If you are looking for a city with great weather, a friendly and diverse population, culture, many universities, historic and landmark buildings, a variety of businesses, fine dining and entertainment, then Greensboro is the place to invest in foreclosed real estate listings. Greensboro offers both a city atmosphere and a warm and hospitable feeling. In fact that is why more buyers and investors are flocking to Greensboro, NC to invest and why it’s also a favorite retirement destination among retirees.
Where to Look?
As a result of the economy and housing market declines the past few years, there are a number of opportunities to purchase Greensboro foreclosed homes. If you are wondering where to find them, you don’t need to look too hard. The best place to find pre-foreclosure and REO (real estate owned) foreclosed listings is with a local Realtor, who has access to the local MLS. The MLS contains a complete list of updated inventory, including foreclosed houses that are available in the Greensboro and surrounding areas. You will find foreclosed homes in most Greensboro neighborhoods at all price ranges. If you are looking to purchase a foreclosure property at property auctions, you should check the local newspaper, county court house or on the Internet for a complete list of foreclosure auctions in the area.
Why Buy Foreclosed Homes?
The main reason to buy foreclosed homes is that they are sold at a substantial discounts compared to other resale properties in the area. You get to purchase properties with built in equity. All properties are sold in an “as is” condition. Some are in need of major repairs so you should have a home inspection. When you purchase properties at foreclosure auctions, you may not be able to have the home inspected, so you should take that into consideration when bidding. Also, you are not able to purchase title insurance for properties sold at foreclosure auctions. Even though the homes purchased at foreclosure auctions are deeply discounted, you may get stuck with liens and having to evict former owners or tenants. REO’s and pre-foreclosures are a different story. You can have those homes inspected, and you can get title insurance. If you are a first time home buyer or new investor, you may want to stick with REO’s and short sales (pre-foreclosure properties) because they offer less risk than buying homes at foreclosure auctions.
Financing or Paying Cash
If you are buying pre-foreclosures or auction properties, you will need cash. When buying REO properties, you can purchase them by obtaining a mortgage or with cash. REO’s are properties that were foreclosed by the lenders who held the mortgages on the properties when the borrowers defaulted on their mortgages. If foreclosure properties do not sell at foreclosure auctions, the lenders become the owners and list them with local Realtors for resale. While lenders like quick closings, they will accept an offer from a buyer who needs to obtain financing as long as they are pre-approved. However, keep in mind that if you are in a multiple offer competing for the property with another buyer, and the other buyer is offering cash, you may lose the property to the cash buyer. Sellers and lenders prefer cash offers because they know the buyer can close the deal quicker.
Since there are a number of foreclosure listings in the Greensboro area, you should take advantage and find a property now while the opportunity is available. No one knows for sure how long these favorable buyer’s market conditions will last. Now is a great time to buy Greensboro foreclosure listings.