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Paul Hockaday

What not to do when buying a Wachovia Bank Owned Home(REO)

Yesterday was quite disappointing as a wonderful deal slipped away from me. I've been helping investors scoop up foreclosed real estate here in the Wilmington, NC area. Yesterday, I learned that you can't drag your heels when submitting an offer. As the 4th quarter of the fiscal year for banks draws to a close they are wasting no time in clearing their books of REOs. Lesson Learned! Get those offers to purchase in as soon as possible for all REOs.

Foreclosures in Wilmington, NC

As summer draws to an end and so ends the tourist season here at the coast, I wonder how well all of the homes that have been foreclosed on and are now owned by the banks will be marketed. So many people want to have coastal property and buying a bank owned property is one of the best ways to get into a home with possibly some equity. Hopefully there will be more investors searching online trying to find those deals.