North Carolina banks and mortgage lenders can foreclose on properties in the state when the mortgaged home owner goes into loan default. As a major city in the state, Raleigh provides a significant share of these foreclosed properties. Lenders must first post a public notice in the Raleigh area to let the public prepare for the auction. Bidders can then find desirable Raleigh foreclosures and bid to buy them at the public property auctions.
Find Raleigh foreclosed properties through foreclosure listings in Wake County newspapers. North Carolina lenders must advertise foreclosure sales in a county newspaper of general circulation in the same county as the property that is facing foreclosure. Note that some small part of Raleigh is in Durham County. Just those foreclosures may appear in a newspaper originating in Durham County. Besides traditional papers, many North Carolina newspapers now publish online editions. You can start your search for Raleigh foreclosure listings by finding these newspaper websites through USNPL.com.
Find out when and where to go to participate in Wake County foreclosure auctions. While many of these auctions may take place at the Wake County Courthouse, you should check individual foreclosure listings for Raleigh foreclosed properties to determine the exact schedule and location of auctions.
Try to come up with a profitable bidding plan for each foreclosure that you want to buy. First, look at the amount due on each Raleigh property. This will tell you the starting bid, as the lender bids this amount. Next, you need to try to determine the fair market value of a property by talking to neighbors or real estate appraisers/agents experienced in Oakland home values. You then set a maximum bid that is under the fair market value to get a good deal on a Raleigh foreclosed home.
Prepare the money required for bidding on and paying for Raleigh foreclosed properties. The lender can set the payment terms, so you need to look at each notice to determine how and when to pay.
As in all cases of real estate purchases, you want to get a North Carolina deed when buying a foreclosed home in Raleigh. A deed is the legal instrument which provides proof that you bought the property. The lender’s trustee at the foreclosure sale is the one who should give you a deed after you finish paying for the foreclosure.
Take the deed to the Wake County recording office. Just ask the trustee if you do not know the location of this office. File the deed there as soon as possible to protect your interest and investment in your new Raleigh foreclosed property.
Foreclosure.com’s North Carolina Foreclosures Information Page