Learn About Buying Wilmington NC Foreclosures
Like many other cities, Wilmington, NC, has experienced a rise in foreclosures and, consequently, foreclosure sales. The current recession has pushed numerous houseowners into a position where they cannot honor their mortgage payments. As a result, the banks repossess the homes and list them on the market to recover their losses.
Foreclosures are regularly priced 20-30% cheaper than other houses on the market in the same area. Purchasing a Wilmington, NC, foreclosure house can save buyers a substantial quantity of money. Even though foreclosure houses are typically sold “as-is”, this doesn’t mean they are in terrible shape. Foreclosed homes can be similar to other houses in the same neighborhood in the matter of features and square footage.
Understanding when a foreclosure is a good deal can be tough. There might be repairs that need to be done and understanding which ones are deal breakers may not be very transparent. Additionally, submitting an offer to purchase on a foreclosed house can be complex. Banks have many demands that can appear confusing to house buyers. Hiring a Realtor, who is familiar with foreclosures and knows how to give or exchange information with banks is very valuable. Doing so will cost you nothing, because the bank pays the Realtor commissions.
While foreclosures can be opportunistic for home buyers, opportunity warrants patience. Banks manage numerous foreclosures simultaneously and there are several stages of approval. It is not uncommon for offers to take 3 months to be processed. Accordingly, if you cannot manage purchasing a home before selling your present one and/or you do not have preparations for a temporary place to stay, you will probably want to purchase a non-bank owned home.
If you would like to see a list of Wilmington, NC, foreclosures and be notified when new houses come on the market, visit Wilmington Bank Owned, which is presented by The Cameron Team of Coldwell Banker Sea Coast Realty. Melanie and her team are very familiar with foreclosures and can answer all of your questions.
To begin your Wilmington, NC, foreclosures search, visit www.WilmingtonBankOwned.com.
The Cameron Team offers unparalleled service to ALL clients in the Wilmington North Carolina real estate market and surrounding areas including Hampstead, Burgaw, and Carolina Beach. Visit the Cameron Team web site at http://www.thecameronteam.net for more information.
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