New Bern Bank Owned and Foreclosures For Sale

New Bern's Top Website to search for Homes

New Bern's number 1 website to learn about home values


Click the link below to search for Foreclosures and Bank Owned Property

Foreclosures and Bank Owned Homes for Sale in New Bern


Buying a Bank Owned Home or a Foreclosure can be easy.

I believe that Real Estate is a great investment for the average family. Let me explain why. Let's compare investing in Real Estate to the stock market. Here are some of the hot stocks my stock broker encouraged me to buy 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 went to nearly zero. It will never recover to it's past value.

On the other hand while Real Estate could go down in the short run, however in almost every instance it will go up in the long run, and it always has value 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? I'm saying you shouldn't invest in the stock market. I am saying in the long run real estate is a good investment.

Our Webpage will enable you to search for Bank Owned properties and Forecloseures currently for Sale in New Bern, Havelock, and Oriental.

Folks often have the perception that foreclosures are always great buys. You need to understand that just because the bank has foreclosed on a property you will not automatically be getting a good deal. This may be the case, but often it is not. Here is why. Many times homes go into foreclosure because the owner had little or no equity in the property or because the property was in such bad condition it was not saleable for what they owned onthe property and did not have the resources to make needed repairs. You need an experienced Realtor to help you discern if you are getting good value on a bank owned or foreclosure. Steve tyson is a former custom home builder and custom remodeler and can help determine what needed repairs might cost.Buyers Beware

Buyers of properties in foreclosure need to be aware of the possibility of unpaid liens, mortgages, taxes, construction loans, homes equity loans, environmental problems, and second or perhaps 3rd mortgages. They would likely become your problem if you buy Real Estate at a foreclosure auction. So this might not be a good decision for the average investor.

The foreclosure process usually works like this. The bank buys the property back for what they are owed at the court house auction, especially if there is any equity in the property. If you bid more than what the bank is owed on the property at a foreclosure auction, you might get the property. Assuming the bank buys the property they will then list the property with a Real Estate Broker that specializes in selling Bank Owned Property. Once it is listed it usually goes on the Realtor Multiple Listing Service, just like any other property, and is accessible to all the other Realtors in the area.

If you actually are the high bidder at the foreclosure auction, then usually there is a time period of 10 days in which someone else can upset your bid if they 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. Unless you know what you are doing you are better off buying the property from the bank once they have foreclosed on it. Then you will get a Warranty Deed from the bank and title insurance from a Real Estate Attorney.

There are Hundreds of Real Estate Brokers in the New Bern area. Why would you choose the Tyson Group? Click Here to find out Why

How the foreclosure process works in N.C.

By Christine Rexrode
Posted: Sunday, Oct. 31, 2010

If you're afraid that you're about to fall behind on your mortgage, you should contact your bank as soon as possible to try to work out a new payment plan. You should also talk to a HUD-approved counselor, even if the bank has already started foreclosure proceedings against you. You should be able to negotiate with your bank up until the final sale date. See for more information.

A house doesn't go into foreclosure as soon as a borrower misses a payment. It can take months or even years from the time that the borrower first defaults until the house is actually repossessed and the borrower is required to leave. Also, The N.C. Commissioner of Banks' office estimates that about half of the foreclosure starts in North Carolina actually become foreclosure sales. Many times the bank will try to work out a deal with the homeowner so they are able to keep their home.

Here's how the foreclosure process works in North Carolina.


The borrower defaults on his mortgage payment, and the bank starts sending letters threatening foreclosure action. Typically, the bank waits about 90 days before referring the case to the trustee. The trustee is a person, usually a lawyer, who is supposed to be an impartial party who makes sure that everyone in the foreclosure process is notified correctly.


The trustee notifies the borrower that he is going to file foreclosure papers, then files at the county courthouse and gives the homeowner notice that there will be a hearing at the Clerk of Court's office.


At the hearing, the trustee must prove that there is a debt, that the borrower is in default, that the mortgage agreement gives the bank the right to foreclose, and that the homeowner has been properly notified. The borrower can appeal if they can show that the trustee can't prove one of these facts.

(If the homeowner has some other line of defense - for example, he might say that the bank hired debt collectors who harassed him - then he has to file a separate lawsuit and get an injunction to stop the foreclosure filing from moving forward in the Clerk of Court's office.)

North Carolina law also requires the bank to show that it has tried to resolve the delinquent loan without resorting to foreclosure; usually, this means it has to show that it tried to work out a mortgage modification with the borrower. The clerk can grant an extension of up to 60 days if she believes that a mortgage modification could probably be worked out.


If the clerk allows the foreclosure to move forward, then the trustee posts a notice of sale at the courthouse and publishes another notice in the local newspaper. the trustee must also notify the homeowner.


The foreclosure sale is conducted by the trustee at the courthouse. Anybody can bid at the sale. The bank usually bids the amount it is owed, although sometimes it will bid less to try to stir up interest in the property.


