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Topsail Island Foreclosed & Bank Owned Properties

Due to the rapid rise in real estate values in the Topsail Island area during the mid-2000's there are many opportunities to purchase bank owned, REO or foreclosed properties in the area.

The overall process is much like traditional real estate purchases but with a few exceptions:

• Banks require additional addendums to the standard purchase agreements.

• Banks sometime require access to "intranets" made to falicate the process.

• Banks often pass special warranty deeds instead of general warranty deeds.

• Banks usually are not interested in repairs to the property and attempt to convey "as is".

There is also another type of property sale called a "short sale". A "short sale" is pre-forclosure where the bank considers allowing the property to transfer ownership for less than owed by the seller. This allows the buyer to buy property at market value instead of the amount owed. There are quite a few short sale properties listed in the area and this is fast becoming a standard type of transaction.

A few differences with Short Sales:

• The overall process is much longer, usually 60 to 90 days before closing.

• The bank requires proof of funds or pre-qualification before considering your offer.

• The bank many times require access to "intranets" made to falicate the process.

If foreclosed or short sale properties in the Topsail Island area interest you, please let us know. We have helped many buyers navigate the uncharted waters of REO purchases.

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