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There are still fantastic foreclosure opportunities for the knowledgeable investor or home-buyer but the process can be challenging and lengthy. We provide the guidance and expertise to make the most informed decision as well as ensure the smoothest experience possible.
A foreclosure occurs when a bank/lender takes repossession of a home as a result of the homeowner being unable to keep up mortgage payments.
We have extensive experience with Freddie Mac, Fannie Mae, Bank of America, Wells Fargo as well as smaller, local banks. Foreclosure philosophy can vary tremendously among lenders. Some lenders' mission statements prioritize raising the property to neighbourhood standards. This could involve extensive repairs and add considerable expense to the lender's bottom line. Others look to remove the asset from their inventory as soon as possible. All REO (real estate owned) properties are sold as-is meaning that unlike a traditional real estate transaction, once a home inspection is performed, the seller will not address any repairs requested by the buyer. This makes the home-inspection process extremely important. We can recommend experienced home inspectors and lenders familiar with foreclosures.
Because there is often high competition for foreclosures, a pre-approval letter from a lender is a must have. Some first-time buyers make the mistake of assuming the lender selling the home will finance the property. However, the lender often views that as a totally separate transaction. Check with your lender or ask us to recommend one before getting serious about finding Wilmington NC foreclosures.
There is no exact science for how a lender prices a foreclosure. Some properties are priced under market value and attract multiple offers within hours. Other sit on the market for months with little to no activity. 5 Star will run a Comparative Market Analysis (CMA) on every home you're interested in making an offer on. We view the CMA as the single best tool in determining a home's value.
A short-sale is when a homeowner attempts to sell their home for less than what is owed on the mortgage. It usually occurs before or during the foreclosure process. Any offer will need to be approved by the mortgage holder (lender). It's usually preferable to both the homeowner and lender for a variety of reasons. The lender avoids foreclosure expenses and the homeowner avoids serious credit damage. Short-sales can be time intensive especially when there are two mortgages on the property and each lender must approve the sale.
Because each lender often has their own requirements and time-frames for foreclosures and short-sales, use an experienced local property expert for all your Wilmington NC foreclosures.