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Wake County Foreclosed Homes

Wake County Nc Foreclosure Homes For Sale

Despite 425% spike in Wake County home foreclosures, experts say not time to panic
  • MLS ID #2476594. Listing provided by TMLS$281,000
  • MLS ID #2463133. Listing provided by TMLS$649,500
  • MLS ID #2481581. Listing provided by TMLS$499,900
  • MLS ID #2489618. Listing provided by TMLS$728,500
    • MLS ID #2475779. Listing provided by TMLS$361,000
    • Some IDX listings have been excluded from this IDX display.Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. The listing broker shall not be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers personal, non-commercial use. Listings marked with an icon are provided courtesy of the Triangle MLS, Inc. of North Carolina, Internet Data Exchange Database.Closed listings may have been listed and/or sold by a real estate firm other than the firm featured on this website. Closed data is not available until the sale of the property is recorded in the MLS. Home sale data is not an appraisal, CMA, competitive or comparative market analysis, or home valuation of any property.Copyright 2023 Triangle MLS, Inc. of North Carolina. All rights reserved.The listing brokers offer of compensation is made only to participants of the MLS where the listing is filed.

    What Do I Need To Start A Short Sale

    Your designated real estate agent should understand the short-sale process well enough in order to give you a list of items that you will need to collect to begin.

    So, I suppose it goes without saying that the first thing you NEED is a designated real estate agent to see you through the process. Yes, you can use an attorney in the negotiation, but all banks require the use of a licensed real estate agent to list the property for market value.

    As always, each bank is different, and the items necessary will vary depending upon the type of loan you have . Again, your real estate agent should have the experience to understand the process and he or she should also be able to explain it to you.

    Typically, however, the standard fare for required documents is as follows:

    • A signed and dated Authorization of Release
    • A signed and dated copy of the listing agreement with your Realtor
    • A signed and dated copy of a sales contract with all addenda and attachments
    • A pre-qualification letter from your Buyer
    • A written hardship letter stating the circumstances for your missed payments and/or default
    • Your last two bank statements
    • Your last two paycheck stubs
    • A HUD-1 settlement statement indicating the allocation of all sale proceeds
    • Your two most recent state and federal tax returns
    • Your most recent summary satements for any 401k, retirement or investment accounts

    What Should I Do And When Should I Do It

    If you are already behind on your payments, there is no time to waste. In fact, if you are already behind, we hope that you have already contacted your lender or mortgage servicer to see if something can be worked out. Many lenders would rather renegotiate the terms of your debt, than to write off a loss.

    We HIGHLY recommend that all sellers in this situation first try a modification on their mortgage, as we are now seeing this to be the first requirement for several short-sale programs including FHA and HAFA.

    If you do not qualify for a loan modification, you should seek the assistance of a Realtor trained in short sales immediately. Not all Realtors are created equal, and not all short-sale training is the same. There is no substitute for a Realtor who has the experience to understand the complexities of how the short-sale system works.

    We get calls from Sellers who are only a few weeks or days away for the foreclosure sale date, hoping that we can help them save their home. This is nearly impossible. The time to contact someone is when you have the first inclination of trouble. It can take months to get a short sale off the ground. Additionally, many Sellers are denied short sales if the foreclosure sale date is within 60 days.

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    Tax Legal And Credit Consequences Of A Short Sale

    Since we are not attorneys nor a CPAs, we cannot give legal or tax advice, and the following should not be construed as such. Please understand that there may be credit, tax, and legal consequences for the Seller in a short-sale transaction. We strongly urge you to seek other professional advice.

    Sellers often ask which is bettera short sale or a foreclosure? Well, that depends, and it will always depend. More often than not, a short sale is going to be better because the consequences will be less severe than a foreclosure. However, each situation is different, each Sellers needs are different, and each bank is different.

    Regardless, there may still be credit, legal, and tax consequences with both short sales AND foreclosures.

    What Should I Know About Short Sales As A Buyer

    Wake Forest Homes For Sale From $500,000 To $600,000

    Many homes that are sold as short sales are nice homes in nice condition. Other times, these homes may need a little TLC to make it habitable.

    Regardless of the condition of the property, to you as a Buyer, the end-result of the short sale is that you own a home, free and clear of all encumbrances of record. It will be no different than if you purchased a home at fair market value from Tom and Susie Homeseller, without the pre-foreclosure stigma. The only difference is that the process may take a little longer to complete.

    Be aware that the short-sale process is not an exact science. If you see a home that is listed as a short sale, the list price you see may or may not be the price at which you can purchase the home.

    I know this may sound strangewhy cant you purchase a home for the asking price?

    Having said all of the above, changes are slowly being made to the entire short-sale arena. The US Treasurys HAFA program may allow sellers to understand the exact price for which the lender or servicer will accept on a short sale. Additionally, they may even pre-approve a seller for short-sale acceptance, pending only a viable contract. However, before we get excited, we must mention that the HAFA program is not available to all short-sale sellers.

