Financing Your Outer Banks Foreclosure purchase

Aug. 24, 2009 - PRLog -- You will have to be prepared if you want to try and get one of these Outer Banks foreclosure deals for yourself. What the banks like most is cash and you will be surprised to see how many people actually have the cash to buy a house. If you have the cash then go ahead and get it lined up so you can provide proof that you have instant access to it. This is called "proof of funds" and the bank/seller will want to see such written proof at the time you make your offer.  

If you don't have cash and need to obtain a loan for the purchase, start doing your homework now. The bank will require a pre-qualification letter from a reputable lender with your offer. One step better would be a pre-approval letter from your lender, which means you have already applied for the loan and the lender is waiting ready to lend based only on satisfactory appraisal of the property.  Some bank-owned properties will actually require you to get pre-qualified from their approved lender. You won't have to get your loan from this lender, but the bank/seller wants to be sure you really do qualify for the loan.

If this occurs you now know it is not your Buyer's Agent questioning your abilities but rather they will be helping you be properly prepared to make a solid foreclosure offer.

Then there are the foreclosure properties where the previous owner took out their revenge along with the heat pump. Without heat you can not get a conventional loan. If the house has been damaged to the point where it is not currently habitable then you won't be able to get a conventional loan.

In these cases you will have to either pay cash or use an FHA 203k rehab loan. This program will lend you the money to make the necessary repairs needed to bring the property back to habitable condition. While houses like this look pretty scary, they are a great way to add equity to your investment.

Don't be scared away from some of the truly good deals one can find with Outer Banks foreclosures just because of the condition of the property.  Being prepared gives you excellent chances of success and you can start by searching all of the Outer Banks foreclosures for sale here. http://www.outerbankshome.com/real-estate-news.html Be sure to check out the mapping feature with the satellite images of all the foreclosure properties for sale. If you have any questions about any of these Outer Banks foreclosure properties for sale just give us a call at 800-647-1868.

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Helping people buy and sell Outer Banks real estate from Corolla to Hatteras Island including Nags Head, Kitty Hawk, Duck, Southern Shores, kill Devil Hills, Colington, Manteo and everywhere in between. For help call Shore Realty at 800-647-1868