Charlotte Foreclosures continue to sell quickly and are a great deal! Many of the foreclosure sales are multiple offers and the closing prices range from 90% of list price to 105% of list price (reaffirmed this for the week of 4/14 through 4/21). The average is between 97 to 98% of list price.
All home buyers are looking for a good deal and Charlotte Foreclosures top the list! I share this data so you realistically know what response you are going to hear from the lender on bank owned homes. Everyone hears that cash is king and this is very true. Lenders realize that a cash deal closes more predictably than a home requiring a loan. I have seen banks accept an offer that is several thousand less (about $5,000) than otter offers for cash.
Understand it is strictly a financial decision from the banks perspective. Why should a bank accept $50,000 less? Let's say the monthly payment (monthly loss the bank is losing by holding up their money) is $1500. With Charlotte Foreclosures, the bank is not willing to accept almost 3 years of lost revenue by a quicker close. It is strictly numbers. The lenders know, based on foreclosure history in our real estate market, the time expected before the foreclosure will see. It is no where near 3 years. The vast majority (90%) were on the market less than 2 months.
When considering Charlotte Foreclosures, realize a good deal when you see one! What is the market value of a home, in today's market, in that neighborhood? Are you getting as good deal? It is really that simple. Too many people focus on the list price and not the actual market value. A wise buyer recognizes a great deal and knows when to react.
Call me, Rick Waite @ 704.770.6559 or email @ rjwaite1@gmail.com today for information on foreclosures and help with the process. Search Charlotte foreclosures and foreclosures in our suburbs today! It is time to get a great deal!
