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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:
There is also another type of property sale called a "short sale". A "short sale" is pre-foreclosure 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:
If foreclosures or short sales in the Topsail Island area interest you, please let us know. We have helped many buyers navigate the uncharted waters of REO purchases.