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Charlotte Short Sales

Charlotte Short Sales present a strong market niche within the greater Charlotte real estate market.  Charlotte Short Sales are one of the few options remaining for many distressed home owners.  What is the difference between a Charlotte Short Sale and a Charlotte Foreclosure?  A Charlotte Foreclosure is a term used for a home that is actually now Charlotte Bank Owned Homes or Charlotte Foreclosure Homes for Sale.  Charlotte Short Sales are homes heading towards a Charlotte foreclosure but still has time to be saved prior to becoming a foreclosed home.

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Charlotte Short Sales were trending upward through 2012 but all changed in early 2013.  SHort Sales have now fallen below 2010 levels!  Short Sale Homes provided an opportuinty for investors!  Investors moved into the Charlotte Short Sale Real Estate market en masse. You will note on the graph that since March of 2013, there has been a dramatic decline.  Investors are purchasing homes nationwide at minimal true discounts (in the Charlotte market) and pushing up the deeply discounted homes.  If you were waiting for your chance, you likely missed a great opportunity!  What is a Short Sale and secondly, why were they occurring?Charlotte Short Sales Trends 2012


What exactly are Charlotte Short Sales? A Short Sale situation occurs when the home mortgage is greater than the current market value.  For example, your Charlotte mortgage is $250,000 but the current market value is only $200,000.  There is a $50,000 shortage.  If you need to sell you home, what options do you have?  Short Sales can be an option.

Charlotte Short Sales are not a simple process.  Short Sales requires a lot of work, care and diligence.  This is both on the listing agent and the seller.  The Home Owner must work closely with their Charlotte Short Sale Realtor.  The lender requires a lot of information; please be mindful that the lender is making a decision on losing thousands of dollars.  Yes, there is a lot of personal information that you need to share upfront.  I can only help if you are open, honest and share your situation.  Some of the things I need to know are:  Is there a second mortgage?  Is there a HELOC (Home Equity Line of Credit)?  How long ago did you take out that money?  How far behind are you on your mortgage payments?  Is the home scheduled for Foreclosure?  Is there a bankruptcy involved?  How has your situation changed (honestly)?

As a short sale listing agent and can help you through the process.  You need a person you can trust with this situation.  Call me today to begin solving your problem.  No, I do not promise a quick fix but I am experienced and understand how to sell a short sale.

Buying Charlotte Short Sales: Patience is the first requirement when purchasing Short Sales.  The process will often take several months before it can close.  When the lender accepts your offer, you will be required to close within 30 to 45 days.  So How much will the lender accept?

The lender expects to receive market value for the home.  The lender will look at the list price and confirm that it is reasonable.  The Listing Agent should lower the price every couple of weeks in order to attract activity and then an offer to purchase the home.

Will the bank consider a "low ball" offer?  You will likely wait three to six months to hear "no" after you place an offer for Charlotte Short Sales.  Your offer price must be fair before the lender considers it. DO NOT PLACE AN OFFER ON A SHORT SALE UNLESS YOU LOVE THE HOME!  This is essential.  If you do not love the home, I assure you that you will find a home of greater interest over the next four months.  A four month wait requires a lot of patience.  Consider that the bank may return with a counter offer or a flat denial.

This is authored by Rick Waite.

Expand your search beyond Charlotte Short Sales and discover opportunities in Charlotte Foreclosures or return to my Charlotte Real Estate and Charlotte Homes for Sale pages to learn more about our greater Charlotte region!

Call today!

Abby Nelson
Charlotte Realtor
Phone: 704.890.1860


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