    In any case, there are three main points that need to be stressed and need to be fully understood by the buyer:

    1) There may be rare exceptions, but neither sellers nor lenders are looking for extraordinarily low offers.

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    Wake County Nc Sheriff Sale Homes

    Sheriff Sales auctions in Wake County, NC, are most often held in the nearby courthouse at least once per month. Public notice of a Sheriff Sales list in Wake County, NC, will almost always be provided, whether the docket is advertised in the local newspaper or posted online. We will provide full contact information for all Sheriff Sales listings in Wake County, NC, including square footage, number of bedrooms and baths, price and much more whenever possible. Just be sure to read all the rules and instructions for how to bid on a Sheriff Sales foreclosure auction in Wake County, NC – courthouses differ from city-to-city.

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    Tax foreclosed homes are available for pennies on the dollar – as much as 75 percent off full market price !

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    Foreclosures Jump Nearly 150% In Raleigh After Government Lifts Moratorium

    Foreclosures are starting to pile up in Wake County now that the government’s moratorium has been lifted.

    RALEIGH, N.C. — A newly released report highlights the struggle folks are facing to pay their bills.

    Foreclosures are starting to pile up in Wake County now that the government’s moratorium has been lifted. Raleigh, in particular, is experiencing one of the highest foreclosure rates in the Triangle.

    Foreclosure filings skyrocketing nearly 150 percent in the City of Oaks from 2021 to 2022.

    “That number does actually shock me,” said Raleigh resident Gabriela Martinez.

    Fayetteville is also seeing a significant hike, jumping 121 percent and Durham rising 75 percent.

    Data shows on a national level, foreclosure activity is doubling annually, but is still below pre-pandemic levels.

    The findings come as inflation is slowly slipping. The latest rate is 6.45 percent, which is an improvement from when it peaked in June at 9.1 percent.

    “People are trying to budget their money and it’s kind of hard these days,” Michael Brimage said.

    Gabriela Martinez said she understands how people are fighting to make their mortgage every month. She’s seen some of her friends taking on second jobs just to keep the lights on and food on the table.

    “Now it’s over a $100 on the same produce, brands that you used to buy just a couple months ago – not even necessarily a year ago,” she said.

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    Foreclosures In Wake County Nc

    Foreclosure homes for sale in Wake County, NC have a median listing home price of $470,000. There are 7 foreclosing homes for sale in Wake County, NC, which spend an average of 64 days on the market. Some of the hottest neighborhoods within Wake County, NC are North Hills, Hedingham, King Charles, Amberly, Heritage. You may also be interested in foreclosing single family homes and condo/townhomes in popular zip codes like 27603, 27587, or neighboring cities, such as Raleigh, Durham, Cary, Apex, Clayton.

    Look Over Our Foreclosure Listings If You Are Interested In Investing

    Foreclosures up in Wake County

    foreclosure listings

    We maintain a current list of foreclosure listings in Western North Carolina, and we welcome you to look over these listings for any properties that interest you. If you decide to bid on a property, the bidding process generally takes place on the steps of the County Courthouse or another location. State law is designed to gain as much as possible from the foreclosed property, but most of these properties sell for much lower than market value.

    As you look at foreclosure listings, please note that you have no legal right to physically enter the property. However, if the owner is present, they may give you permission to inspect the premises before you place your bid at auction. If you are the winner of the auction, you also have the legal right to sell the property immediately, unless an IRS lien is present.

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    Do I Have To Be Behind On Payments To Do A Short Sale

    The short answer to this questions ismaybe. It depends. Most people who have successful short sales are indeed late on their mortgage. Some are late by only 30 days, and other have not made a mortgage payment in a couple of years.

    There are a few short-sale programs which do require a seller to be at least 30 days behind, and some require 60 days late. If your mortgage is backed by HUD or the VA, then you will be required to be late. Additionally, if you take advantage of the HAFA short-sale program, you must also be delinquent.

    In other cases where a loan is owned by Fannie Mae, Freddie Mac, or some other investor, the seller may not be required to have missed payments. It is all up to the bank, the investor, or some other 3rd partyand frankly, there really is no definitive answer. It is part of the bigger picture that the lender will review.

    Is it likely that you may become late on payments within 90 days? Is there a reason why you are struggling? Do you have cash reserves to make payments? All of these things will be considered by the lender.

    Our best advice is to continue making your mortgage payments to the best of your ability. If you can not make complete payments , then you must do what is in your best interest. Nobody should tell you to STOP making mortgage payments. If your attorney or real estate advisor counsels you to stop making payments, you may want to think about alternative advice.

