Real Estate Deals
Real Estate Deals
This section provides quick links to local Real Estate Deals, Foreclosures and Short Sales.Click here for Real Estate Deals
For local search results where the listing remarks claim one of the following terms: Motivated Seller, Priced below appraisal, Bring All Offers, All Offers Considered, Reduced, Special Financing Available
Click Here for Local Foreclosures and Short Sales
For local search results where listing remarks include one or more of the following terms: Foreclosure, Short Sale, Special Addenda, Preforeclosure, Pre-foreclosure, Subject to Lender, Subject to Bank Approval, Subject to Third, Proof of Funds, POF, All Offers Must, Bank Owned
Buying or Selling; What You Need to Know
The current market comprised of foreclosure properties is an unfortunate situation for all parties involved, and is increasing daily.
Beverly-Hanks & Associates has 9 locations with over 300 agents covering Western North Carolina. Each of the areas covered by our offices has agents specializing in HUD, VA, Short Sales as well as bank foreclosures.
What is a foreclosure? Foreclosure is the legal process by which a bank seeks to recover the amount owed on a mortgage typically due to default. There are several stages in the foreclosure process:
Pre-Foreclosure / Short Sale: Basically, when the proceeds of a home "fall short" of what is still owed on a mortgage. During this time, the owner may possibly have the option to sell to a third party for less than what is owed on the mortgage and the bank may potentially avoid a costly and lengthy foreclosure process by accepting this lesser amount.
Auction: If the property is not sold during the pre-foreclosure period (if there is one), a public auction is then typically held to sell the property to the highest bidder. Foreclosure sales may include a minimum bid amount along with accrued interest, attorney fees and possibly other foreclosure fees. Typically, the property is purchased "as-is."
Bank-Owned / REO (Real Estate Owned): If the property fails to sell in the pre-foreclosure stage or at auction, ownership reverts back to the lender.
For more information on the legal aspects of the foreclosure process, contact your state attorney general's office.