Outer Banks Foreclosures

Housekeeping Notes

We are working out a few final technical details and should begin posting properties later this evening.  There is quite a bit of current Outer Banks foreclosure activity so please be patient.  We hope to have all of the properties listed and updated within two weeks.

We will also be including the foreclosures on the Currituck Beaches (The 4wd areas and Corolla). 

For those using our Maps, (a special thanks to Map-A-List - these folks are great and their product ROCKS!), firefox version 3.2 has some issues with the links on the property details.  For best results, I would suggest using Chrome, IE or Safari (all have been tested and work well).  You should be able to zoom in on the property, click the icon and you can follow the link to the detailed post about the foreclosed home or lot.  

For those of you that signed up for free email updates, your inbox should soon be receiving new and updated foreclosure listings. For those that signed up for email updates and didn't give us your email address, we are going to need a little help...  We do ask for you to provide your full contact information in order to get the updates.  

One last note, if you have any questions, please feel free to contact us.  The courthouse does not publish any of this information on line.  They are very busy and I am sure they don't want to try to match their paper records to our online system.   We will try to provide accurate and timely information.  If you are interested in a particular property or properties, please contact us so we can make sure you receive information in a timely manner.  

Matt Whelan and Ronnie Roach

Stages of Foreclosure - a brief explanation and timeline

We get many questions about the stages of foreclosures on the Outer Banks. Below is an explanation and sample time line of the foreclosure process.

• Filing Date - This is the start of the process and where the legal party (lender, homeowners association or government entity) file at the courthouse intent to proceed with a foreclosure.  We originally thought we would skip this stage because some owners would find a solution and it would not make it to the next stage.  Our intention now is to include this stage - if someone is interested in a buying a short sale (a reduced buyout before the foreclosure), this would be a great time to begin that process.  This also benefits the owner by bringing potential buyers to the property.
• Hearing Date - Filing Date + 4-6 weeks.  This is the date where the owner has the opportunity to plead their case as to why they might need an extension.  It could be a potential short sale, a potential regular sale, refinancing or a few other options.  The potential outcome:  1.  foreclosure dismissed  2. the hearing could be rescheduled for a future date or 3.  the foreclosure date could be set.
• Sale Date - Hearing Date + 21 days.  This is the date the property is sold on the courthouse steps.  I have attended sales where buyers flew in from out of state only to discover the process had been delayed a week at the last second.  If you would like additional information on Matt representing a buyer at the courthouse, please feel free to contact us and we will explain the process.  Potential Outcome:  1. Buyer buys back own property.  2.  Another party purchases property or 3.  Bank buys back property with no additional bidders.
• Bank Owned Options - Sale Date + 2 -6 weeks.  If the lender buys back the property - they will hire a Realtor to list the home and try to sell on the open market.  There are many factors involved - some are sold as is, some will have minor improvements.  Most of the information you see online for Outer Banks foreclosures are actually bank owned properties that have already gone through the foreclosure process. 

We intend on updating each listing with the stages listed above with estimated dates for each step of the process.  These dates are subject to change by the factors listed above.  If you have any questions, please feel free to contact us.