Making an offer on REO or Short Sale property in Raleigh, Cary, Apex, Morrisville, Holly Springs, Fuquay Varina or surrounding area of Wake County, North Carolina?

Purchasing a short sale or bank-owned property is not something to be taken casually. If you have any questions regarding real estate in Raleigh, Cary, or in an around Wake County, North Carolina, call us at (919) 388-9300 or send us an e-mail.

What is an REO?

"REO" is an abbreviation for Real Estate Owned. These are homes which have completed the foreclosure process and are presently held by the bank or mortgage company. This is different than real estate up for foreclosure auction. EQUITY SAVER PLUS REALTY has experience to share with foreclosures and bank owned properties in Cary, North Carolina

If you buy a property during a foreclosure auction sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. Finally, you'll receive the property entirely as is. That possibly will include existing liens and even current occupants that may require expulsion.

A bank-owned property, on the other hand, is a much cleaner and attractive option. The REO property did not find a buyer during foreclosure auction. The bank now owns it. The bank will attend to the removal of tax liens, evict occupants if needed and generally arrange for the issuance of a title insurance policy to the buyer at closing.

You should be aware that REOs may be exempt from typical disclosure requirements. In North Carolina, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to reveal any defects of which they are knowledgeable. By hiring EQUITY SAVER PLUS REALTY, you can rest assured knowing all parties are fulfilling North Carolina state disclosure requirements.

What is a Short Sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. Should you have any questions regarding real estate in Cary, North Carolina, call us at (919) 388-9300 or e-mail us.

Purchasing a short sale in Cary, North Carolina on your own is risky. Contact EQUITY SAVER PLUS REALTY for expert advice.

Are short sales good deals?

Occasionally. Most people hear the phrase "short sale" and automatically think of a seller that is in trouble and must sell their house quickly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the discounted price may in fact be consistent with actual market values rather than below.

What's involved in buying a foreclosure or short sale?

Before you make any purchase offers, do your homework. Using a knowledgeable real estate agent from EQUITY SAVER PLUS REALTY to help you research a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you determine how much to offer.
Get a real estate professional with foreclosure and short sale knowledge. The real estate agents at EQUITY SAVER PLUS REALTY can help expedite the transaction and make sure you're protected. Don't permit inexperience to hold up the closing process. Let our experience and knowledge work for you.
Even with an experienced real estate agent and under the best circumstances, buying a foreclosure or a short sale property will generally take longer than a typical real estate transaction. Know that a majority of short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be seen by a committee to approve or disapprove which will add time - sometimes even to 3-9 months.
Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a foreclosure or short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At EQUITY SAVER PLUS REALTY, when we write an offer, we will be looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.
Most mortgage companies have a department dedicated to REO and short sale that you'll work with when buying the REO or short sale property from them. To get their properties advertised on the local MLS, the lender will usually use a listing agent.

When it is time to buy in Raleigh, Cary, Apex, or surrounding area in and around Wake County, North Carolina, whether it be a foreclosure or a short sale, EQUITY SAVER PLUS REALTY is available for you. Utilize our experience and knowledge of real estate to be certain you're getting a fair deal and will be protected during the complete process.