As an aftermath of the foreclosure crisis, causing havoc in the financial markets and untold pressure to the US Government, there are millions of foreclosure homes for sale awaiting new owners.

Foreclosure homes for sale are available under various headings and if you search on-line you will find hundreds of sites providing long lists of properties ready to be bought, nationwide. A sample advertisement made by one foreclosure listing site will tell you the story in a nutshell. The site has varied properties as foreclosure homes for sale like this - Pre-foreclosures: 451,563; Sheriff Sales: 55,862; Foreclosures: 478,975; Bankruptcies: 280,620; Tax Liens: 971,379; and FSBOs (For Sale By Owners): 42,983.

The elaboration of this statistics is - there are properties in the pre-foreclosure stage that is the period between issue of Default Notice by the mortgage lenders and waiting for foreclosure sale public auction by the Courts or by Trustees. During this period the title of the property still rests with the home owners. Interested home buyers and investors can approach the distressed home owners to negotiate the sale of the property. Big bargains are available for properties at this stage from distressed home owners to avoid foreclosure.

Next on the list is Sheriff Sales - that is foreclosure sale public auction being conducted by the County Courts. Notices of pending law suit (known as Lis Pendens) would have been issued to the delinquent home owners and not responded by them. Any one can bid on these properties by depositing an earnest money and the highest bidder will get the property title transferred by the Court on their name. States where only judicial foreclosures are permitted offer these properties more in number.

Foreclosures mentioned in the list include properties, on which the public auction has already taken place by Sheriff Sale or Trustee Sale (by a clause in the mortgage agreement). Bank-owned and repossessed properties come under this category. Home buyers and investors can approach the Banks and lenders concerned, to strike a deal of sale in respect of the property selected. Reasonable discounts can be expected on these properties in view of the selling pressure.

Bankruptcies have become more prevalent in the present bleak economic situation and consequent loss of employment for many people. People just walk off from their homes, after declaring bankruptcy petitions and Courts hold these properties for sale, to settle the dues of creditors. The number is huge in all the States put together and are made available in "as is" condition to investors.

Same case is Tax- Lien properties, confiscated by the Government agencies from those, who default in payment of property tax; income tax; fines levied by Governments etc. These Tax Lien properties are very cheap in quoted prices, because the Government is selling them to collect their tax dues only. Investors have a tremendous opportunity to buy these properties at a throw away price. Similarly properties sold by their owners directly as FSBO can be bought with best bargains.