New Bern Bank Owned and Foreclosures For Sale
New Bern's Top Website to search for
This information is bought to you by Realtor Steve Tyson
Click the link below to search for Foreclosures and Bank Owned Property
Foreclosures and Bank Owned Homes for Sale in New Bern
Buying a Bank Owned Home or a Foreclosure can be easy.
I believe that Real Estate is a great
investment for the average family. Let me explain why. Let's compare investing in Real Estate to the stock market. Here are some of the hot stocks
my stock broker encouraged me to buy in past years? Let's see, World Com
was a good one. My $2000 investment was worth about a nickel
when I sold it. Here is the last must buy he gave me, AIG.
My $5000 investment went to nearly zero. It will
never recover to it's past value.
On the other
hand while Real Estate could go down in the short run, however in almost every instance
it will go up in the long run, and it always has value whether you live in it or rent it out. And unlike stock it will never go to zero. What tangible use do you get out of stock? I'm saying you shouldn't invest in the stock market. I am saying in the long run real estate is a good investment.
Our Webpage will enable you to search for Bank Owned properties and Forecloseures currently for Sale in New Bern,
Havelock, and Oriental.
Folks often have the perception that foreclosures are always great buys. You
need to understand that just because the bank has
foreclosed on a property you will not automatically be getting a
good deal. This may be the case, but often it is not. Here is why. Many times homes go into foreclosure because the owner had little or no equity in the property or
because the property was in such bad condition it was not saleable for what they owned onthe property and did not have the resources to make needed repairs. You need an experienced Realtor to help you discern if you
are getting good value on a bank owned or foreclosure. Steve tyson is a former custom home builder and custom remodeler and can help determine what needed repairs might cost.Buyers Beware
Buyers of properties in foreclosure need to be aware of
the possibility of unpaid liens, mortgages, taxes, construction loans, homes equity loans, environmental problems, and second or perhaps 3rd mortgages. They would likely become your problem if you buy
Real Estate at a foreclosure auction. So this might not be a good decision for the average investor.
The foreclosure process usually works like this. The bank buys
the property back for what they are owed at the court house auction, especially if there is any equity in the property. If you bid more than what the bank is owed on the property at a foreclosure auction, you might get the property. Assuming the bank buys the property they will then list the property with a Real Estate Broker that specializes in selling
Bank Owned Property. Once it is listed it usually goes on the
Realtor Multiple Listing Service, just like any other property,
and is accessible to all the other Realtors in the area.
If you actually are the high bidder at the foreclosure auction, then usually there is a time period of 10 days in which someone else can upset your bid if they up it by 3% or some other amount. If you buy a home at a courthouse
auction you had better know what you are getting into. Unless you know what you
are doing you are better off buying the property from the
bank once they have foreclosed on it. Then you will get a
Warranty Deed from the bank and title insurance from a Real
There are Hundreds of Real Estate Brokers in the New Bern area. Why would you choose the
Click Here to find out Why
How the foreclosure process works in N.C.
By Christine Rexrode
Posted: Sunday, Oct. 31, 2010
If you're afraid that you're about to fall behind on your
mortgage, you should contact your bank as soon as possible
to try to work out a new payment plan. You should also talk
to a HUD-approved counselor, even if the bank has already
started foreclosure proceedings against you. You should be
able to negotiate with your bank up until the final sale
date. See www.ncforeclosurehelp.org for more information.
A house doesn't go into foreclosure as soon as a borrower
misses a payment. It can take months or even years from the
time that the borrower first defaults until the house is
actually repossessed and the borrower is required to leave. Also, The
N.C. Commissioner of Banks' office estimates that about half
of the foreclosure starts in North Carolina actually become
foreclosure sales. Many times the bank will try to work out a deal with the homeowner so they are able to keep their home.
Here's how the foreclosure process works in North Carolina.
The borrower defaults on his mortgage payment, and the bank
starts sending letters threatening foreclosure action.
Typically, the bank waits about 90 days before referring the
case to the trustee. The trustee is a person, usually a
lawyer, who is supposed to be an impartial party who makes
sure that everyone in the foreclosure process is notified
The trustee notifies the borrower that he is going to file
foreclosure papers, then files at the county courthouse and
gives the homeowner notice that there will be a hearing at
the Clerk of Court's office.
At the hearing, the trustee must prove that there is a debt,
that the borrower is in default, that the mortgage agreement
gives the bank the right to foreclose, and that the
homeowner has been properly notified. The borrower can
appeal if they can show that the trustee can't prove one of
(If the homeowner has some other line of defense - for
example, he might say that the bank hired debt collectors
who harassed him - then he has to file a separate lawsuit
and get an injunction to stop the foreclosure filing from
moving forward in the Clerk of Court's office.)
North Carolina law also requires the bank to show that it
has tried to resolve the delinquent loan without resorting
to foreclosure; usually, this means it has to show that it
tried to work out a mortgage modification with the borrower.
The clerk can grant an extension of up to 60 days if she
believes that a mortgage modification could probably be
If the clerk allows the foreclosure to move forward, then
the trustee posts a notice of sale at the courthouse and
publishes another notice in the local newspaper. the trustee must also notify the
The foreclosure sale is conducted by the trustee at the
courthouse. Anybody can bid at the sale. The
bank usually bids the amount it is owed, although sometimes
it will bid less to try to stir up interest in the property.
The trustee files a report of sale at the courthouse. There
is a 10-day "upset bid period" where anyone can place a
higher bid, as long as it is at least 5 percent more than
the previous bid. The borrower can also file at any time for
Chapter 13 bankruptcy protection, which will temporarily
stop foreclosure proceedings.
If no upset bids are placed, the trustee files the final
sale report and the delinquent borrower must leave the
house. If the bank is the new owner, the property is called
bank-owned or real-estate-owned. Most people who buy
foreclosure properties buy them from the bank, rather than
at the courthouse sale.
Sources: Mecklenburg County Clerk of Court’s office, N.C.
Commissioner of the Banks’ office, Charlotte attorney G.
Martin Hunter, Charlotte attorney Peter J. Underhill
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