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Mansions Offered As Dallas Distressed Properties for Sale

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By : Allana Castro    99 or more times read
Most people will expect Dallas distressed properties for sale to be comprised of single family homes and other ordinary dwellings priced between $130,000 and $150,000. However, the first half of 2010 showed that not even rich people are immune to the foreclosure crisis as a handful of luxury homes like mansions and villas have been put under foreclosure in the city.

The list of Texas distressed homes has been littered with multimillion dwellings during the first half of the current year. One example is the Tuscan villa with a swimming pool and a guest house in North Dallas. The home, which also features a garage that can accommodate four cars, has been foreclosed on by lender Eastern Savings Bank after the owner reportedly failed to pay a loan worth $3.8 million.

In the midst of fixer upper houses listed as foreclosed, interested buyers can find a handful of luxurious properties as the Dallas-Fort Worth area has reportedly foreclosed on more than 30 multimillion residences during the first half of 2010. According to local realtors, the number of expensive homes getting foreclosed has increased in the last three years or so.

Another expensive dwelling that became one of the Dallas distressed properties for sale is a 2.2-acre estate which was initially offered at almost $6 million. Now, the property is being sold for a mere $3.5 million. Realtors have reported that more than 130 multimillion dwellings have been foreclosed in the Dallas-Fort Worth area in the past 18 months.

In addition, at least one out of seven households nationwide that is holding loans worth more than $1 million is 90 days or more behind in their mortgage payments. Some of the owners of these multimillion dollar homes are reportedly oil industry executives who have been indicted or real property investors who suffered from the housing crisis. Some are builders who failed to find buyers for their properties.

Other examples of such foreclosures are the five-bedroom house in Bent Tree being sold for $1.79 million and an estate in Preston Road that has a selling price of $1.44 million, slightly less than the debt owed on the property which is $1.57 million.

Homebuyers can now find luxury homes among Dallas distressed properties for sale as more rich people find it difficult to pay their loans. The number of expensive properties getting foreclosed is expected to rise further in the coming months.
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