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Topic: General Information

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Posted By: Flyer

Subject: OBX Forclosures

I was just wondering if anyone knows the process that Dare county uses for purchasing forclosed homes. Any legal web sites to view or newspaper sites that would give information. Thanks

Message Replies:

57421: RE: OBX Forclosures

10/28/2009 8:11:14 AM

Posted By: Guest

Almost all of the foreclosures are by Banks. Dare County (?) what for taxes, I thought it would be a lien! The Outer Banks is very heavily run by realtors and any Real Estate agent would give their "Right Arm" to get live clients at this time. There are agencies that have tried to capitalize on others misfortunes.

57422: RE: OBX Forclosures

10/28/2009 8:21:54 AM

Posted By: Guest

You mean how does NC do foreclosures, not the county. NC has a policy that is somewhat unusual in that the auction at the courthouse steps is not the final sale, or it does not have to be. We have what is called an upset bid and that can occur after the auction ends, it can be very confusing. Most foreclosures are purchased by the banks and then placed on the market for sale. These often go fast with multiple offers and offers of full price or MORE. There is no half off, or $100 purchases or any of that other crap you hear on TV by those guys selling their books and sales kits. It doesn't happen here because the ground is always worth more than the house on it.

There are many website that offer lists of foreclosures, I have one as do many other Realtors.

I would suggest you contact a Realtor, get prequalified and come look. Some foreclosures are really great deals but you have to be ready to buy. There is not enough time to come, look, go home think, talk to a lender, and come back. A good deal will have 3 offers by then and most will be full price or within 3% of it, otherwise the bank will just wait for a better offer.

I suggest you avoid short sales, I have written 5 this year and not have gone through. The banks are in no hurry to loose money and most buyers give up and move on after their offer is ignored 3-6 months without a yes or no from the bank.

And to 421, I would not give my right arm for any buyer! Maybe my left.

57426: RE: OBX Forclosures

10/28/2009 8:31:25 AM

Posted By: Guest

I am not the OP but thank you 422 for an informative answer!

57431: RE: OBX Forclosures

10/28/2009 8:38:37 AM

Posted By: Guest

Yes, 422 is right on. The foreclosures also have to be listed in the local paper and on the courthouse wall for a certain amount of time, before they go to auction. 421 is misinformed!

57440: RE: OBX Forclosures

10/28/2009 10:31:15 AM

Posted By: Guest

Those are some screwy laws! Whats the point of an auction if they can still sell it after its sold? Interesting info!

57460: RE: OBX Forclosures

10/28/2009 3:34:33 PM

Posted By: Hatteras Is. Resident

The rental house 3 doors from me on Hatteras Island has been for sale for about 5 years. Last month the owners' gave up and gutted the place and walked away. I peeked in the windows and all of the wall fixtures, curtain rods, furniture and appliances are gone. I noticed a U-Haul going down my street as I started off to work on the day it happened. I didn't think anything of it. Then, when I got home, another neighbor came to tell me of the gutting.
I have put 2 and 2 together--My hand cart (That I had taken out of my van the day before--but had been too lazy to put away) was missing. I'm sure they used it to move the furniture. It would have been nice if they had returned it when done.

57467: RE: OBX Forclosures

10/28/2009 6:26:25 PM

Posted By: Guest

Are you sure it was the owners? Thats a common crime where I live, people break into vacant properties and take everything..down to the plumbing, and electrical outlets.

57478: RE: OBX Forclosures

10/28/2009 9:31:26 PM

Posted By: fyrefighter273

I obviously do not want to advertise/endorse here but look real close at short sales around here, it happens, my wife and I got a pretty good deal not too long ago. Real estate agents can direct you to them. MLS will mention them rarely.

57484: RE: OBX Forclosures

10/29/2009 12:42:57 AM

Posted By: Guest

Hi-I'm not here to judge or anything but I feel that pawn shops, foreclosures, etc. are such sad ways to get a deal. Are we not capitalizing on others misfortunes? Maybe not as I am pretty much ignorant of foreclosure laws.

57490: RE: OBX Forclosures

10/29/2009 6:24:39 AM

Posted By: Guest

I agree with post 484. I'm a local resident and I can't tell you how many Real Estate Agencies have had signs on their "Billboards" such as "Get your foreclosure lists here" "We specialize in Foreclosures" "For great Foreclosures see........" "One stop Foreclosure headquaters". I think its sad, but selling real estate is a business. The Outer Banks has been a gold mine to realtors in the past. Personally, my opinion realtors over sold the Outer Banks, not by selling property but by painting a great investment picture especially with rental home. I guess you seize the moment. I won't get into commenting on the developers who I think ran wild and built the biggest and most expensive homes possible. This is American business philosophy, make the most possible. Let's hit the mortgage people who got people in for the least dollars possible. Result, many foreclosures. Unfortunately, there has been some lean years recently. I guess everybody has to makea buck some how! SAD.

