### What is foreclosure?

 

When a borrower has stopped making payments to a lender, foreclosure is the legal process in which a lender attempts to recover the balance of a loan from the borrower by forcing the sale of the asset (real estate) used as the collateral for the loan.

Foreclosure is the legal process where a lender recovers loan balance by selling the borrower’s property. Learn more about foreclosure.

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Foreclosure - Definition - OfferMarket

What is Foreclosure in real estate?

## Real Estate Valuation for Sellers

If you're wondering "what's my house worth?" or "how much can I sell my house for?", we are here to help.

 

## Real Estate Valuation for Buyers

If you want to buy a house buy you aren't sure how much it's worth, we are happy to provide you with a free real estate valuation estimate.

 


<iframe src="https://docs.google.com/forms/d/e/1FAIpQLSduHNHtER_O3QY82_-KQnibTm4lnKNz3Dyl23IV6_yvgfyJsA/viewform?embedded=true" width="640" height="1193" frameborder="0" marginheight="0" marginwidth="0">Loading…</iframe>

Receive a free real estate valuation for your house, or a house you are interested in buying.

Free Real Estate Valuation - OfferMarket

Free Real Estate Valuation

## What is a mortgagee clause?

 

A mortgagee clause typically is a provision included in a property insurance policy protecting the mortgagee (lender) from financial loss in the event mortgaged property is damaged -- physical or otherwise. Put another way, a mortgage clause is insurance coverage between the lender and property insurance company that protects the lender and their interest in the property. Most commonly this protects lenders downside when there is physical damage done to the property and it was not initially reflected in the valuation of the property. This clause is often added to homeowners insurance policy (and increases its costs for the homeowner) and is required by mortgage lender to be able to extend a mortgage loan. 

 

In other words, if the property suffers damage, the insurer agrees to financially compensate the mortgagee for their portion of the loss. This is a risk reducing mechanism that enables a vibrant and hyper active lending system which makes it easier for borrower to get a loan, for mortgage originators to function and underwrite such loans and for mortgage investors to repurchase packaged loans in the secondary markets. More on these mechanics below...

 

## Protection for the lender helps the lending system function

 

The main purpose of the clause is to provide protection to the mortgage lender so their returns on extending a loan for the property is protected in case of substantial damaged or even destroyed. This mechanism allows for shifting of risk from mortgage lender to the insurer, so in case of a cataclysmic event the financial burden is split, which allows for mortgage lenders to extend far more loans to the buyers, allowing more families to move into their homes and enjoy benefits of home ownership. Risk is an important consideration for lenders because thats a useful tool for quantifying their exposure to downside financial risk inherent to their business. Shifting this risk or distributing it between parties within the transaction is an important mechanism that allows creation of new, more sophisticated, and robust systems that allow more access to capital at cheaper rates, allowing everyone who are part of the system to thrive. 

 

Without this mechanism, mortgage lenders would need to be much more risk averse and tightening their lending standards. Which would impact buyers ability to purchase homes. Usually this would mean that buyers would have to put more money down to purchase a property, have higher credit scores, buyer lower valued properties, some areas would be underbanked due to higher perceived risk from the lender, or they would required co-guarantors or co-signers, overall making a loan issuance a much harder process for the borrower. 

 

## Protection of the clause doesn't just protect the original lender

 

The protection granted by the clause doesn't just protect the original mortgage lender. The clause includes [ISAOA]("https://www.offermarket.us/real-estate-glossary/isaoa-atima"), or "It's success and/or assigns" term, sometimes written as "successors and or assigns", which means that the insurance protection extends or grants continuing to any financial institution that may repurchase the mortgage loan from the original loan issuer. This is done because, given how the current mortgage loan industry is structured, most commonly, originator of the loan, the first company that issues doesn't hold it to maturity, for the whole 30 year or 15 year term. Instead they package many such loans together into whats called a vintage and sell them to investors that do hold them for 15 to 30 years in order to collect the coupon payments. 

