If you are looking for cheap homes in the Manchester, NH area, you may want to investigate buying government foreclosed homes. These homes offer buyers/investors opportunities to buy homes at 10%-40% below market values with low down payments. HUD and VA sell their foreclosed homes through local Manchester Realtors. Municipalities also offer homes acquired by them as a result of homeowners failing to pay their property taxes. Municipalities place liens on delinquent taxpayer’s homes and can foreclose if the taxes are not paid off. Typically, if there is a mortgage on the property, the lender will pay the taxes to maintain their first lien priority. However, if there is no mortgage, then the municipalities offer the properties for sale at a fraction of the price. Anyone can bid on these homes. In fact, many first time home buyers and investors are taking advantage and purchasing government foreclosed homes in the Manchester, NH area.
How to Find Government Foreclosed Homes?
Using a local Realtor to find HUD and VA foreclosed houses is the quickest way to find a list of foreclosed homes. You can also use the Internet by going to the HUD and VA websites or check the local newspapers. You will need to arrange your own financing or pay cash. If you are eligible for a FHA loan, you only need 3.5% down payment. VA also offers veterans and non veterans vendee financing with low interest rates and down payments. To purchase a tax deed, you will need to go to the county tax collector’s website to find out when properties are being auctioned or check the local newspaper. They generally advertise the auctions in advance. You will need to pay with cash.
Government foreclosed houses are good investments because you can purchase them relatively cheaply with low down payments. Tax deeds are also good investments because the properties are sold for back taxes, plus county fees and costs and any court costs so you are getting a property for a fraction of the value. Since all government homes are sold in an “as is” condition, it is up to the purchaser to do their due diligence and conduct inspections. Most government foreclosed houses need work, but you are are getting them inexpensive enough so you are still getting a great bargain.
Besides government foreclosed homes, there are also good deals on Manchester REO’s and short sales. For sale by owner signs are everywhere as well. Now is a great time to invest in Manchester government and foreclosure homes while the opportunity lasts.