Outer Banks Real Estate Blog

On the Outer Banks everyone is looking for a great deal and rightfully so, compared to years past there are some outstanding deals to be had. The first question I get from my prospective buyers is, "what about the Foreclosures and Short Sales". My response is the same, "Keep in mind that not all short sales or foreclosures fall into the "great deal" category". Over the last few years I have been involved in more than my fair share of Short Sale and Foreclosure transactions. What I have found is you can't just jump at a foreclosure or short sale with out working with a Realtor, like myself, to make sure you are getting the best deal the market has to offer.

Here are some things to think about when looking at a Short Sale or Foreclosure:

Short Sales can take anywhere from 3 to 9 months to close. The bank controls all aspects of the Short Sale process from the sales price, closing date, to other terms & conditions. In most cases there are multiple offers presented to the lender and a buyer usually has one chance to make an offer, rarely is there a counter offer. The most frustrating part of a Short Sale is to find out that after months of waiting you loose the house and all the others you were looking at have gone under contact as well. If you have time and are not set on a house then a Short Sale may be for you.

Foreclosures listed by the bank may not be at current market price or even below market price. Most banks are trying to get as much as the can for the house to recoup their investment. Also in most cases the previous owners strip the house of all it’s appliances and in some cases anything they can carry out including light fixtures, hot water heater, HVAC units, and plumbing. In general the house is sold "As-Is" and you have to take into consideration the cost to bring the house back up to standards versus buying a comparable house not in foreclosure that is ready to go. It's also good idea to have a complete home inspection done before you agree to close. No matter how great a house looks there is always a chance of hidden damage. The last thing you want to end up with is a money pit after you thought it was the deal of the year.

Remember, do your homework, work with a Realtor who knows the market, and get a home inspection when looking at a Foreclosure or Short Sale.

Go to Outer Banks Foreclosures & Short Sales to request a FREE list of Outer Banks Foreclosures & Short Sales

To learn more about the Outer Banks Real Estate Market email: MattHuband@HometownOBX.com

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