisis is only continuing to get worse. Bank foreclosures and pre-foreclosures are at the highest number since the time of the Great Depression, and contribute to over 40% of the houses currently sold. Every day we hear on the news about another bank failing and the government debating on whether or not to bail them out. So many Americans are losing their homes and having their dreams crushed.

Hard to believe but there is some good news regarding this home foreclosure crisis. Where there is a crisis there are also opportunists who are grabbing the houses many others are being forced out of. The banks will sell the foreclosed homes well below their value in order to quickly regain some of the money back. This helps ensure that the banks finally get rid of the homes that they don't really want to continue losing money on. This is a positive opportunity for investors or some families who have job security and a decent credit whho ordinarily wouldn't be able to afford a decent home.

Sometimes homeowners will go ahead and sell their homes before being foreclosed; this is simply called 'pre-foreclosure'. Homeowners have a period of time to sell the house themselves before it is officially foreclosed. The public will be notified through government auction sites of a home facing foreclosure, which will give potential buyers time to make a deal with the bank or current owners.

There are many who are profiting from buying pre-foreclosed and bank foreclosed homes and reselling them. They're finding that homes facing foreclosure can sometimes be sold for as low as 25% of their market value worth and reselling for some surprisingly healthy profits. Even those who have never been interested in real estate before are now joining in on the opportunities that the real estate crisis is providing. But how are they finding out about these great deals and opportunities?

Details about pre-foreclosed homes and foreclosed homes can be found on the Internet. There are a lot of government auction sites that provide information on homes facing foreclosures in every state. Unfortunately, there are some sites that are misleading the public, so you need to be informed when you sign up for a membership. Thankfully, there are legitimate government auction sites that provide detailed information about home foreclosures. So how can we know which sites are worth the membership and which ones are not.

Government auction 'review' sites contain detailed analysis on the best government auction sites. The reviewers test government auction membership sites with certain criteria, and post the details online for the public. Government auction reviews are very interesting to read, and will provide valuable knowledge in helping with Government Auctions sites are worthy of your time and which are misleading.

With the top membership sites you will find in-depth information and deals on foreclosed homes, pre-foreclosures, and more. So if you can follow these steps then you can find your dream home for only a fraction of its worth:

- Go to a free government auction review site and read the reviews

- Check out and become a member of one of the suggested trustworthy government auction sites

- Go to to one of the top govenment sites and browse and select the best values in the foreclosure listings

- If possible visit the properties of interest a then attend a government auction in your area - 23200

About the Author:

For free reviews on the top foreclosure auction sites and which ones to avoid visit government auctions review or go direct to foreclosures and preforeclosures