Often, land foreclosures in NC and bank owned properties make the best buys. The trick is knowing how to look for a land foreclosure, and know who to talk to! Having the financial resources readily available are key in completing one of these land purchases.
Our area experienced an explosion in new land purchases and development between 2004 and 2006, after which the great real estate bubble bursted, leaving behind a trail of delinquent notes and unfinished or failed subdivisions. Prices paid for land at that time were unusually high, which made it a challenge to keep up with bank payments. Combined with the great recession experienced across the nation, a situation developed in which many large tracts of land went into foreclosure.
Until the end of 2012, few land transactions took place in our 10-county market. However, once the economy began to improve and a few savvy investors began looking around, a number of large-acreage properties exchanged hands -at pennies on the dollar! Most of the great land deals are behind us now, but there are still a few out there if you know where to look.
Let NC Mountain Land LLC help you find the property you've been hoping for. If you're thinking of investing in North Carolina land, it is not too late. There are still some great buys out there, so take advantage of land foreclosures in NC today!