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Note: The distressed market has all but disappeared. If homes are increasing dramatically in value, it is unlikely anyone would have a foreclosure, unless the house falls into such poor condition that they can't sell it for a reasonable number.
If you would like to receive an email EVERY TIME a short sale or foreclosure hits the market, send me an email request.
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Bank owned in New Hanover County
This list shows all of the property that has been foreclosed on and put back on the market by the bank or mortgage company that owns it. While there are opportunities to save money on foreclosures, the banks are not always easy to deal with, the property is sold AS-IS, and they are frequently in need of repair.
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Short Sale List: New Hanover County
A short sale occurs when the expected sales price will not cover the amount the owner owes the mortgage company or bank. When prices fall, as they have in recent years, short sales become more common. Short sales are also called pre-foreclosures - in essence, the bank calculates that the net result would be better for them to sell now at a loss than to go through the foreclosure process and then have to re-sell the property themselves. Short sales can take between 30 days and six months to negotiate, so if you are buying a short sale you will need patience.
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