 

These investors also want to be protected from potential damage to the property under home owners insurance for the duration of the loan, which is often substantial. If this extension under [ISAOA]("https://www.offermarket.us/real-estate-glossary/isaoa-atima") didn't exists, this secondary market would evaporate overnight, and originators (first issuer of the load would have to hold them until maturity), which would cascade into much stricter rules on original issuance due to much higher risk they would bear, ultimately making it significantly harder for buyers to get a loan. 

 

The protection of the clause often covers not only originator (original mortgage lender), mortgage investor (buyer of mortgage loan packages from the original lender) but also to any company that also works with already protected party. For example, if there are some subcontractor, rental equipment operators, or vendors working on the property and their equipment gets damaged while they are doing anything for the insured parties (home owner or their lender), the [ATIMA]("https://www.offermarket.us/real-estate-glossary/isaoa-atima") protection kicks in and covers them under the mortgagee clause, leaving the insurance on the hook instead of homeowner or the lender, making them a loss payee instead of the lender or homeowner.

 

Once again, this is done to further reduce risk for the lender so the whole lending system can continue issuing loans and make insurers deal with actual, often physical risks of home ownership, while lenders are only exposed to the risks carried by the personal profile of the homeowner, such as their personal ability to pay down the loan for its duration.


## How to add a mortgagee clause

 

If you are a [private lender](https://offermarket.us/real-estate-glossary/private-lender) providing a private loan to a real estate buyer (borrower), you can have the borrower contact their property insurer to add a mortgagee clause with you as the mortgagee. Almost all home insurance companies have experience with adding these clauses because any government backed mortgage loan must include such a clause to make it count as a standard loan that can be packaged or securitized into vintage which then can be resold in secondary markets for investors to hold until maturity. 

 

Here is a mortgagee clause for an OfferMarket single family rental property that is insured by [OfferMarket Insurance](https://www.offermarket.us/insurance):

 

OfferMarket Capital LLC ISAOA/ATIMA
627 S Hanover St
Baltimore, MD 21230

 

## [Introducing OfferMarket Capital](https://www.offermarket.us/loans)

 

Take your real estate investing to the next level with OfferMarket Capital. Access the most competitive and transparent rates on bridge loans (fix and flip) and 30 year fixed rate rental loans (purchase and refinance). 

 

## Concepts related to Mortgagee Clause

 

- [ISAOA/ATIMA](https://www.offermarket.us/real-estate-glossary/isaoa-atima)
- [Mortgage Loan Originator](https://www.offermarket.us/real-estate-glossary/mortgage-loan-originator)
- [Landlord Insurance](https://www.offermarket.us/real-estate-glossary/landlord-insurance)
- [DSCR Loan](https://www.offermarket.us/blog/dscr-loan)

A mortgagee clause is a provision included in a property insurance policy protecting the mortgagee (lender) from financial loss.

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Mortgagee Clause - Real Estate Glossary - OfferMarket

What is a Mortgagee Clause?

Grow your real estate investing business with the most competitive DSCR loan product. OfferMarket provides DSCR rental loans, bridge loans, hard money, fix and flip, slow flip, and ground up construction loans.

Private Lending | OfferMarket

Private Lending

How It Works – 3 Easy Steps

Benefits of Using OfferMarket in Richlands

Richlands &amp; Onslow County Market Trends

Frequently Asked Questions

[Selling your house in Richlands, NC](https://www.offermarket.us/sell) has never been easier. If you need to sell your Richlands home quickly and hassle-free, OfferMarket connects you with local cash buyers ready to make offers. Skip the stress of traditional listings – with our platform you can sell “as-is” (no repairs or cleanup needed), avoid agent commissions, and close on your schedule. Our process is simple and transparent, and tailored for North Carolina homeowners. Whether you’re relocating, avoiding foreclosure, or just ready for a change, our network of vetted investors is actively buying homes in Richlands and Onslow County. Start by listing your home for free and within days you could be reviewing cash offers from buyers eager to pay fair prices.

