Winston-Salem foreclosed homes are offered at incredible prices for the buyers. It is possible to get a discount of 20% to 50% on the houses sometimes. With the advent and the popularization of the user savvy internet the access to the listings of the foreclosed homes and other houses for sale in Winston-Salem has become easy. Otherwise it needed inside knowledge of the real estate sector or the purchase of expensive listings published by the mortgage dealers and the auction houses.
Winston – Salem or the twin city is a main centre in the state of North Carolina. It is the fourth largest city in the state of North Carolina. The city houses the best law school in the north east, the Wake Forest University. The search for foreclosed homes in this city can be done using the database of thousands of foreclosed homes maintained by various websites. These websites have the state and zip code enabling a detailed search from your home. An example of such a site is the Fizber.com.
Foreclosed homes are very attractive to prospective property buyers because of the affordable price. Usually the foreclosure auctions sell the homes listed very cheaply. North Carolina follows both the out of court as well as the more tedious court settlements. The out of court settlement is more common since it saves a lot of time provided the property deed is devoid of major complications. The mortgage agreements usually include a power of sale clause which is important for foreclosures to take place.
The foreclosure auction is carried forward in the presence of the county clerk who presides over the auction hearing initially. The borrower is given 20 days time so that the mortgage can be repaid. In the event of the failure of this condition the lender has the right to sell the property and can advertise it even without the knowledge of the borrower. The borrower is sent a notice by the lender 10 days before the foreclosure auction. In Winston-Salem the foreclosures are ordered for auction by the court. On the final bid and sale the buyer has to give the entire sale amount in cash to the county sheriff. Sometimes the borrower can buy back his property after redeeming all the dues to the mortgage company. The foreclosure auction can be postponed 3 times by making announcements. If the borrower pays back the money due then he can get his property back.
The local dailies and the internet would give all the required details about houses for sale in the city of Winston-Salem. The property auctions, government foreclosures, foreclosure auctions etc are all advertised in the print as well as the multimedia. The government auctions are exclusive for the government foreclosures. These auctions involve confiscated properties and are usually sold at throwaway prices. The government sells these properties due to the high maintenance costs involved. The process is very transparent and easy. Loans are easily available for the purchase of foreclosed homes and houses for sale. Foreclosed homes are considered a good investment option these days. First time buyers also opt for this since well maintained houses are given away at very cheap prices.