What's happening with foreclosures in the Outer Banks?

Outer Banks foreclosures or distressed property sales continue to be a main focal point of many of today's real estate buyers.  Many buyers are finding bank owned homes, homes that have been through the foreclosure process, being priced well below tax value.  Recently we have seen a few foreclosures come on the market as low as 55% of tax value, which can be a significant saving on someone who is looking to purchase an oceanfront or semi-oceanfront home.

As of writing this, there are 28 foreclosured or bank owned homes on the Outer Banks.  The homes range from Corolla to Ocracoke and you will find some in every town of the Outer Banks.  Prices also have a wide range from $134,000 for a 2 bedroom Kitty Hawk townhome to $1,975,000 for a 8 bedroom Nags Head oceanfront home. 

One consequence of bank owned homes being priced so far below tax value, is that they sell quickly.  If you are in the market for a bank owned home, I would recommend being pre-qualified and working with a local agent who can keep you apprised of homes that come on the market, they represent an excellent opportunity.

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