 

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[![Sell My House Fast - OfferMarket 3 Step Process](https://cms.offermarket.us/uploads/sell_my_house_fast_dawsonville_ga_ef2750662f.jpg)](https://www.offermarket.us/sell)

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**OfferMarket is not a wholesaler. Wholesalers are not allowed to submit offers on our platform.**

| Location | Seller | Buyer |
| ----- | ----- | ----- |
| Richlands, NC | [Get offers](https://www.offermarket.us/sell?status=getoffers) | [Join buyers list](https://www.offermarket.us/listings?mapBounds=-85.95759772744175,-86.53918647255864,43.3289931577726,43.139221704143495&limit=25&) |
| Onslow County | [Get offers](https://www.offermarket.us/sell?status=getoffers) | [Join buyers list](https://www.offermarket.us/listings?mapBounds=-85.95759772744175,-86.53918647255864,43.3289931577726,43.139221704143495&limit=25&) |
| 28540 | [Get offers](https://www.offermarket.us/sell?status=getoffers) | [Join buyers list](https://www.offermarket.us/listings?mapBounds=-85.96315752744182,-86.54474627255873,43.336540186624916,43.14679227288775&limit=25&) |
| 28574 | [Get offers](https://www.offermarket.us/sell?status=getoffers) | [Join buyers list](https://www.offermarket.us/listings?mapBounds=-86.02659762744372,-86.60818637256003,43.307233587076496,43.117394281822214&limit=25&) |
| 28518 | [Get offers](https://www.offermarket.us/sell?status=getoffers) | [Join buyers list](https://www.offermarket.us/listings?mapBounds=-86.02659762744372,-86.60818637256003,43.307233587076496,43.117394281822214&limit=25&) |

 

## **How It Works – 3 Easy Steps**

 

1. **Submit Your Property.** Fill out our quick online form with your Richlands address and home details. We handle the rest. Our team and technology will match your property with qualified cash buyers in the area.

2. **Connect with Cash Buyers.** Within a short time, you’ll hear from multiple pre-screened investors interested in your home. These buyers are ready to move fast – often as-is – so they can close quickly on the deal.

3. **Review Offers & Close.** Compare all cash offers at your convenience. There’s no obligation to accept, and you set your preferred closing date. Once you choose the best offer, we coordinate the closing (with a licensed NC attorney) to finalize the sale. You get cash in hand and avoid months on the market.

 

## **Benefits of Using OfferMarket in Richlands**

 

* **Sell As-Is, No Repairs Required.** You won’t need to fix up the house. “Selling as is” means you sell in its current condition without making repairs. Local investors expect to handle any needed updates, saving you time and money.

* **Skip Realtor Commissions.** Traditional agents charge around 5% of the sale price in North Carolina. With OfferMarket, you connect directly to buyers so you pay $0 in commissions or listing fees. Keep more of your sale proceeds.

* **Access to Vetted Cash Buyers.** We vet and verify investor buyers, so you can trust the offers you receive. These are serious cash buyers familiar with the Richlands/Onslow market, not random leads.

* **You Call the Shots.** Maintain full control: set your asking price, review multiple offers, and choose the buyer with the best terms. You’re never obligated to accept an offer, and we empower you to negotiate or wait for a better deal.

* **Fast Closings.** Cash offers mean faster closings – often in just 1–3 weeks. Without a mortgage to approve, buyers can move quickly. We still follow NC’s attorney-led closing process, but with the paperwork and title search handled efficiently.

* **Local Expertise.** OfferMarket understands Richlands and Onslow County. We know the local market conditions and state regulations, so we guide you through NC disclosure requirements and closing rules.

 

## **Richlands & Onslow County Market Trends**

 

The Richlands/Onslow market is active and price-recovering. In 2025 the median home price in Richlands was around $283,000, up about 7.6% from a year ago. Zillow reports Richlands home values at about $266,700 (up 3.6% year-over-year). Homes in Richlands are selling fast – on average they go *pending* in roughly 9 days. This means motivated sellers often receive offers quickly, especially cash offers that bypass the long listing process.

Onslow County (which includes Richlands and nearby Jacksonville) similarly shows strong demand. The median sale price in Onslow is about $300,000, up roughly 5–6% from last year. Redfin data indicates homes in Onslow sell in about 27 days on average, versus 22 days a year ago, reflecting steady buyer interest. Rocket Homes’ market report confirms *“Onslow County is a Seller’s Market”*, meaning buyers outnumber available homes. In short, Richlands sellers are in a good position – prices are rising and motivated buyers (including investors) are ready to act.

