If you are thinking about buying Pinehurst NC real estate and you find a foreclosure – remember the closing costs could be higher than a non bank owned property.
In Pinehurst and all of North Carolina real estate closings must be handled or supervised by an attorney. Before the new GFE (Good Faith Estimate) the cost for an attorney for a home sale with a mortgage was about $500-$600. That fee is now about $750 because of the additional paper work required by the government.
Foreclosures are a different story when it comes to closing costs in the Pinehurst area. Because of the additional addendum required by the bank and the usually added to communication required the attorneys are charging more. This amount can be as high as $1,200 depending on the amount of work the attorney has to do.
This might not be that much of an additional cost if you are getting a great buy. Today a foreclosure property came on the Pinehurst NC real estate market and that additional amount for the attorney is insignificant with the lower price of the home.
Here are some of the currently Foreclosure Homes for Sale in the Pinehurst Area