Foreclosure Real Estate

Highlands, NC, Cashiers, Sapphire, Glenville and Lake Toxaway

 

 

Understanding Foreclosures

Foreclosure:  A property that has been returned to the lending institution.  Lending institutions include banks, mortgage lenders, and private investors. 

Short Sale:  A property that is sold below the value of the loan that is on the property.  Example:  a home is sold for 300,000 but the loan against it is 400,000.  The lender has to agree to the selling price since the lender will be losing 100,000 on the sale.

REO:  "Real Estate Owned"  Lending institutions loan money.  If the person does not meet their loan obligations, the lender puts the property put up for sale.  If no one buys it, it now becomes the property of the lending institution.  These properties are now called an REO when the lending institution has to take them back.

Is buying a foreclosure, short sale or an reo in the North Carolina Mountains a "GOOD DEAL'?

I always compare buying a foreclosure or short sale property to buying a pair of shoes on sale.  Are we buying something because it is on sale, or does the shoe actually fit?  If the shoes don't fit, we never like them and they remain in the closet unworn.  These properties can be really 'good deals'!   But ONLY if it fits what your parameters or needs you have. 

What does 'AS IS" mean when used in reference to a real estate property?

Banks or lending institutions will sell a property 'as is'.  it is up to the buyer to do all investigations to find out if the property has problems.  Actually, the bank may really not know if something is wrong with a home as no one has spent time there.  Make certain that you do all your investigations...radon, pest, and a home inspection.  These are the minimum ones that should be done.  Some homes may require a structural, a septic, a well, mold, and other numerous kinds of inspections.  Do your homework!  Banks may also require their own contract to be signed.  So don't be surprised you will be signing one contract and then another bank contract. 

Do I have to worry about back fees and real estate taxes not paid if I buy in North Carolina?

In the state of NC, all properties must have clear title before they can be transferred from one entity to another.  This means that back and current taxes to date must be taken care of.  Many lending institutions will not be responsible for any fees that are owed prior to them taking over the property.  Home Owner's Associations will go to the owner of the property for those.  If they go to the home owner and they do not pay, the HOA may have a loss.  If a property is sold at auction, the buyer is most often responsible for paying those back taxes.  So make sure you add this to the cost of the property.  If buying a property at auction, be sure to ask about any past taxes that may be due and who is responsible for them.  It will either be the seller or you, the buyer.

In my opinion it is always wise to buy title insurance.  During the title search, if there is a loan that has been filed in the county, (in NC we call this a deed of trust.) this will show up during the title search. In NC, the attorney does the title search for title insurance.

The time to buy North Carolina Mountain Real Estate is now!

North Carolina mountain real estate deals are waiting for you. Our market has held up well, but there are always a few that need to sell due to personal reasons.  The mortgage rates may never be this low again.

Send us an email to be notified when foreclosure and short sales appear on our mls.  We want you to get the best NC Mountain property at the best price. On homes that have bonuses, we will split the selling side of the bonus with you, the buyer.

Disclaimer: NCMountainLife.com or any of its agents will not be responsible if a bonus is withdrawn or changes value as Home owners can change their minds at any time. IF a contract has been written and given to the seller or seller’s agent and it falls within the time frame that is current for the bonus…. the negotiations on a contract may affect the bonus. Be sure to ask questions. Be informed. If a seller is offering a bonus, NCMountainLife.com automatically spilts the value of the bonus with the Buyer.  Don’t assume anything. These time frames may change from time to time and neither NCMountainLife.com nor any of its agents or NCMountainLife.com will be held responsible for a seller changing his/her mind on a price or a bonus.

Questions? Just Ask!