Posts Tagged ‘Outer Banks Short Sales’
Are you looking to take advantage of today’s real estate market? Currently there are some considerable opportunities in Outer Banks short sales. It is often quite possible to purchase a short sale that is priced well below tax value. Start your search for an Outer Banks short sale today.
Often there is a confusion about what exactly a short sale is. Here is a definition from Wikipedia – 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 current debtor. 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 borrower.
August was an interesting month on the Outer Banks MLS. Not since November of 2008 have we seen distressed home sales, bank owned homes and foreclosures, make up such a small percentage of the total sold residential homes. In November 2008 we saw distress sales account for 14% of the total sold homes. This August we saw distress sales account for 13% of the total sales. For August we also saw a total of 124 homes sold on the OBX MLS as compared to 59 homes in November 2008 and 104 homes in August of 2008.
For those looking to sell their home in the Outer Banks, this is a very encouraging sign. For those who are looking to buy a home, and were waiting for the market to stop declining, now may be the time to get out looking. Some great opportunities can still be found in Outer Banks foreclosures and short sales. It will be interesting to see where September ends up, by there definitely has been an increase in those looking to buy homes on the Outer Banks.
Recently one of the hottest areas of the Outer Banks real estate market has been distressed and foreclosed home sales. Outer Banks distressed home sales include both bank owned homes and homes that are being sold as potential short sales.
In the month of July we saw a very encouraging statistic as 101 residential properties closed on the Outer Banks MLS. July was the third month in a row that over 100 homes closed on the Outer Banks MLS. This July was also up 13 sales when compared to July of 2008.
Bank owned homes and short sales are making up a large percentage of all transactions. 29 of the 101 properties were distress sales for a staggering 29%. Of those 29 sales, 20 homes were sold as bank owned. This was up from 18 bank owned homes sold in June.
It seems we will continue to see bank owned homes dominate the market until the distressed home inventory is cleared. This makes for excellent opportunities for those looking to take advantage of today’s real estate market. Many bank owned homes are easily converted into income producing vacation rental homes.
Our team can point you towards the best investments in the Outer Banks from foreclosures to oceanfront rental homes. Why wait any longer? Join our OBX Bank Owned Homes Newsletter.
