A foreclosure in Fayetteville NC is a legal process where a lender will take possession of a property as a result of someone’s failure to keep up with mortgage payments. The primary process of foreclosure in Fayetteville NC is called non-judicial foreclosure. There is no court action but notice is required called the power of sale. When a mortgage is initially signed it will typically contain a condition called a power of sale clause, which upon default allows a lawyer to foreclose on the property to satisfy the defaulted loan. When a borrower defaults on his payments, the lending institution tries to sell the property at auction. The minimum bid at auction is usually the amount owed on the note plus delinquent interest and costs. If the property is not sold at the auction, the lending institution takes the property and it is then known as an REO or Real Estate Owned Property.

ERA Strother Real Estate’s REO division has real estate agents who specialize in foreclosed homes. There is a wide selection of homes available, with varying prices and conditions. Before deciding to buy a foreclosure in Fayetteville NC, it is important to be informed and prepared. There are a few basic steps you should take when buying a foreclosure in Fayetteville NC.

1. Get pre-approved for a mortgage loan.

2. Find a realtor specializing in foreclosure in Fayetteville NC. You’re in luck, you’ve already found us!

3. Research what foreclosures are out there. Take a looks at our listings here.

4. A foreclosed property is sold as is. Get an inspection of the property and be sure to have funds set aside should repair costs arise.

5. Check out the neighborhood. Is this a safe area? Is it in a good school district? These are all things to think about when buying any home.

If you are interested in purchasing a foreclosure in Fayetteville NC, ERA Strother Real Estate’s REO Division is here to help. Our agents are top-notch professionals and will work hard to find the right home for you.

If you’re ready to start looking for a foreclosure in Fayetteville NC, contact us today.