Don't show me any foreclosures -- they're money pits!
You're right, foreclosures CAN be a money pit -- but certainly not always. And if you're not even considering buying a foreclosure in Wilmington NC, you're missing out on some fantastic deals! In fact, Wilmington NC currently has 99 Bank-Owned homes available with an average asking price of $212,018. When compared to the 2,000+ non bank-owned homes with an average listing price of $382,739 you can see there are some real deals to be had.
Yes, foreclosures sell "as-is". This means that most likely the bank is not going to do any work to the property. It has nothing to do with the condition. Heck, the bank most likely has no idea of the condition, it has to do with mitigating the loss they've already taken. The bank has already lost a huge chunk of money on the house, to spend anymore wouldn't be prudent.
But guess what? If you're buying a foreclosure in Wilmington NC, you can still have a Home Inspection! In fact, if you're working with me, it's something you're going to hear whether you buy a foreclosure or a new construction: HAVE A HOME INSPECTION! You can't expect the bank to make any repairs, unless maybe it's something that must be done so a Buyer can get a mortgage, but you will be forewarned of any structural or cosmetic defects and will be able to make an educated decision about going forward.
Not to mention -- you'll be getting such a great deal, you'll be ahead of the game right from the start. You'll have the chance to gain almost instant equity and you'll be a new favorite neighbor! Every time a foreclosure comes off the books, our community benefits and our economy strengthens. 
It's like going to a school dance. Everyone thinks the "pretty ones" are the ones to admire. They ignore the one in the corner, assuming they don't know how to dance. How many times were we wrong about that? Consider a foreclosure to be the one in the corner, just waiting to come out of their shell and show what they're really made of. Give yourself a chance to be ahead of the curve -- consider buying a foreclosure in Wilmington NC.
Good post. These properties can be good opportunities with the right investor(s) clients. The worst they look the deeper the is discount. I am writing an offer tonight on a bank owned for $175k all-cash no contingencies, close in 7-10 days. Keep selling!
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