Asheville Foreclosures - A Guide to the Foreclosure Market
The foreclosure process can be an extremely stressful and depressing time for the person in the unfortunate position of having their home or property being foreclosed upon. Fortunately for Asheville area home owners the trends that are sending foreclosures through the roof in other areas of the country aren’t as bad here in Western North Carolina. Even as the economy turns south and housing prices begin to decline in many regions of the country, the housing market in Asheville has remained fairly strong with steady sales and respectable price gains. The main reason is the steady influx of people who want to move to the Asheville area.
Despite the stronger than average real estate market, Asheville is not completely immune to the upward trend in foreclosures that is being seen nationwide. Even during the booming real estate market of a few years ago, properties went into foreclosure, usually as a result of an unexpected financial strain resulting from expected medical emergencies, job loss, or the loss of a family member.
Challenges of Buying a Foreclosure
When prospective real estate purchasers, especially young and inexperienced ones, hear the word foreclosure they often think of a way to get a house for a depressed, cheaper price. While foreclosures can provide great deals for investors or even first time home buyers, they are not always a good deal. If someone can’t afford to pay their monthly payments, then they probably can’t afford to fix the small problems with their homes, which over time become large expensive problems. Also because of the fast paced, cut throat sales process that foreclosures go through it is often difficult or impossible to get an accurate evaluation of the value of a home in foreclosure. Also, because of the short time frames and risk involved it is typically difficult to get a standard mortgage from a bank to purchase a foreclosure. For these reasons foreclosures are only suggested for experienced real estate purchasers with experience evaluation homes and a source of financing outside of the traditional mortgage industry.
Finding Foreclosures in Asheville and Western NC
If you have gotten this far and are still interested in find a foreclosure in Asheville or Western NC then please check out the following links to help you find foreclosures.
Local Governmental Resources
Regional and National Search Sites
Asheville Real Estate Directory Listings
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