Outer Banks Real Estate Foreclosures

Check out the recently sold Outer Banks foreclosed properties and see the possibilities!

Contact Stephanie for a complete list of recently sold Outer Banks real estate foreclosures. Each bank negotiates differently and by seeing a list of recently sold Outer Banks foreclosures and the percentage of asking price paid for each one, you'll be more knowledgeable about the opportunities in the Outer Banks foreclosure market.

Outer Banks Foreclosure and Short Sale MLS Search
 

Our easy to use Outer Banks MLS search engine on the right column of the page allows you to search foreclosed and potential short sale houses and land in addition to all Outer Banks homes and land listed for sale in every Outer Banks town including Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head, South Nags Head, Manteo, Rodanthe, Waves, Salvo, Avon, Buxton, Hatteras and Ocracoke Island.

Sign Up to receive Daily Email Alerts of new Outer Banks bank owned and potential short sale real estate listings, price changes of properties that meet your search criteria, and allows you to save multiple searches with unique names for each Outer Banks area you choose to monitor. You can access your Outer Banks real estate account anytime and change the frequency of the email alerts, share them with friends and much more!

Great Escapes Realty provides home buying informational websites for each Outer Banks town including the 4-Wheel Drive Area, Corolla, Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, and Nags Head.

All About Real Estate Foreclosures

Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.

The foreclosure process as applied to residential mortgage loans is a bank or other securedcreditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.

Source for the All About Real Estate Foreclosures information is Wikipedia.org.

All About Real Estate Short Sales

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is "doing the other a favor;" a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Lenders often have loss mitigation departments that evaluate potential short sale transactions. The majority have pre-determined criteria for such transactions, but they may be open to offers, and their willingness varies. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from an appraisal or Broker Price Opinion (abbreviated BPO or BOV).

Lenders may accept short sale offers or requests for short sales even if a Notice of Default has not been issued or recorded with the locality where the property is located. Given the unprecedented and overwhelming number of losses that mortgage lenders have suffered from mortgage failures that in part triggered the Financial crisis of 2007–2010, they are now more willing to accept short sales than ever before. For "under-water" borrowers who owe more on their mortgage than their property is worth and are having trouble selling, this presents an opportunity for them to avoid foreclosure as a result.

Source for the All About Real Estate Short Sales information is Wikipedia.org.