Foreclosure properties generally appeal to two types of buyers...
- Those who are eager to stretch their dollars buying power.
- Investors who intend to fix and flip or rent the property.
Finding suitable Pinehurst Southern Pines NC foreclosure properties can be a challenge, especially when one considers community sign restrictions, which prohibit any signage other then that which accompanies a traditional sale. And many of the communities forbid any signage.
What You Need To Know...
When competing against an investor for a Pinehurst Southern Pines NC foreclosure property, conventional buyers are at a disadvantage because investors are paying with cash and therefore not subject to the whims of mortgage underwriting.
Many foreclosures in Pinehurst Southern Pines NC are in various states of disrepair and while some of the fixes are minor other repairs can be extensive and expensive... So when considering a bank owned home, it's prudent and wise to understand how much work and expense you're in for.
Some buyers mistakenly associate the word foreclosure with good value and those looking for the best buy should not rule out non-foreclosure properties. Search the Pinehurst Southern Pines MLS for all available listings that match your criteria.
Lender Web sites, such as those operated by Bank of America, Chase and Citibank, often list the properties the financial institution has reclaimed when borrowers defaulted.
Also there are also fee based sites you can subscribe to, such as RealtyTrac.com that help their subscribers find foreclosure and pre-foreclosure properties for a cost of around $50.00 per month.
Whether you're a new or seasoned investor or buying a home for your personal use, odds are you will want a seasoned professional in your corner to help guide you through the process. Someone who will protect and promote your best interests and has the vendor relationships and resources to assist you with your due diligence, inspections and can ascertain market value of the property you choose to pursuit.
All this we offer and in addition, you may search Pinehurst Southern Pines NC Foreclosure Properties from our website located at http://www.PinehurstHomeTeam.com
Buyer Beware...
Anytime you invest in a property, we recommend that you have the property thoroughly inspected.
This is especially true in the case of foreclosure and REO properties since lenders aren't held to the same disclosure requirements as sellers who have lived in the home, mainly because the lender hasn't occupied the home to notice leaks or other problems.
Over the years there have been many examples homeowners, who are angry over losing their property and attempt to strip the property of any value, by ripping copper pipe and wiring out of the properties they've lost.
A neighborhood environmental report might also be worthwhile, he said, which could reveal if the property was the site of a drug lab, for example. When a meth lab is operating in a home, air quality issues can arise; when a home was used for growing marijuana, there is a tendency for mold problems from the high humidity.
Clean offers...
The time it takes to complete the sale can vary from lender to lender. In some cases, the process goes smoothly and closes escrow in 60-90 days.
Though recently we encountered a lender that took over 5-months to respond to a good offer... Of course by this time, the buyer had moved on and closed on another property.
Your best chance at having an offer accepted and for a quick closing process, have everything in order before making the offer.
This includes having the financing line-up and writing a clean that is based on "as-is" condition.
The fact-of-the-matter is, most bank-owned properties are sold "as is," so if there is something you want fixed, it's best to just factor that into the price you're offering.
What to expect...
But don't expect to negotiate the listing price down... Banks typically price their properties at a 20% to 30% discount anyway, he said. If the property has been on the market for a week or two, don't expect the bank to drop the price; if the listing is older, you might have more leverage.
Don't be surprised if the bank that is selling the property asks you to get an approval from its mortgage operation; you often don't have to take the loan from their company, but they may want to get a closer look at your finances to make sure you're a solid buyer.
Above all, make sure to follow directions when submitting the offer... That would include having an approval letter from your lender or a letter documenting your reserves, if you're a cash buyer.
REO organizations generally deal with one or two listing agents in a market, who will have concise instructions on how they want buyer's agents to submit the offer and delays often occur when instructions aren't followed exactly.
For information about the Pinehurst - Southern Pines - Aberdeen, North Carolina area contact us for a free relocation report and search the Pinehurst Southern Pines MLS for all available properties matching your criteria.
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Wayne and Lynda Gomillion
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