57495: RE: OBX Forclosures

10/29/2009 7:57:28 AM

Posted By: Guest

People should have enough sense to stay away from property (and everything else) that they can't afford. And yes, you know how much money you make and if you are going to be able to pay your mortgage. Real Estate Companies can do short sales, which is not a foreclosure, but can NOT sale foreclosures. And rental homes are great investment, how were they supposed to predict the future!? The banks need to take some responsiblity as well, but ultimately aren't YOU responsible for yourself. If everyone would quit depending on others, and waiting to be taken care of or given something for free, and just work hard to accomplish your goals, realize YOU ARE RESPONSIBLE FOR YOURSELF, we'd be alot better off.

57499: RE: OBX Forclosures

10/29/2009 8:23:04 AM

Posted By: Guest

495, get off your soapbox now, and have a little compassion. I have a home that my husband and I could well afford. We both had jobs that we felt were "secure". Over 22 years at one job. I have now been out of work for two years, and my husband had his hours drastically cut to nothing. Over the last two years, the "emergency savings" that we had saved is gone, and we are barely holding on to our home. We did not "overbuy" on our home. Everyone's circumstances are different!

57522: RE: OBX Forclosures

10/29/2009 10:59:59 AM

Posted By: Guest

Apparently #495 you are a realtor or related to one or just totally smarter than the average bear. We looked at a lot of houses in the 90's through 2002 and the GLAMOROUS picture painted by Outer Banks realtors about how the house will carry itself if we rent was overwhelming. Adjustable Mortgages were the way to go. Wow I could own an Oceanfront Mansion for Free (a Little dramatics here. According to #495 we should have saw through all of this hype and said what if in 10 years we have a major recession and my job of 20 years will go bust we really can't afford this. If that was the case the Outer Banks would still look like it did in the 80's because the realtors and developers would have left town or gone broke back then. Hindsight is always great.

57531: RE: OBX Forclosures

10/29/2009 1:21:24 PM

Posted By: Guest

490,

Those lists we pass out or give to potential buyers of foreclosed properties are NOT ones about to be foreclosed. Let me restate that, they are NOT ABOUT TO BE FORECLOSED. They are bank owned and have been foreclosed already.

As a Realtor I can only sell property for an owner, these are now owned by the bank and have been foreclosed on already, the auction has happened, the bank now owns it. The better term is bank owned homes rather than foreclosure homes. Anyone can go to the courthouse and buy a foreclosure with 10% down, but there is the upset bid where someone could later offer more and take it. 95% of the time the bank buys it or the trustee (a lawyer who has the paperwork) buys it.

Once the bank owns it they list it with a Realtor to sell on the MLS. The MLS also lists Short Sale homes and it is not hidden. These are JOKES as they rarely go through and I tell buyers to avoid them as it can take 3-6 months to get an answer of yes or no on an offer. Only 23% of them ever get accepted and buyers just walk away disgusted.

I am also #422 above.

57534: RE: OBX Forclosures

10/29/2009 2:08:55 PM

Posted By: Guest

Wow, 495, it must be nice to live in a bubble where unemployment, illness or other unexpected troubles never occur!

57535: RE: OBX Forclosures

10/29/2009 3:27:45 PM

Posted By: Guest

Yes, everyone's circumstances are different and there is plenty of blame to go around for the housing bubble. Times are very tough right now for alot of people, and alot of them who had done everything right. 499 sorry to hear about your circumstances, but isn't some kind of income better than nothing. Unless you are getting unemployment then get a job that you are overqualified for, anything. I read the help wanted ads today there are jobs available. May not be jobs that people want to do, but it's something. I foresee another BAD winter, and hope everyone can survive. Looking forward again to the tourist season!! Which without the Outer Banks wouldn't be much more than a ghost town.

57571: RE: OBX Forclosures

10/30/2009 3:17:53 PM

Posted By: Guest

I guess what rubbed me wrong about a few of these posts is the disdain felt toward renters. Yes, times are hard. I lost my job of 15 years last year. Sold my own house before the foreclosure monster came knocking. Single mother of three making less than $20,000 a year now. BUT: I STILL scraped and saved all year for our annual trip to the OBX. So when I hear people refer to renters or tourists in a crappy way, I get a bit miffed. Rentals may not make an entire mortgage payment, but imagine if there were no rental income at all. We (most of us) respect your homes, your buisnesses, and bring our hard earned money to spend. No one expects to stay a week for Red Roof Inn rates, but some of the increases are ridiculous. Eventually people will say forget it; no vacation this year..and then the foreclosure rate will TRULY rise.

57593: RE: OBX Forclosures

10/31/2009 8:19:14 AM

Posted By: Guest

571 than you, it is people like you that keep the outer banks going. i love tourists. no matter how peeved i may get at times we'd be nothing without our vacationers and i appreciate every one of them!

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