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Distressed Properties
Investors and others
looking for bargains often search for 'Foreclosures' and Short
Sales, this page will help you do just that. Firstly though let
me explain the definitions so that you are looking for the right
thing.
Foreclosure,
Bank Owned
The properties
that most people think of as 'foreclosures' have actually gone
through the foreclosure process and are now technically 'Bank
Owned' or 'Lender Owned'. The buying process is very similar to
any other property in NC but as a bank owned home all
negotiations from the sellers perspective are done by the banks
Asset Manager.
HUD/VA
Properties
HUD/VA properties
are those that have been foreclosed on by either the Department
of Housing and Urban Development (HUD) or the Department of
Veterans Affairs (VA). The bidding process is different for
HUD/VA properties, please call me -919 388 4832- and I will
happily explain the process to you.
Short Sales
A Short Sale is
one in which a seller has for some reason got to sell the house
but the proceeds from the home sale will not cover the amount
owed on the home. The seller must negotiate with their lender(s)
to have part of their loan forgiven or deferred. In a short sale
negotiations are carried out with both the seller and the
lender, both of whom must agree to the sale. Short sales can be
difficult, please call me and I will discuss the pros and cons
of buying a short sale home.
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