Tips for Buying Wilmington NC Foreclosures
Like numerous other cities, Wilmington, NC, has experienced a rise in foreclosures and, consequently, foreclosure sales. The recent recession has forced many homeowners into a position where they cannot make their mortgage payments. Consequently, the banks repossess the houses and list them on the market to recover their losses.
Foreclosures are generally priced 20-30% less than other homes on the market in the same area. Purchasing a Wilmington, NC, foreclosure house can save buyers a substantial quantity of money. Even though foreclosure homes are typically sold "as-is", this does not mean they are in horrible shape. Foreclosed houses can be similar to other houses in the same neighborhood in the matter of features and square footage.
Knowing when a foreclosure is a favorable deal can be tough. There might be repairs that need to be done and understanding which ones are deal breakers may not be very clear. Additionally, submitting an offer to purchase on a foreclosed house can be complicated. Banks have many demands that can appear bewildering to home buyers. Hiring a Realtor, who is familiar with foreclosures and understands how to communicate with banks is very important. Doing so will cost you nothing, because the bank pays the Realtor commissions.
While foreclosures can be opportunistic for house buyers, opportunity warrants patience. Banks handle many foreclosures at once and there are multiple stages of approval. It is not unheard of for offers to take 3 months to be processed. So, if you cannot manage buying a house before selling your current one and/or you do not have arrangements for a temporary place to stay, you will probably want to buy a non-bank owned house.
If you would like to see a list of Wilmington, NC, foreclosures and be e-mailed when new ones come on the market, visit Wilmington Bank Owned, which is hosted 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.
About the Author
To start 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.