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In 2009 there were over 2.8 million properties in the United States that were foreclosed. By 2009, one in every 45 homeowners received foreclosure notices. In 2010, 25% of homes sold in Wilmington, NC were considered distressed properties. Distressed means these homes sold as foreclosures or short sales. A short sale is basically, a pre-foreclosure. The term “short” means the bank is willing to be short the money owed on the property, however it can be a very long process. The home is usually in better condition than a foreclosure and the seller usually can provide a history of the property, unlike foreclosures. The similarity between a foreclosure and short sale is the property is usually sold “as-is".
There are some buyers that purchase a foreclosed home in Wilmington, NC and they get a steal of a deal. However, there are also potential pitfalls. Through the foreclosures in Wilmington NC we have seen foreclosed homes that had concrete poured down every drain in the house. This is not always the case, but one does have to be aware of the pros and cons of being involved in purchasing a foreclosed home.
The advantages to buying a foreclosed home in Wilmington NC is that most banks are motivated to get a fast sale, which tends to lead to the home being sold below market value. So many homeowners are upside-down on their mortgages and owe more than the home is worth. Banks want to get as much money back that they can, so there is more potential for bargains.
A foreclosed home in Wilmington NC, in a good neighborhood with high resale values can be a good investment. Also banks will sometimes give a buyer closing cost concessions. The buyer will get a free and clear title, and the buyer will not take on any liens associated with the property. The banks that deal with foreclosed homes in Wilmington NC allow inspections and mortgage financing within the normal due diligence period. Foreclosures in Wilmington NC are also good, because the home is vacant, so you don’t have to wait for the seller to move out.
The disadvantages of buying a foreclosed home in Wilmington NC, is the condition of the home. Homeowners that are loosing the property due to foreclosures are less likely to take care of it. They just do not have the funds needed to properly take care of the home. Then when the home goes into foreclosure, already in need of repairs, the banks will not do the needed repairs either.
Depending on the home and repairs needed, it can be hard for the new buyer to get a mortgage on a foreclosed property in Wilmington NC. Another disadvantage is that the bank cannot provide a completed history of the property’s condition, problems, repairs, and there is additional paperwork associated with foreclosures.