Outer Banks Distressed Real Estate Listings
These Outer Banks distressed properties are either bank-owned or potential short sales. Bank owned means the mortgage holder has foreclosed on the property and is now offering it for sale. A potential short sale means the seller owes more than the listing price, so the bank may need to approve any offers so the seller is not liable for the difference. Buyers are interested in distressed real estate because there is the potential to find a great deal. However, the extra involvement of the bank can make the purchase process more complicated. If you are interested in distressed property on the Outer Banks (or anywhere else), be sure to work with a buyer’s agent who is experienced in this type of transaction. Don't hesitate to contact our team for help finding and closing on a distressed listing.