Tips for Buying Wilmington NC Foreclosures

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by: MeghanRiley
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Word Count: 341
Date: Thu, 13 Jan 2011 Time: 10:07 PM
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Like numerous other cities, Wilmington, NC, has seen a rise in foreclosures and, consequently, foreclosure sales. The recent recession has pushed many homeowners into a position where they cannot make their mortgage payments. Thereupon, the banks repossess the homes and list them on the market to recoup their losses.

Foreclosures are generally priced 20-30% less than other homes on the market in the same area. Purchasing a Wilmington, NC, foreclosure house can save buyers a substantial quantity of money. While foreclosure homes are usually sold "as-is", this does not mean they are in horrible condition. Foreclosed houses can be similar to other houses in the same neighborhood in the matter of features and square footage.

Knowing when a foreclosure is a favorable deal can be tough. There might be repairs that need to be done and understanding which ones are deal breakers may not be very clear. Additionally, submitting an offer to purchase on a foreclosed house can be complicated. Banks have many requirements that can appear confusing to house buyers. Hiring a Realtor, who is acquainted with foreclosures and knows how to communicate with banks is very important. Doing so will cost you nothing, because the bank pays the Realtor commissions.

While foreclosures can be opportunistic for house buyers, opportunity warrants patience. Banks handle many foreclosures at once and there are multiple stages of approval. It is not unheard of for offers to take 3 months to be processed. So, if you cannot manage buying a home before selling your current one and/or you do not have plans for a temporary place to stay, you will most likely want to buy a non-bank owned house.

If you would like to see a list of Wilmington, NC, foreclosures and be updated when new ones come on the market, visit Wilmington Bank Owned, which is hosted by The Cameron Team of Coldwell Banker Sea Coast Realty. Melanie and her team are very familiar with foreclosures and can answer all of your questions.

About the Author

To start your Wilmington, NC, foreclosures search, visit www.WilmingtonBankOwned.com.

The Cameron Team offers unparalleled service to ALL clients in the Wilmington North Carolina real estate market and surrounding areas including Kure Beach, Wrightsville Beach, and Castle Hayne. Visit the Cameron Team web site at http://www.thecameronteam.net for more information.