HUD acquires foreclosed homes from banks when their borrowers default on their FHA loans. FHA insurance pays the banks off and HUD acquires ownership of the foreclosed homes. HUD then offers their properties for sale to buyers who are purchasing them as their primary residence through foreclosure auctions. You can purchase a HUD foreclosed Mesquite, TX home with as a little as a $100 down payment. The properties can be purchased way below market value because HUD is not interested in being in the real estate business. They need to sell their foreclosure inventory quickly.
Why Purchase HUD Foreclosures?
Foreclosed HUD properties give you an opportunity to purchase a Mesquite home at a deep discounted price so you are getting a property with built in equity. So when the market does rebound, you have the choice to cash in or hold on to your gem and keep building equity. Many buyers have been taking advantage of buying government HUD foreclosed properties in the Mesquite and surrounding areas. Resale homes prices are also very reasonable. The median sales price for a Mesquite, TX home during the period October 10, 2010 through December 10, 2010 was $90,606. There are currently 635 resale and new homes for sale as well as 556 homes in some stage of foreclosure. The average listing price for a Mesquite home the week ending January 12, 2011 was $107,130. Popular neighborhood choices are Falcons Lair and Creek Crossing Estates, with average listing prices of $184,481 and $131,390, respectively. Other hot neighborhoods include with an average list price of $148,468, Ceadarbrook Estates, with an average list price of $138,900, Pecan Creek with an average list price of $137,721, Casa View Heights with an average list price of $71,755, Lake Park with an average list price of $194,450, Raleigh Estates with an average list price of $195,000, Town Ridge with an average list price of $71,857 and Paschall Park Estates with an average list price of $271,467.
To give you an idea of Mesquite foreclosure home auction prices- a 4 bedroom 2.5 approximately 2,700 sq. ft. home in zip code 75181 is being offered at $142,000, and a 3 bedroom, 2 bath home is being offered at $98,500. A 4 bedroom, 2 bath home in zip code 75180 is being offered at $60,000. There are many more homes to choose from. All you need to do is look on line and search under Mesquite HUD foreclosures and foreclosure auctions. You will find all the information necessary to bid on a government HUD and bank foreclosure property either at a live on line auction or by attending an auction at the courthouse or other auction site.
Homes Sold As Is
All HUD homes are sold in an “as is” condition. Even if HUD has a home inspection report, you should conduct your own inspections. HUD generally does not make any repairs. Make sure you budget for repairs when you make your offer. The offer must be made through a real estate agent. HUD will notify your agent within 48 hrs after the bid date expires, whether your bid has been accepted. In order to purchase a HUD foreclosed home, you must obtain your own financing. You may be able to qualify for an FHA loan. Cash is always preferred. The home must be your primary residence. If no owner occupants bid on HUD foreclosed homes, then the bidding is opened up to investors. The offer must be a full price offer. HUD will pay up to 3% of your closing costs. Your closing will occur 30-60 days after your offer is accepted. HUD will pay the real estate broker’s commission up to 6%.
Right now Mesquite, TX HUD foreclosures offer investors and buyers a truly unique experience to find a Mesquite home in most neighborhoods and price ranges. Investing in HUD foreclosed houses in Mesquite, TX has never been easier. To find out more about HUD foreclosed homes, you can visit their website, check on line or with a local Mesquite Realtor.