Purchasing a foreclosed property can be a great investment, but it also involves risk. Sometimes the properties are in good condition, sometimes they are in terrible condition. The banks that own the property have very strict rules governing the paperwork and the time frame in which the transaction must be completed. Often the first 15 days that the property is offered for sale are reserved for potential owner occupants. If the property does not sell within this period, then the sale is open to investors as well. Typically, the lenders allow the buyers a short time in which to have the home inspected, but just as typical the lender will not make repairs. If you plan on getting a mortgage, this can make for a catch-22 situation in which the bank will not make a necessary repair and your lender will not give you a mortgage until the repair is complete. Many times the utilities have been turned off and the buyer is responsible for having them turned on for the home inspection. If you are planning on making an offer on a bank owned property, you must have a pre-qualification or pre-approval letter from your mortgage lender or, if it's a cash deal, you must provide proof of funds at the time you make the offer. If you have questions about buying a foreclosure or about a specific home, please don't hesitate to contact me.
Foreclosure Properties For Sale
The data relating to real estate on this web site comes in part from the Internet Data Exchange program of North Carolina Regional MLS LLC, and is updated as of October 19th, 2017 at 2:54am EDT (date/time).All information is deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor REMAX ESSENTIAL shall be responsible for any typographical errors, misinformation, or misprints, and shall be held totally harmless from any damages arising from reliance upon these data. © 2017North Carolina Regional MLS LLC