When FHA borrowers default on their FHA loans or veterans default on their VA loans, the bank forecloses and FHA or VA pays the bank their losses. HUD acquires ownership to the FHA homes. The HUD and VA homes are then offered for sale to buyers who plan on using them as their primary residences through auctions. Government foreclosed homes offer you an opportunity to purchase cheap Stamford, CT homes in most price ranges and in a variety of Stamford neighborhoods. To find a complete list of government homes that are coming up for auction, go to the HUD and VA websites. You can also check on line for a list of auction dates and sites as well as on line live auctions. A local Realtor will be able to give you information as well.
Keep in mind that the government homes are sold as is so you are responsible for conducting inspections and making the repairs once you purchase the home. HUD and VA homes can be great investments because you can buy them with little down, and they offer you a property with built in equity. Government foreclosed homes are sold at substantial deep discounts. HUD and VA need to unload their foreclosure inventory. They are not in the real estate management business.
What Can I Get for My Money?
The average price per square foot for a Stamford home is $266. The median sales price for a home during the period Oct 10, 2010 through December 10, 2010 was $430,000 just to give you an idea of what homes are selling for in Stamford. The median sales price increased by 7.5%, or $30,000 from the same tine a year ago, and the number of home sales decreased 61.5%. There are currently 752 resale and new homes for sale in the area, including 103 homes in some stage of foreclosure. The average listing price in Stamford was $637,023 for the week ending January 12, 2011. Popular neighborhoods include Newfield – Westover – Turn of River and North Stamford, with average listing prices of $672,129 and $1,134,185, respectively. Foreclosure homes are being offered in all prices ranges and Stamford neighborhoods. For instance, a 4 bedroom, 3 bath home in zip code 6902 is being offered at $267,000, and a 7 bedroom, 3 bath home in zip code 6902 is being offered at $474, 900. A 4 bedroom, 3.5 bath home in zip code 6906 is being offered at $574,200. There are many more homes to choose from, this is just a sample of what you may find.
Working with a Stamford Realtor is the best way to find government foreclosed homes in the Stamford and surrounding area. Also, you will need to make your offer through a Realtor. Your Realtor will be notified by the VA or HUD, depending on which agency you are working with, within 48 hours or so after the bidding period closes. If you are successful in getting your bid accepted, you will need to arrange for your own financing. Closings generally take place within 30 to 60 days after the offer is accepted. For more information on how to purchase government foreclosed homes, visit the HUD or VA websites.