Outer Banks Foreclosures
Published November 2, 2007 by admin updated 2/21/10
There was an article in a local paper recently that proclaimed a 78% increase in property foreclosures on the Outer Banks. This article was picked up by all the national syndication and was seen everywhere. I was surprised by this because I don’t see all that many popping up for sale in the MLS. I talked to some lenders and they concurred that this seemed to be an inflated number.
I did a search through the MLS and I found some properties that are bank owned, which means they were foreclosed on and now the banks own them. They were mostly priced at market value and some were under contract at market value. Apparently the original owners had borrowed so much against the houses and the outstanding loans were so high that the lenders were unwilling to sell at much of a discount.
The other day I had some time to kill so I read the local paper all the way to the back page. There I found the foreclosure announcements. 18 properties were being advertised by the bank’s attorneys as going into foreclosure. I started to think the article predicting doom and gloom in the Outer Banks real estate market might be true until I looked at the properties being foreclosed on.
15 of the 18 foreclosure notices were for timeshare units. The sales and/or foreclosures of timeshare units has absolutely nothing to do with the real estate market on the Outer Banks. I don’t even think timeshare can be called real estate. There is no deed and you don’t own anything so how can it be lumped in with real real estate.
I wish these reporters would do some actual investigating before they publish articles that might affect the welfare and economy of an area.
Update January 7,2009
Foreclosures have hit the Outer Banks. Click here to view Outer Banks Foreclosures properties and houses for sale.
Below are some articles related to Outer Banks foreclosures and short sales.
Outer Banks Foreclosures with Extensive Repairs
Financing Your Outer Banks Foreclosure Purchase
Outer Banks Foreclosure Pricing
Outer Banks Foreclosures and the Bank Addendums
Here are some sample addendums we have from previous transactions. These may or may not be similar to the one the selling bank is using in your foreclosure deal. Use these sample banks addendums just as a reference to become more comfortable with the procedure so when you have less than a day to initial and sign 14 pages of addendums you won't panic.
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