Sunday, March 14, 2010

OUTSIDE BUYERS FINDING DEALS AT AUCTIONS

Nonlender buyers looking for a deal on a house are heading for the foreclosure auction, where they paid an average of 56 cents on the dollar for foreclosed homes in the Dallas–Fort Worth area in first quarter 2010, according to Foreclosure Listing Service.
Dallas County foreclosed homes sold to outside buyers at an even cheaper 48 percent of the appraised value, far less than the average 60 cents on the dollar paid in September 2008.
The average sale price of an auctioned home was $91,851 in the first quarter, compared with $103,629 in 2008.
Foreclosure Listing Service reports that about 6 percent of foreclosed homes are directly purchased at foreclosure auction and that out of 13,259 foreclosures filed in DFW during the first quarter, only 263 homes were sold.