    Can Anyone Do A Short Sale

    It is important to understand that not all lenders will accept short sales or discounted payoffs, and not all Sellers will qualify for a short sale. Yes, there is a qualification process.

    In most short-sale cases, the Seller must have a proven hardship and must owe more to the bank that what the home is currently worth. It is not enough to simply say that you can not sell your home for what you owe. It is not enough to say that you want to move to a bigger home and that the market isnt good enough for you to get a Buyer. It is not enough to say Hey, I made a bad purchase, so lets just dump this home.

    Rather, there must be some sort of extenuating circumstance that is preventing you from selling the home and completely paying off the entire debt. Additionally, you must also show that the current circumstances have affected your ability to continue making timely mortgage payments.

    Common hardships that may be acceptable to banks include divorce, curtailment of income, job loss, job transfer, medical issues etc. Banks want to ensure there is a valid reason to take a loss. Sellers must be able to prove that they are enduring a financial storm by providing mountains of paperwork to the bank such as bank statements, pay stubs, tax returns etc.

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    Why Are Some Short Sales Not Successful

    I knowbanks are not in the business of selling homes. All they want to do is lend money and make profits. So, why will they not allow me, the seller, to proceed with a short sale? Or the buyer may ask, why wont they just accept my offer?

    As previously mentioned, not all lenders participate in short sales. In addition, not all homes and not all sellers will qualify for a short sale.

    A few other reasons a lender may not approve a Seller for a short sale:

  • The Seller makes too much money
  • The Seller is not yet behind on payments
  • The Seller has excessive assets
  • There is equity in the home
  • The lender simply does not participate in short sales as a matter of policy
  • The mortgage is insured and the insurance proceeds are more than the estimated short loss
  • The Seller has not yet received HUD counseling
  • The planets have not yet all aligned
  • OKso the Seller and the home qualify, and there is a bona fide offer on the table. Why will the lender not accept the offer? Oh boy, there are many reasons. Too many to list. However, here are just a few:

  • The lender feels the home is worth more than your offer
  • The lender still feels the home is worth more than your low-ball offer
  • The lender really still feels that the home is worth way more than your ridiculously low offer
  • We dont want to put the damper on everyones fun, but please just remember:

    Wake County Bank Foreclosures Records

    Wake Forest Homes For Sale From $500,000 To $600,000

    Our bank foreclosures database is updated daily, providing the latest foreclosure records from America’s most trusted banks, like: Bank of America home foreclosures in Wake County, Wells Fargo foreclosures for sale in Wake County, Fannie Mae and Freddie Mac Wake County listings, JP Morgan Chase homes for sale in Wake County, Citibank Wake County homes for sale, Wachovia foreclosures in Wake County, Suntrust Wake County foreclosures and HSBC reo homes in Wake County.

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    Foreclosures For Sale In Wake County

    There are currently 3 foreclosures for sale in Wake County at a median listing price of $480K. Some of these homes are “Hot Homes,” meaning they’re likely to sell quickly. Most homes for sale in Wake County stay on the market for 72 days and receive 2 offers. This map is refreshed with the newest listings in Wake County every 15 minutes.

    In the past month, 1276 homes have been sold in Wake County. In addition to houses in Wake County, there were also 183 condos, 783 townhouses, and 1 multi-family unit for sale in Wake County last month. Find your dream home in Wake County using the tools above. Use filters to narrow your search by price, square feet, beds, and baths to find homes that fit your criteria. Our top-rated real estate agents in Wake Countyare local experts and are ready to answer your questions about properties, neighborhoods, schools, and the newest listings for sale in Wake County. Redfin has a local office at 1435 West Morehead Street Suites 135 and 235, Charlotte, NC 28208. If you’re looking to sell your home in the Wake County area, our listing agents can help you get the best price. Redfin is redefining real estate and the home buying process in Wake County with industry-leading technology, full-service agents, and lower fees that provide a better value for Redfin buyers and sellers.

    Home Affordable Foreclosure Alternative

    In 2009, the Treasury Department introduced the HAFA program to provide viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program . The HAFA program took effect on April 5, 2010 and sunsets on December 31, 2012.

    HAFA provides certain incentives to servicers and sellers, attempts to standardize procedures and shortens time frames, but only on loans eligible for modification under the HAMP program.

    HAFA Provisions

    • Complements HAMP by providing a viable alternative for borrowers who are HAMP eligible but nevertheless unable to keep their home.
    • Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
    • Allows borrowers to receive pre-approved short sales terms before listing the property .
    • Requires borrowers to be fully released from future liability for the first mortgage debt .
    • Uses standard processes, documents, and timeframes/deadlines.
    • Provides the following financial incentives:
    • $3,000 for borrower relocation assistance
    • $1,500 for servicers to cover administrative and processing costs
    • Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
  • Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines.
  • Lets break it down further:

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