New Bern NC
Bank Owned Foreclosures For Sale
New Bern NC Top Website to search for
Homes
Realtor Steve Tyson
The Tyson Group believes that Real estate is the best
investment you can make. Want to know some of the hot stock
my stock broker gave me in past years? Let's see, World Com
was a good one. My $2000 investment was worth about a nickel
when I sold it. Here is the last must buy he gave me, AIG.
My $5000 investment is worth about $10 dollars. It will
never recover to it's past value.
On the other hand while Real Estate could go down in the short run
in almost every instance it will go up in the long run, and you can still use it
whether you live in it or rent it out. And unlike stock it will never go to zero.
What tangible use do you get out of stock?
That said, The Tyson Group philosophy is never borrow more than you can
afford. Don't be like the US government.
Our Website will
enable you to search for Homes for Sale in New Bern,
Havelock, and Oriental.
Folks often have the perception that buying a
bank foreclosure is the way to go these days. You
need to understand that just because the bank has
foreclosed you will not automatically have built in
equity. This may be the case but often it is not.
Many times homes go into foreclosure because the
owner had little or no equity in the property or
because of the condition of the property. You need
an experienced realtor to help you discern if you
are getting good value for a foreclosure or any
other home.
Buyers of foreclosures need to be aware of unpaid liens, mortgages, taxes, construction loans, homes equity loans,
and second or perhaps 3rd mortgages. They would likely become your problem if you buy at a foreclosure auction.
The foreclosure process usually works like this. The bank buys the property back for what they are owed at the court house auction.
They then list the property with an agent that specializes in selling bank owned property. Once it is listed it usually goes on the multiple listing service
and is accessible to all the other Realtors in the area. If you bid more than what the bank is owed on the property you might get the property.
Usually there is a time period of 10 days in which someone else can upset your bid if there up it by 3% or some other amount. If you buy a home at a courthouse
auction you had better know what you are getting into.
If you would like a list of current bank owned properties in the New Bern NC area, send me an email at
SteveTyson@NCmove.com
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