The Coastal Outer Banks website search offers you access to all homes and condo foreclosures in the Outer Banks. If you save a search, you'll be alerted to any new listings that come on the market.
Foreclosures are also known as bank-owned properties or REO's, which simply means the previous owner defaulted on his mortgage and the lender now owns the property. Buying a foreclosure is similar to buying a traditionally owned property and can sometimes be a great way to buy a home below market value. However, there are some important factors to consider:
Because the previous owner is out of the picture, there will be very little information available about repairs and maintenance of the home. Additionally, you will be buying the home in "as is" condition. Unlike a traditionally owned property, there will be no negotiation over who will do any needed repairs. That means its important to find a good, licensed home inspector which will help you understand the true condition of the property.
Make sure you factor in the cost of repairs into the price. If its a Fannie Mae owned property, you may be able to get renovation financing. Otherwise, you may be out of pocket for all the repairs. You may sometimes find that the time and effort it takes to renovate the property might be more hassle than its worth, and a non bank-owned property can certainly have advantages.
Whether you are purchasing a bank-owned property or not, its always good to get pre-qualified. In addition to helping you understand what you can afford, you will be required to have a pre-qualification letter before submitting an offer on a bank-owned property.
For more information about purchasing bank-owned properties in the Outer Banks, contact Coastal Outer Banks Realty at 252-489-2140.