Budget real estate can be found in Carrollton, TX. In fact, there are currently 176 properties being offered at trustee sales foreclosure auctions in Carrollton with two live auctions just to give you an idea how many properties are available for your consideration. Information about the properties can be obtained online at various auction websites. To find out more information about each auction, you should also contact the trustee or auction company directly. The number of bank owned properties in Carrollton right now is 138 homes. For instance, a 3 bedroom 2 bath home on Oakhill Road is being offered for $133,668. To get a more comprehensive list of the properties, you should speak with a local Realtor who can obtain the information from the MLS for you.
The average list price for a Carrollton Texas home for the week ending April 20, 2011 was $228.087, and the median sales price was $120,578 during the period January 11, 2011 through March 11, 2011 according to Trulia.com. You can also find good bargains in nearby cities of Farmers Branch where the median sales price is $125,050, Addison, with a median sales price of $229,855, Coppell with a median sales price of $160,849, and The Colony with a median sales price of $112,705.
Why Buy Foreclosure Auction and REO Properties?
Auction properties are offered at substantial deep discounted prices. There is a lot of competition to buy these cheap properties so you need to do your due diligence and check home prices first so you don’t get caught up in a bidding bar at the auction and overpay. Most are really cheap bargains, but they need work. Some more major work such as replacing home systems, i.e., new roofs, electrical and plumbing. Make sure you estimate repair costs before you make your bid. Some homes can be inspected prior to the auction. It is recommended that you do so. At the very least, you should drive by the property and walk around it if you are unable to get inside and take a look. This way you can tell if there is anyone still residing there. If you buy the property, you are responsible for evicting any residences that are still there. Also you can get a feel for the neighborhood. Not every foreclosure auction is a good deal if it doesn’t serve your intended purposes.
Since you are unable to get title insurance, be sure to run a title search and see if there are any liens that you would have to pay off. Auction homes are sold as is, and there are no guarantees or warranties. It’s a good idea to take an experienced investor that buys auction properties on a regular basis if you have never purchased a home at an auction before. The pace is fast, and you don’t want to make any mistakes. You will need your cash lined up to pay for the home if your bid is selected. If the home does not sell, the bank buys it back as a REO. You can track it, and make an offer later when it goes on the market or contact the bank directly.
REO’s
Real estate bank owned homes (REO’s) are good bargains as well. They are sold at below market value. Typically the homes are in bad condition, but you will be able to inspect them and get title insurance. Don’t be surprised if they have been stripped of kitchens and baths. It is common for the former angry owners to do this and cause other damage so just make sure you conduct a thorough inspection first before you buy the home. You will be getting a home with built in equity that you can either rehab and rent or rehab and sell.
Carrollton budget real estate is a great place to invest your money right now. There is a high demand for rental properties. Prices have never been so affordable so you should take advantage now while the market is a buyer’s market.
