If you are looking for a lighthouse, then you might want to speak with the president. He has several that he’s trying to unload. In June of this year, president Obama announced that the federal government would sell enough property to “produce $3 billion in savings” in order to stop the waste of taxpayer dollars and energy resources used to maintain the “excess assets”[1]. Critics complained that the move would actually require the government to lease buildings in areas where it currently owned them, ultimately leading to higher expenses, but thus far, it has not really mattered that much whether they sell, own or lease because not much is moving.
Thus far, only “a relative handful” of the properties have been sold. In fact, fewer than 40 properties are even available for auction at this time, including a lighthouse coated with “guano [seagull droppings] in the interior and exterior” and an engine plant in Connecticut. Part of the problem is that the government has placed so many restrictions on its own auctions that it is an extremely time-consuming process to get rid of anything. In fact, you have to check out every potential “public benefit” to which a government-owned property could possibly be put to before ever allowing the public a shot at the property. Right now, it looks like there just isn’t enough time to sell those properties and potentially save that $3 billion in time to meet the deadline.
[1] http://www.cnbc.com/id/40314719
Having looked at lighthouse auctions, thought it would fun to have one, I quickly learned the lighthouse is going to rot into nothing before I could even think about completing the purchase! The entire process of the government auctions is incredibly stupid. Just attempting to make the bid is enough to put people off, and once you read all of the truly draconian restrictions it would be better to just build your own some place else.
I live Karachi Pakistan. I want to buy anew /not very old house in Bellevue Seattle 4 bed 3+ baths not more than $30000/ Please help Tariq
Two elements at work here. Government incompetence and the fact that few people have money or credit to buy these properties. Most of them are in need of repairs before they can even be lived in again. This is the problem I have with foreclosure investing of residential real estate. Personally, I wouldn’t touch it with the proverbial ten foot pole. The question always remains: Who is going to buy these properties?
Owen,
Be aware with a foreclosure you can go in and fix them, and resell them. With the government buildings you cannot just go in a fix them! Everything you do to them has to be approved by the government, and you are almost always not allowed to resell them for a fixed period of time. When you look at all of the requirements, it quickly becomes beyond stupid to attempt a purchase.
Foreclosures on the other hand are easy to clean up, fix up and pray for a sale. All too often you have a hard time finding a buyer because the prices have continued to drop. The government properties are going to be a long haul deal, just satisfying the paperwork can take years to do the repairs instead of weeks or months in the private market.