Buying an Outer Banks Foreclosure

Many people are taking advantages of buying an Outer Banks foreclosure, however, you need to be prepared in order to take advantage of some of these deals.

I have outlined some basic tips to help you in finding a great property.

I would strongly recommend that you are familiar with our area and know the places where you would like to buy a home. Just because a property comes on the market at $100,000 doesn’t mean that you may want to purchase that location. Remember location is key when visiting here and while owning here. It will also play a role in the resale market.

Please have a lender qualify you for the amount you are able to invest in property. Most banks require this to be submitted at time of offer. We have many experienced local lenders here and they are very competitive with their rates. I will send you their contact information if you would like some help with this aspect.

Home inspection periods are honored for foreclosed properties. Usually a bank will want these completed within 10 days of offer acceptance. At this time you will want to have a home inspector, pest inspection and possibly a septic inspection. Each property varies but we can provide you with valuable information regarding septic systems in our area.

Making a cash deal on a property versus a traditional offer contingent upon financing – some items to consider. If it is a cash deal – you may be able to leverage the price somewhat but keep in mind that in the end – all deals are cash deals. If it is cash, you will be responsible to obtaining your own appraisal if one is desired. The tax values in our area are a reference point from the last reassessment but are not a good indicator of current market value. If there are items found during a home inspection, the bank is more likely to repair those items that are “lender required repairs”. Therefore, you will have more negotiating power to have certain items repaired.

It helps to have an agent searching for you. I check the market at least twice a day. If there are certain criteria that you are looking for in a property, it helps to have this property sent to you as soon as it comes on the market. Sometimes properties are closed to offers after being a listed a short period of time due to the number of offers submitted. Since a lot of buyers are coming from out of our area, you have to factor in time to make a trip here.
If you would like to discuss your criteria with an agent, please contact us. We may know of a property that may be a perfect fit. Posted by Mike Bishal on
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