It’s a known fact; mortgage foreclosures are on the rise everywhere. They are also happening in the Triangle real estate market too albeit less often than Florida, Nevada and Michigan. Foreclosures also happen in every housing segment impacting everyone from first-time homeowners to luxury homes. For those who are contemplating a Triangle home sale, the fact that a foreclosure home in your neighborhood is competing with your home could potentially have an undesirable impact on the sale of your home and its value. So how do you recognize if a neighborhood property is being sold as a condition of foreclosure?

How to Recognize a Foreclosure PropertyRaleigh real estate foreclosures

Determining that there is a foreclosure sale occurring in your Raleigh, Cary or Apex neighborhood is usually not that difficult. In many if not all cases, owners are evicted and bank notices are affixed to a property announcing the bank has taken ownership of the property. Vacate homes with these notices are easily recognized. Because these sales are a matter of public record, finding out what the property sold for is usually not that difficult.

Foreclosures Gone Wild

In rare cases, former owners will vent their financial frustrations on the property in a destructive manner. Recently, News & Observer Staff Writer Peggy Lim wrote an article on one such nasty foreclosure in the Johnston County subdivision of Cottonwood Forest. Community homeowners watched helplessly as the foreclosed owners were reported to have “vandalized” their own home. When these scenarios play out, neighbors have few options except to watch their home values sink lower as a result of such irrational behavior.

When Competing with Foreclosure Homes

If you determine that a home in your Triangle neighborhood is in fact being sold as a result of foreclosure, you may want to consider holding off selling your Triangle home if you have that option available. Depending on the condition of a foreclosed property, foreclosure sales may have a negative impact on neighborhood home values. If you’re thinking about selling your home and need to know if a current or recent sale was the result of a foreclosure, be sure to click or call us here at the Jim Allen Group at (919) 845 - 9909.

Have you personally witnessed a foreclosure sale in your Triangle neighborhood? If so, what impact did it have?

Until my next post,

Jim

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