Foreclosures have become a hot topic in the national real estate market, and that is just as true for Murphy NC. We’ve been fortunate – we don’t have nearly as many foreclosures in Cherokee County NC as much of the country does. The good news is they are still out there and you can still buy them at great prices.
Are you looking to buy a foreclosure in Murphy NC?
Then there’s a few things you need to know before you look any further.
- There’s no way to get a full list on by searching the Murphy NC MLS on your own. Finding them is rather obscure on my end and almost impossible on your end. If you’d like to a full list of the active foreclosures here, email me now (Copy and Paste into your email program JohnPoltrock@gmail.com). I will respond with a link to all the current ones so you can be up-to-date and save a ton of time.
- Banks expect you to be prequalified for financing before you even make an offer. If you’re serious about buying a foreclosure, the very first thing you need to have prepared before you even open the door of a foreclosed house is your financing. Banks won’t even look at your offer in almost every case until they know you have the means to buy it. Simply put, have your financing ducks in a row or buy it in cash. Need financing? Go to our Murphy NC recommended contractor list, or “Gotta Guy List” as we call it, to see several excellent local lenders who can get you started.
- Expect multiple offers. There can’t be a “I’m not getting in a bidding war” attitude when you’re buying a foreclosure. Be prepared for multiple people to be looking at the same property while you’re shopping. The last two foreclosures we sold (one of which we bought) had multiple offers on them and it’s just part of it. It doesn’t mean you have to pay too much, and that’s where we’ll help you.
- Act fast. This somewhat ties into the last one. The best way to avoid multiple offers is to not waste time. If you find a house that fits what you want to buy – do it! Waiting around to make a decision, consulting lots of friends, and anything else that takes up a lot of time is a good way to loose the house. Remember – there’s lots of people looking at them and you want to beat them to it. There’s a lot to the “early bird gets the worm” philosophy here.
- Expect to swing a hammer. By that I mean you’ll more than likely have to do work to it. If you’re not in to working on a house or are unwilling to invest more money back in to it, foreclosures may not be for you. You don’t want to buy one with structural issues. Cosmetic problems are okay and most foreclosures will have their fair share of them. I can tell you a few stories about our house and the challenges it had – and they are all fixable!
- There’s no dream homes here. Don’t get me wrong on this one – our house is now rapidly becoming a dream home to us. That’s because we’re putting “our” touches on it just like you will do to your foreclosure house when you buy it. Until that point, you won’t walk in and have that “This is it!!!” feel. You can’t expect to find “The One” when you’re shopping for good deals. You’re going to have to settle on some things, so have your list of things that you have to have and things you would like to have and can live without. If it fits the parameters you set, than you’re good! Just remember, you start working on it and putting your own personal touches in it, it will become a dream home for you once you’re finished with it.
- Don’t exclude non-foreclosure homes from your list. There are lots of great properties out there at even better prices. Keep an eye out for ones that are not bank owned too because you can sometimes find sellers that have to move a house. We’ll be happy to help you find these, too.