Local demand is fueled by factors like the military presence at Camp Lejeune and continued population growth in Onslow County. Many investors and owner-occupants alike keep an eye on this market. OfferMarket taps into this network so you benefit from multiple offers. Instead of worrying about a stale listing, you can rely on a fast track: get your home in front of serious cash buyers in days, not months.

 

## **Frequently Asked Questions**

 

### How do I get started with OfferMarket? 

It’s easy and free to list. Just enter your property details on our site and our local team will reach out. We’ll explain the process and connect you to investors. Listing costs you nothing – if you sell, we may charge a small transaction fee to the buyer, but you pay no commission.

 

### Can I sell my house as-is even if it needs repairs? 

Yes. Selling *as-is* means you sell in the condition you have now. You won’t have to make any repairs beforehand. (Note: the buyer may still perform inspections, but you are not responsible for fixing issues.) For many Richlands sellers, especially those short on time or cash, this is a huge relief.

 

### What about realtor commissions or listing fees?

In a traditional sale, agents might charge \~5–6% of the sale price. On OfferMarket, there are no listing fees or agent commissions. We simply introduce you to buyers. You keep 100% of the agreed sale price.

 

### How quickly can I close on a cash offer? 

Cash buyers can close much faster than buyers needing a mortgage. Many of our transactions finalize in as little as 1–3 weeks once you accept an offer, because no lender appraisal/approval is needed. (Of course, NC still requires an attorney and title search, which we arrange.)

 

### Do I have to fill out any North Carolina disclosure forms? 

Yes. NC law requires sellers to provide a Residential Property Disclosure Statement to the buyer by the time of offer. This is a standard form detailing known issues (or stating “no knowledge” of issues). We’ll remind you of this step, but many investors on our platform are familiar with NC’s disclosure rules. Note: brand-new homes and a few special cases are exempt.

 

### Is an attorney required for closing? 

Yes. North Carolina is one of the few states that mandates a licensed attorney to handle real estate closings. In practice, we coordinate with experienced local closing attorneys so the sale proceeds smoothly. You won’t need to find your own attorney – we take care of that.

 

### What kind of timeframe should I expect? 

Every deal is different, but because we deal with cash buyers, expect a much quicker timeline than a regular sale. Once you pick an offer, the closing process (title work, paperwork, etc.) generally takes about 1–3 weeks. This is far faster than the 30–60+ days typical for mortgage-backed sales.

 

### How’s the Richlands market right now? 

It’s competitive. As of mid-2025, Richlands homes are selling quickly (median pending in \~9 days) and prices are rising. One market report notes Richlands is in a *seller’s market*. In nearby Onslow County overall, home prices have climbed \~5–6% year-over-year. In short, you can expect good demand – and multiple cash offers – especially if you price reasonably.

 

### Is listing on OfferMarket really free? 

Yes. Creating a listing costs you nothing. We only earn a fee when a sale closes, charged to the buyer or as agreed. You have zero obligation or risk just by listing.

 

### What if I’m facing foreclosure or have an urgent sale? 

Our service is ideal for urgent situations. Since cash buyers don’t require a loan, deals can close extremely fast, which can help avoid foreclosure or provide quick relief. We advise being upfront about timing in your listing so buyers know you need a quick close.

 

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**Ready to Sell Your Richlands Home?** list your property on OfferMarket today. There’s no cost or commitment – just enter your address and basic info to start receiving cash offers. You’ll be in touch with serious local buyers in days, not months. Get top dollar on your terms: *sell as-is, pay no commissions, and close quickly*.

List your home for free now and let Richlands’s cash home market work for you. With OfferMarket’s trusted process and local expertise, selling your Richlands house fast is simple and secure.

Sell your Richlands NC home fast for cash—no fees, no agents. Get a fair offer in 3 simple steps and close on your terms, hassle-free!

Sell My House Fast - Richlands NC

* No fees, ever