The Outer Banks foreclosures are commonly known as Bank -owned Repos. These outer banks foreclosures are repossessed by the lender and the debt is already offered at the courthouse steps. The lender has now hired a broker to market the Outerbank homes. The prices of these foreclosures are quite reasonable and this is perhaps, the right time for buying as it is estimated that the prices of properties will be on an upswing from this year end onwards.