Our Free foreclosure listings Update, emailed daily, is the best way to stay up to date on the latest Wilmington NC foreclosures. Distressed properties, REO's, foreclosures - all automatically emailed to you giving you a jump on the market.
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 neighborhood 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 foreclosures in Wilmington NC.
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.
fixer upper located in lake community. spacious kitchen.
Incredible value here for an 1848 square foot 4BR/2BA home on a huge .69/acre home site. This location is phenomenal as it's close to Southport, Shallotte, a 15 minute d...
Own your very own place near the beach but away from the crowds. Metal roof for those stormy times and a pond in the rear yard for those fishing quiet times. Three bedroo...
Two-story home stuns from the inside out! Large common area upon entry includes formal dining space with wet bar and living room with fireplace separated by arched doorwa...
Must see, 2 story home on corner lot, with open floor plan and plenty of outdoor space to enjoy. To compliment the ample interior space, this home boasts several porche...
Panoramic views of the ICW await you in this Surf City diamond in the rough! Has decks off main living area and master bedroom on top floor, too. Interior has 4 bedrooms,...
Great place to call home! This low country style porch is ready for your rocking chairs. As you enter the front door you are greeted with a high ceiling open living room...
Shopping is close and so is the beach! You just can't beat Carolina Beach Road for easy access to downtown, the Junction, golf and the beach! Huge rooms in the addition a...
Hot location and price! This cute Alamosa Place house has 3 bedrooms and 2 baths. Large open living room-dining room- kitchen with laminate flooring. There is a screen ...
Amazing Investment Opportunity in this 3 bedroom 1 bath home centrally located in Hampstead in close proximity to lots of shopping, dining,schools, and Topsail Beach! Ho...
Copyright 2019 NCRMLS. All rights reserved. North Carolina Regional Multiple Listing Service, (NCRMLS), provides content displayed here (“provided content”) on an “as is” basis and makes no representations or warranties regarding the provided content, including, but not limited to those of non-infringement, timeliness, accuracy, or completeness. Individuals and companies using information presented are responsible for verification and validation of information they utilize and present to their customers and clients. NCRMLS will not be liable for any damage or loss resulting from use of the provided content or the products available through Portals, IDX, VOW, and/or Syndication. Recipients of this information shall not resell, redistribute, reproduce, modify, or otherwise copy any portion thereof without the expressed written consent of NCRMLS.