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A foreclosure property is a home where a notice of default has been filed in the public records. It means the owner has stopped making mortgage payments and the lender has given notice that unless the payments are brought up to date, it will sell the property to the highest bidder.
Lenders can foreclose for other reasons, but the most common reason is when a borrower is at least two payments in arrears.
Finding foreclosure houses is fairly easy in depressed markets, but it is also simple to find foreclosures in strong real estate markets. The difference between the two markets is you will find a greater number of foreclosures in falling real estate markets.
While it is unfortunate, there is an abundance of foreclosed homes and commercial properties here in the Raleigh, Garner, and Wake Forest areas, as well as outer lying areas - Cary, Morrisville, Louisburg, Durham, and the list goes on.
First Time Buyers >Finding A Loan
There are two important steps preliminary to becoming a homeowner. First you must find the right home and negotiate the price and terms with the sellers. Then you come to one of the most difficult parts of the transaction--finding the perfect loan.
You should do some comparison shopping among lenders. Your real estate agent can refer you to several reputable lending institutions which should be able to complete the loan process before your proposed financial approval date. The loan officer will take your application and have you sign all the necessary papers to authorize credit and employment verifications. You and the real estate agent should get periodic progress reports to make sure that all of the details are taken care of. Such reports will help to ensure that any potential problems are discovered and addressed before they can hinder the transaction.
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| Q |
What is an encumbrance against a property, which may be voluntary or involuntary?
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| A |
There are many different kinds of liens: a tax lien, a judgment lien, a mortgage lien, and a mechanic's lien. |
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Deborah McCrae
World Properties International- McCrae Realty
7625 Kensington Manor Lane
Wake Forest, NC 27587
919-201-4361
Fax: 866-251-1948
deborahmccrae@NUMBER1EXPERT.com
Licensed in 1999, I, Deborah Georgetta McCrae have 10 years of successful residential and commercial real estate experience after having been a State of North Carolina employee for 19 years. I began working with Coldwell Banker Howard Perry & Walston always achieving Top Producer level, and in 2005 achieved the International President’s Elite Award, which was the second highest level one could earn.
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