Wilmington NC Homes Search

Wilmington NC Short Sales


What is a short sale?
 
A  short sale means that the sale will fall short of the lien amount (the  amount owed on the home), and the homeowner does not have the funds to  repay the total amount of the lien(s). The borrower is required to furnish proof of their financial hardship and their inability to pay the deficiency. The  lender, as well as any other lienholders, agree to accept less than  what is owed, in order to release the lien(s), and to avoid the  foreclosure process. If you are interested in pursuing a short sale please contact us.  We have Brokers standing by that specialize in this process and would be glad to help or answer any questions you may have.
 
 
Facts about Short Sales:

  • The Homeowner is in control of the sale, not the bank.  The Offer to Purchase a short sale property is presented to the homeowner first for negotiation and approval. Once the homeowner approves of the Offer, the Offer is then presented to the bank for approval.
  • Short sales can take a long time to close. If you have a specific timeframe when you have to move, buying a short sale is probably not for you. Purchasing a short sale property can be a lengthy process from contract to settlement. The bank’s approval process could take 3 – 6 months, or even longer.
  • Homeowner’s credit is “bruised,” but not ruined. A  short sale will negatively affect a person’s credit; however, one who  has been through a short sale can apply for a mortgage again after two  years.
  • All liens are negotiated.
  • Repairs may still be negotiable with the seller. A short sale is not necessarily sold, “as is,” unless it is stated as such in the listing.

 

Latest Short Sales in Wilmington NC

103 Ike Dr, Wilmington
$450,000
5 Beds ⋅ 3 Baths
Unlock the potential of this incredible opportunity. Located on an oversized corner lot in the highly desirable Millbrook subdivision with no HOA, this spacious brick ranch features 5 bedrooms and 3 full baths--including a fully connected, 2-bedroom in-law suite with its own kitchen and living space. Perfect for a multi-generational buyer or a long-term rental strategy. There are 2 driveways and a detached garage within the fenced back yard. Enjoy the ultimate convenience of being located directly behind Masonboro (Parsley) Elementary School with access at the end of the street. This home also features solar panels to help offset future energy costs. Property is in need of some repairs and is being sold strictly AS-IS including contents. This is a short sale; subject to bank approval. Don't miss this rare opportunity to add significant value in a prime Wilmington location!

103 Ike Dr, Wilmington
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