WilmingtonBankOwned.net a Popular Source for Bank-owned Properties

April 13, 2010 - PRLog -- Wilmington, NC, April 13, 2010:  The United States’ poor economy of the past two years has made it very difficult for homeowners to maintain their mortgages due to job loss or decreased work hours. The number of bank-owned properties have increased. In January 2010, they comprised 22% of the nationwide home sales. That’s a 19% increase from December and that number is continuing to rise. Though this is a bleak report, bank-owned properties are potential deals for home buyers and all bank-owned homes listed in the MLS can be found for free through WilmingtonBankOwned.net.

What is a bank-owned property? When a homeowner is unable to meet the conditions of their mortgage terms, the bank will put the home into foreclosure status and attempt to sell it at a foreclosure auction. Traditionally, homeowners are allowed 90 days of missed payments before they default and the amount of time before a foreclosure is established depends on the state. If the home does not sell at auction, it becomes a bank-owned property or REO (Real Estate Owned). The bank will then sell the house to try and recoup some of its losses, which usually means the house will be sold at below market value.

WilmingtonBankOwned.net is a no-obligation online service that will e-mail buyers bank-owned properties as they come on the market. Areas include Wilmington, Leland, Burgaw, Castle Hayne, Rocky Point, Hampstead, Wrightsville Beach, and all surrounding areas. Registration is simple. Users just enter their contact information on the homepage and within 24 hours a report is generated and e-mailed to them. If at any point they no longer want to receive the e-mails, they can unsubscribe via a link in the e-mail.

This service is provided by Michelle Roberts of Coldwell Banker Sea Coast Realty. If readers have any questions about the new web site, they are invited to send Michelle an e-mail at Michelle@MichelleRobertsRealtor.com or call her direct at (910) 431-5686.

# # #

Wilmington NC Real Estate & Homes – Michelle Roberts , Your Realtor Michelle loves working with clients that have high expectations and works diligently to exceed those expectations in Wilmington, NC and surrounding areas.