North Carolina has had its own share of foreclosures in 2005 and 2006. Due to this, today there are many North Carolina foreclosed homes available for first time homebuyers as well as investors. As an investor, you can find anything from a HUD home to a top of the line condominium. With increasing prices in the real estate market, North Carolina bank foreclosures offer investors great opportunity for making profits. Due to the boom in property, the value of a condominium or a home will also increase over a 2-year or a 5-year period. If an investor sells the home at this point of time, then he is bound to make twice the profit.
First time homebuyers in NC
As a first time homebuyer, you will need to take care of different aspects of home buying. Bank home foreclosures in North Carolina are different from the normal real estate property. Bank foreclosures are those homes where the homeowner failed to pay his installments and as a result the home went into foreclosure. The lender can sell North Carolina foreclosures to the highest bidder through an "open to all auction". Before you buy foreclosure homes in North Carolina, you need to check the home thoroughly. Sometimes there are homes, which look good from the outside but require considerable repairs inside. Try to avoid such a situation, as it will be more of a loss for you than gain.
The first thing to do is find North Carolina foreclosure listings. You can find this list with a lender or any other financial institution. However, these lists may not be completely updated. In such a scenario, you can try taking a membership with an online real estate agency. These agencies have mega lists of more than 600,000 foreclosure homes throughout the nation. Their lists are updated regularly and are comprehensive. You can browse through images, and information that includes locality, number of rooms, total space, attached swimming pool and even the price. This will give you a fair idea and you can choose according to your budget.
You can find a range of homes like HUD property, VA homes, fixer-upper, condominiums, repossessed houses, home for single family, and homes for multi families. Once you have the information, you can compare them with each other and identify the advantages of buying a particular home. All North Carolina bank foreclosures are sold at a discounted rate so that the bank can cover up for its losses. If you work with a government firm like the fire department or the education department then you can avail of a higher discount. Even if you are not, buying a home for a 20% discount when the real estate market is hot is like a dream come true.
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