Chapel Hill, NC foreclosures
Someone asked me last night about the foreclosure opportunities in Chapel Hill. While we are one of the strongest markets in the country and are likely to be among the first to rebound, there actually are a few homes in foreclosure or preforeclosure that can be a real bargain.
Banks are generally concerned about getting their money out of a house to pay the mortgage; anything after that is either equity for the owner or a second mortgage holder. Since there is no emotion attached to the property by the bank, and they really are not concerned about the others getting their money out of the deal, they are happy to see any offer that will allow them to get another file off their desk, so lowball offers are often accepted.
You can search the MLS listings now by foreclosure as a criteria, so if you want to get into real estate for the first time, or if you are an investor looking for a deal (steal), now is the time. There is an increase in activity lately with the normal spring market and the general news seems to indicate that the market is at or close to the bottom. I am a firm believer in buying now, before the competition and values start moving up.
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