Raleigh, NC Foreclosures
What is a Raleigh, North Carolina foreclosure?
A foreclosure in Raleigh, NC is the process of how a bank or lender repossesses a home from the owner or borrower. Foreclosure takes place when a borrower consecutively fails to make his/her mortgage payments. Foreclosures are often referred to as Real Estate Owned (REO) or bank owned homes because the home has been taken back by the bank through the process of foreclosure.
How does a purchasing a foreclosure in Raleigh, North Carolina differ from purchasing a non-foreclosure?
Purchasing foreclosed homes use to take longer than a non-foreclosure purchase, but that isn't the case anymore. Most bank have streamlined their sale process on foreclosed homes and can usually close within 30 to 45 days of contract if not sooner. The competition on purchasing foreclosed homes in Raleigh and all of North Carolina is usually much greater because the homes often times are priced well below market value--that, in turn, tends to create multiple offers.
Enjoy your search for foreclosures in the Triangle of NC and contact Rich Vinesett, your local foreclosure specialist.