If you are looking for Midland, Texas cheap homes, Sheriff foreclosure auctions are a good place to start. Homes can be bought for 30% to 50% below market value. Currently, there are approximately 5 Sheriff Auction Sales. The numbers change constantly. To find a list of Sheriff foreclosure sales, visit the Midland Sheriff’s website, check with the local county courthouse or look in the local newspaper. Properties sold at Sheriff foreclosure sales are sold “as is”. There are also 121 bank owned properties in Midland. Average list price for Midland resale homes was $218,411.
Popular neighborhoods in Midland include Wydewood Estates and Grassland Estates, with average listing prices of $173,149 and $299,518There were Average price per square foot for Midland TX was $103, an increase of 45.1% compared to the same period last year. The median sales price for homes in Midland TX for Nov 10 to Jan 11 was $147,864 based on 4 home sales. Compared to the same period one year ago, the median home sales price increased 53.8%, or $51,697, and the number of home sales decreased 33.3%. There are currently 679 resale and new homes in Midland on Trulia, including 82 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process Average listing prices for Sunset Acres $154,750, North Park Hill $229,900, Trueland $80,733, Sun Garden Village $60,417, Wedgewood Park $197,258.
Locating Foreclosures in Midland
Sheriff foreclosure properties can be located by several different means. The Internet, foreclosure auction sites online, newspaper ads, by driving around Midland neighborhoods looking for signs and checking the sheriff’s website. Auction properties offer deep discounts. You will also need a cashier’s check for 10% to bid and cash to pay for the property if your bid is selected. Typically, foreclosure sale are conducted at the county courthouse steps. You should check to make sure the sale has not been postponed or cancelled before arriving. It is common for them to be postponed or delayed while the owners are trying to negotiate a last minute resolution with the lender.
If the properties do not sell at the auction, which happens frequently, then the bank buys them back and they become real estate owned by the bank. The REO’s are offered for resale through local Realtors. Check with a Midland Realtor if there is a particular property you are tracking and they can look it up to see if it has been listed in the MLS. They can also find other REO’s that meet your criteria. The Realtor can assist you with making an offer on the REO as well.
Midland has a lot of foreclosure inventory right now, so it is a great time for buyers/investors to invest in foreclosure properties whether they purchase them at Sheriff’s auctions, directly from the banks or from government auctions. Owning a foreclosed home allows you to purchase a property for 30% to 50% of the market value so you know you are getting a property with built in equity.