Charlotte Foreclosures remain a hot commodity. As foreclosures in Charlotte come on the market there is a surging demand. A decent deal does not last long.
I am noticing a trend of Short Sales. Charlotte Short Sales are increasing for several simple reasons. Sellers are learning that before their home goes into foreclosure, the banks will consider a short sale with a ready, willing and able buyer.
The down side of a short sale is that the Charlotte home will not "close" for several more months. The banks/lenders are attempting to streamline their process but you must be very patient when purchasing a Charlotte Home via a short sale. It may take 5 months until the lender actually approves the Charlotte home for sale. Banks/lenders must go through an elaborate process to confirm true market value, assess the value of a foreclosure (less than a short sale based on the condition of the average home after the foreclosure), assure that the deal is an arms length transaction and "assume" the amount of the loss.
The decision to assume a loss for the lender is not necessarily easy and without risk. Consider every corporation to reflect "Survivor". There are always people watching and scrutinizing each decision. When you get too many people involved in a decision process, efficiency is lost exponentially.
Charlotte Foreclosures and Charlotte Short sales present opportunities for you if you are ready to buy today. Call me as your Charlotte Realtor at 704-770-6559 for a customized Charlotte Foreclosure home search. Caution: I share all or the greater Charlotte NC Foreclosures. Charlotte homes are not discounted like the hyper inflated markets but you can get discounts. Do not expect to see discounts like you will find in Florida, New Jersey, much of California, Vegas and Phoenix. These markets went up tremendously over the past 5 years. The discount you are really receiving is merely the market adjustments of a super inflated price. Charlotte Real Estate did not experience this type of surge. I share this so that you understand that these are the selling prices. I will also share recent sales so that you will know realistically what offers banks are accepting.