The trustee files a report of sale at the courthouse. There is a 10-day "upset bid period" where anyone can place a higher bid, as long as it is at least 5 percent more than the previous bid. The borrower can also file at any time for Chapter 13 bankruptcy protection, which will temporarily stop foreclosure proceedings.


If no upset bids are placed, the trustee files the final sale report and the delinquent borrower must leave the house. If the bank is the new owner, the property is called bank-owned or real-estate-owned. Most people who buy foreclosure properties buy them from the bank, rather than at the courthouse sale.

Sources: Mecklenburg County Clerk of Court’s office, N.C. Commissioner of the Banks’ office, Charlotte attorney G. Martin Hunter, Charlotte attorney Peter J. Underhill

Search for Homes in New Bern and the Surrounding Area

Waterfront Homes
Waterfront homes in the New Bern area
Historic District
Historic Homes in the New Bern area
Golf Course Homes
Golf course homes in the New Bern area
Popular Retirement Communities
New Bern has some really nice retirement communities
Oriental Homes For Sale
Homes Creekside Elementary
Steve and Jana Tyson have over 40 years experience selling real estate in New Bern
New Home Construction
Steve Tyson is a general contractor and knows the best builders in the area.
Homes Near Cherry Point
Steve Tyson built new homes for 15 years and knows the best builders in the area.
Waterfront Lots-New Bern
Cherry Point Marine Air Station.
Homes $100,000-200,000
Homes for sale $100,000-$200,000
Homes $200,000-$300,000
Steve and Jana Tyson have sold over $150 million in Real Estate
Homes $300,000-$400,000
There are many great neighborhoods to choose from in New Bern
Homes $400,000-$500,000
In this price range you can buy a waterfront home or a house on a nice upscale golf course
Homes $500,000-$700,000
The real estate market bottemed out in New Bern late 2013
Homes over $700,000
Luxury homes in the New Bern area
4+ Bedroom Homes
The Tyson Group are New Bern's number 1 Realtors
Condos and Town homes
Condos and townhomes for sale
Homes on Duke Energy
Duke Electric will save you money


Links Of Interest




New Bern NC Neighborhoods

New Bern Waterfront Homes

Golf-Retirement Communities

What is my Home Worth?

Retire to New Bern

Bank Owned-Forclosures

New Home Construction

New Bern Taxes

Meet the Tyson Group

Steve and Jana Tyson


Homes for Rent

E-Mail Steve

Home Buyer Resources

The Home Buying Process

Your Credit Score

Closing Costs

Home Inspections

Termite Inspections


Real Estate Appraisers

New Bern NC Real Estate Attorneys

New Bern Homeowners Insurance

Flood Insurance

New Bern and surrounding area Utility Companies

How to get a Dock or Bulkhead Permit

New Bern You Tube

Stay In New Bern Cheap!

Seller Resources
When is the best time to sell my home?

What is my house Worth?

Sell Your Home Quicker

Closing Costs

Seller Mistakes

Short Sales

Free Home Audit

For Sale by Owner Tips

Dave Ramsey ELP

New Bern NC Real Estate Blog

Commercial Real Estate
Commercial Real Estate

1031 Tax Exchange

New Bern area Demographics

New Bern Employment

Cherry Point Economic Benefits to Area

New Bern Chamber of Commerce

New Bern Waterways and National Forest
Neuse River

Trent River

Creeks in the New Bern area

New Bern Marinas

Fishing in New Bern

Flanners Beach

Croatan National Forest

New Bern History
New Bern History

The Battle of New Bern

James City - Home of the Freedmen

Tryon Palace

Remember In New Bern When

New Bern Bears

Clubs-Organizations-Things to do
New Bern Clubs and Organizations

New Bern Civic Theatre

Calendar of Events

New Bern Now

Local Links
Craven County Regional Airport

New Bern Golf Courses

Craven County Government

New Bern Tennis

New Bern Dining

New Bern Convention Center

New Bern Weather

New Bern Newspaper

New Bern Schools

New Bern NC Homes for Sale

Cherry Point PCS

Local Services
New Bern Churches

New Bern Moving Companies

New Bern Electricians

New Bern Plumbers

New Bern Heating and Air Contractors

New Bern Engineers

New Bern Carpet Companies

New Bern Dentist

New Bern Chiropractors

New Bern Photographers

New Bern Carpet Cleaners

Termite Companies

New Bern Gyms and Fitness Centers
Other Local Links
Craven County Politics

New Bern Map

Brices Creek-HWY 70 Neighborhoods
Lake Clermont


Hunters Ridge

Hardee Farm

Deer Run

Crump Woods

Reedy Creek

Tucker Creek


Carolina Pines


Brices Crossing

River Bluff

Neuse Harbour

Stately Pines
New Bern Neighborhoods
Contact Steve & Jana
Steve & Jana J. Tyson

2301 Grace Ave.

New Bern, NC 28562

Cell: 252-514-9157

Work: 252-675-9595

* Email Steve Tyson *

Our Privacy Policy

Real Estate license numbers  56806 & 165101

© 2007-2018 Steve Tyson.
All Rights Reserved.