Buy Foreclosed Homes
The process on how a home becomes bank owned is pretty simple. In our area there are a few key things that need to happen. First of all the home owner stops paying the mortgage. Anywhere from 2-6 months (just an average) later there will be a hearing. The sale date will follow shortly after. At the sale, the home is literally sold on the court house steps. Potential homeowners can bid right there, but there are many potential dangers. At this point the home may have other liens against it that were not mentioned at the courthouse. An uneducated buyer could get in a lot of trouble. Also at the home is not available to be seen. Most likely the current home owner is still living in the home. Once the home is purchased the new homeowner may have to go through the process of eviction to get the ex-homeowner out. WOW!!
*** WE HAVE AN EASIER WAY... http://www.buywilmingtonforeclosures.com
We as Realtors, can help you purchase a bank owned home after the initial sale. This is a much safer way to purchase the home, condo or town home. If no one purchases the home at the courthouse steps, the home goes back to the bank. At this point all liens are known, so no surprises (for the most part). Any remaining residents are removed from the property. The property is secured and ready to show. Most of the time the utilities will be on. In the colder months most (if not all) properties are winterized to prevent pipes from freezing. At this point the bank has taken the property back, performed an appraisal on it, secured it for showing and is clear to sell. The property must be marketable so most of the time the price is less than at the courthouse steps. This is the perfect time for a home buyer to purchase the home. Much more is known about the property and it is a much safer sale. Many bank owned homes in Wilmington NC are purchased like this every year.
***The best way to start your bank owned home search is with one of our real estate professionals. We have flexible schedules and can meet at your convenience. Please email us or call if you would like more information or to set up your free one on one consultation (this is a no-hassle, no obligation meeting).
The Alex Paen Team (910)798-3879
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