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The following article was published in our article directory on October 23, 2013.
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A Wilmington Bank-Owned Home Can Be a Serious Contender

Article Category: Real Estate

Author Name: Buddy Blake

Buying an Wilmington Bank-Owned Home Takes Preparation, Patience
Wilmington Bank-Owned Home Opportunities Balance Reward, Risk

If you're looking for a superior deal on a new home, you may find that a Wilmington bank-owned home is a serious contender. Today's real estate market includes a variety of foreclosed homes, some of which can be had at prices well below baseline levels.
Adding to the activity in that sector is the virtual disappearance of any degree of the stigma formerly attached to the bank-owned home market. By May of 2012, Realtor Magazine was already reporting how the rise in distressed inventories had brought about an increased appetite for the sector: "Nearly 65 % of buyers say they're likely to buy a foreclosure today compared to 25 % who said that in October 2009." And 92 % of those surveyed were interested in a bank-owned home as their primary residence, rather than as an investment vehicle.
If you think a local bank-owned home could be a serious contender for your attention, you should be aware of how to best prepare for the opportunities to be had among them.
Get Pre-Qualified
Pre-qualification not only speeds up the purchase of a Wilmington bank-owned home, it also produces a concrete range for your home-buying budget. Some banks charge a fee for the credit-checking procedure, while others simply build that into the bottom line.
Beware Potential Property Issues
The biggest issue facing the buyer of a foreclosed home is the potential for damage to the property. If it's been vacant for some time, issues tied to improper weatherization or pest infestation can have resulted. A bank-owned home is typically sold as-is â so ordering a thorough, professional home inspection is an absolute must.
Be Patient!
Buying a bank-owned home in Wilmington can proceed on a different timetable than does a regular home buy, so be prepared to be patient. It's also particularly helpful to have a buyer's agent on your team to help answer questions as they arise.
If you are in the market for a new home this year â whether it be a bank-owned home or not â I'm here to advise my clients from beginning to end. Getting started is just a phone call away!

Adding to the activity in that sector is the virtual disappearance of any degree of the stigma formerly attached to the bank-owned home market. And 92 % of those surveyed were interested in a bank-owned home as their primary residence, rather than as an investment vehicle.
The biggest issue facing the buyer of a foreclosed home is the potential for damage to the property. A bank-owned home is typically sold as-is â so ordering a thorough, professional home inspection is an absolute must.

Keywords: wilmington nc, wilmington nc real estate, homes for sale

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