Outer Banks Real Estate CONSULTING

Foreclosures, Pre-Foreclosures, Short Sales,  Distressed Property on the Outer Banks North Carolina Multiple Listing System.

If you are considering the possibilities buying Outer Banks foreclosed properties in Dare and Currituck County, you better know what your are doing. Just because a property is in a distressed state doesn't mean that the property is a good buy.  Many properties have been "tapped" of their equity back when the market was still strong. The banks sometimes are looking for more than what properties are currently selling for. It doesn't cost you anything to use a Realtor to help you negotiate, run CMA's, coordinate your closing, and prepare offers & other paperwork related to foreclosure property on the MLS.

Foreclosures and Bank Owned Properties           

Short Sales, and Distressed Property Here           

The link above are the Outer Banks NC foreclosures in Dare and Currituck Counties on the Outer Banks of North Carolina. Please CONTACT ME for additional information on any of these properties. If you send me an email requesting new foreclosures, pre-foreclosures, or short sale listings, I will send you new listings as they are published.   Short sales available from the MLS.

If you have never bought a foreclosure / short sale before, make sure you understand the basics, before you even entertain the idea.  Making offers on bank owned/ distressed property is drastically different than making an offer on property using standard North Carolina forms.  Many times, the banks do not disclose much of anything about the property, and leave it up the the buyer and buyer's agent to discover any all any facts about the property.

Here's an example of the type of language, one can find in a foreclosure listing. "Pre-approval or Proof of Funds letter MUST be attached to Offer. Earnest Money must be certified funds and held with the listing firm. Sellers Addendums come after an accepted offer. Often Buyers must use sellers attorney for closing and are often required to pay the transfer tax. Home is being sold AS IS. SPECIAL WARRANTY DEED. Pre approval requiredbefore making an offer. Buyer may be required to use seller's attorney and pay transfer tax.This is common, and many times the agent has no control over what the bank is willing to disclose.  The lenders have their guidelines in how the sell the properties they take back from their borrowers.  It is very important that the property path of investigation is taking in discovering all the facts about the property.  Your real estate attorney (required by NC law to purchase property) will make sure that you understand the position the title is in, and if there are any liens or  unknown encumbrances on the property.

27927, 27948, 27949, 27954

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