Buyers look to foreclosed homes

Raleigh, N.C. — Some home buyers hoping to get good deals are looking at properties that have been foreclosed.

In North Carolina, 2,386 properties received at least one foreclosure-related notice. North Carolina, which ranks 10th nationally in population, ranks 33rd in foreclosures, according to RealtyTrac. Wake County had 430 foreclosures in January.

Jeanna Reeves, a real-estate agent with ReMax United in Raleigh, said the high interest and high number of foreclosed homes in the Triangle prompted her to offer a monthly bus tour of foreclosed homes. Such tours are popular on the West Coast, and Reeves wanted to try bringing them to the Triangle.

Reeves led 57 potential buyers on a tour of five foreclosed homes in Wake Forest and north Raleigh on Saturday. She said in North Carolina, she has listings for at least 50 foreclosed properties.

“Sad stories for other people, but there’s a lot of opportunity for people who want to buy a home,” Reeves said.

Foreclosed homes are not easily distinguished. They have for-sale signs in the yard, just like other homes on the market. The clue to a foreclosed home is typically in the window – although not always as obvious as a sheriff's notice. Some sheets of paper say the home has been “winterized.”

The tour looked at homes in the Crenshsaw Hall neighborhood in Wake Forest, where one home with a tax value of $418,000 was listed for $280,000.

Debbie and Hugh Hoover took the tour to find a property they can purchase, fix up and rent.

Experts say the safest way to buy a foreclosure is to find one that didn't sell at auction and is listed on the MLS database for real-estate listings.

5 Comments

WRAL.com welcomes your comments on this story. All comments are moderated prior to publication based on our posting guidelines. Please review them prior to posting and if your message is not approved.

5 COMMENTS

This story is closed for comments. Comments on WRAL.com news stories are accepted and moderated between the hours of 8 a.m. and 8 p.m. Monday through Friday.

Latest Comments

Realtors do not suggest that their buyers buy more than they can afford. Most of the foreclosures are also due to job losses. If you have a question about foreclosures, feel free to post it and I'll get back with you.

jeannas
March 13, 2009 1:49 p.m.

does anyone know where i can buy a foreclosed mcmansion in north raleigh or wake forest. having just moved here from north jersey, i don't mind capitalizing on someone's stupid mistake of buying more than they could afford and not knowing what the "A" in ARM meant.

tobis19341
February 23, 2009 6:55 p.m.

Gatsby- Buyers should know what they can and can't afford. Realtors are not to blame. Conjointly, there are people who have foreclosed on homes not because they bought more than they can afford but fell into hard times through job loss.

intuit
February 23, 2009 3:58 p.m.

Let's see...the homes that were foreclosed on were purchased in the housing boom at inflated prices (i.e. the banks need to sell as much as they can) and people losing their homes are bad about sabotaging the house when they leave, so...no real money to be saved and lots to worry about if you buy one. Then if you look at new homes that were built and haven't sold in the last two years, you see contractors eager to get out of the property before they lose any more money...might want to go with a new (2 year old) construction.

ConcernedNCC
February 23, 2009 8:01 a.m.

So... The very group who helped feed the frenzy which has our economy on the verge of ruin now wants to profit off the victims again on the way down.

6% to talk you into more than you can afford---------------- 6% to fill the void left when you are foreclosed on by the bank----------

Nice

Gatsby
February 23, 2009 7:58 a.m.