Buying a foreclosure on the Outer Banks
It has become easier to purchase a foreclosure on the Outer Banks. Banks are more cooperative in replying promptly to offers and negoiating terms of the offer.
When considering a foreclosure, please keep in mind that you will still have a 10 day inpsection period to perform all necessary inspections. Please contact me directly about what type of inspections will be required for certain types of properties. You have the option to request the bank to correct any items found. Be prepared that they may not correct the issues.
Have your pre-approval letter from your lender ready to submit with any written offer. Banks often require a proof of funds to be submitted at initial offering. Once your offer is accepted, a bank's addendum form will be required as well.
There are special financing available on some foreclosures giving buyers a lower percentage down to move in to the home, sometimes offering closing costs assistance or offering a low interest rate. I can supply you with information regarding specials offered on certain properties.