All About Foreclosures
This website is updated frequently with information on foreclosed property for sale in the western North Carolina mountain communities of Boone, Blowing Rock, Banner Elk, Beech Mountain, Linville, West Jefferson, Valle Crucis and surrounding areas.
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Some of these foreclosures are my listings and some are other agents’ listings which I feel are outstanding bargains for the right buyer. Other agents’ listings are identified as such in the narrative.
Based on my years of experience since 1983 as a full time REALTOR in northwestern North Carolina I can tell you there are never a lot of foreclosures for sale at any given time in our market. However, there are more for sale during this economic downturn. There will be more for sale in the next few years. The real estate inventory fluctuates from about 30 homes at any given time for sale in MLS which are foreclosures to about 60 foreclosed homes in all of MLS. The local MLS covers primarily Watauga, Avery and Ashe Counties with spillover into each county adjoining the three main counties. The highest number of foreclosures I saw in MLS during the recession were 100 homes foreclosures listed for sale. Since there have been around 1800 - 2500 homes listed for sale at any given time during the recession the foreclosed homes are a very small part - BUT very active part - of the real estate market.
As we are gradually transitioning from the deep recession in the local real estate market to a slow market, please note that there are certain price ranges where the market is not slow. In fact, in certain locations(usually centered near Boone) foreclosures are often in bidding contests, with multiple offers as soon as they come on the market. Homes under $175,000 (near Boone, value-priced, in good condition and neighborhoods) are also subject to multiple offers.
If you are looking for a full time home please keep the high demand for affordable homes in mind when you look at new listings - you need to be prepared to make an offer - know your credit score, know what your credit history looks like, have your down payment on account, have 3 years of tax returns available for your lender to review. Go to AnnualCreditReport.com to get your free credit report. Get your FICO scores from that site. Most banks want to see a score of 640.
Whether you are interested in a short sale(seller still owns) or a foreclosed property(bank now owns) or a courthouse sale(bank working toward re-claiming), there are pitfalls connected with these kinds of real estate purchases. Please contact me to discuss the pros and cons of each type of distressed property purchase.
These foreclosures can represent incredible opportunity for the buyer who is cash and credit ready to take advantage of under-market (sometimes WAY under market) priced property. These properties come in all price ranges from mobile home to new log home to luxury resort home in a gated golf community.
Three extremely strong real estate market niches continue to thrive in our local market---(1) close to ASU student condos and appropriately-zoned single family homes which allow multi-family use, (2) foreclosed properties or distressed seller properties and (3) affordable single family homes conveniently located to Boone or Blowing Rock, particularly those in residential neighborhoods within walking/biking distance of Appalachian State University which are desired by ASU faculty and administrative staff.
The demand for long term rental property is high in our area. The inventory of homes available for long term rental is high. Many second home owners are not receiving the vacation rental (short term rental) they have received in the past years.
More than at any time in the past two decades, many second home owners have placed their homes in a long term property management program to assist the homeowner with the mortgage on their mountain vacation/retirement home. However, most of these homes are fully furnished---which decreases the rental choices for families moving here who already have a house full of furniture and need an unfurnished home to rent for six months to a couple of years.
Whether for your own use or for potential rental investment property, you must be careful about the pricing and location of those foreclosed properties. Not every foreclosed property will provide decent rental income.
If you are interested in exploring real estate opportunities available through foreclosures and motivated sellers, please review listings I have personally previewed and presented on this site. If the listing is not my company’s own listing, then the other foreclosed properties I have featured on my site are properties I have personally chosen and obtained permission from the listing office to feature on my site. I take the pictures and write the narrative. I study the facts on the property--the tax value, the first mortgage, the neighborhood, comp sales through my MLS.
I offer to you the benefit of my 30+ years in the real estate business as well as my personal experience in buying foreclosures. I study upcoming foreclosures and new listings of foreclosed property each day.
Contact me with any questions you see about the properties featured on my website.
Complete a contact form so you can be on my list to receive new foreclosure information as soon as it is posted to this site OR go to my Twitter site and sign on to receive my tweets about newly listed foreclosures.
Understand this, if I call you, e-mail you, tweet you or blog you about a newly listed foreclosure and I state my opinion that this one is very well priced and will not last long, you need to preview it ASAP if you are interested. On my last foreclosure listing I had three offers. Very recently, on another listing(not my company’s), I told several of my clients to see this immediately. The house was shown 7 times in one day and had two offers. You are not the only one watching for bargains in this market. You must be ready to act.
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