Search for Charlotte Foreclosures, HUD Homes or bank owned property. Learn to purchase a Charlotte HUD home, Charlotte Foreclosure properties, investment properties and investment opportunities.
First step: All foreclosures that are already "owned by the banks, finance companies or mortgage companies" are listed in the MLS. Do not pay for a website to view Charlotte foreclosures! If you are looking for Charlotte pre-foreclosures, many are also listed in the MLS. But if Charlotte Foreclosures are not in the MLS? If you understand lien priorities, how to do a complete title search, familiar with the rights of the rescission then move froward with your plan. For the vast majority of the public, this is not their area of expertise.
Looking for Charlotte North Carolina Foreclosures? How about a great Charlotte Foreclosure investment property in Charlotte? You are at the right place. I am very experienced in Charlotte North Carolina foreclosure properties and both North and South Carolina foreclosure auctions. I have purchased homes in a variety of foreclosure auctions and enjoy helping. No, I will not promise a get rich scheme. I will explain what the investor classes neglect to tell you.
First, there are several types of Real Estate auctions and each with varying risks. The easiest auction is when the property is "free and clear". These auctions are conducted by banks and the bank has already assumed the bulk of the risk. Yes, less risk for you but the profit margin is assumed by the risk taker.
I will try to keep this overview easy to read and understand. First you need to understand and appreciate the banks position. The bank is not is the housing business. The bank is in the money business. When a bank owns a home, it shows that the bank made a 'poor decision' in its 'money business'. The bank wants to get rid of the property and have this dept off of its books. BUT, who owns the majority of the homes in your neighborhood? The banks (at least indirectly with all homes that have a mortgage). What would happen if the bank dumps the property for half of its value? Then the bank has basically devalued all of its other homes (otherwise known as vested interests) in the same neighborhood. Now the neighbor tries to sell his home. The home does not bring the same premium price now because the bank dumped a home in his market. Now the person owes more on his home than it is worth. Here goes another foreclosure!
As you see, if a bank 'dumps' a home it actually hurts the banking industry and the whole neighborhood. For this reason, the bank will do what ever is necessary to get as much as humanly possible for the home.
Here is an overview of the HUD Auction process for a HUD foreclosure:
Hud Foreclosures are listed in the MLS and a HUD approved Real Estate Broker must submit the bid for you. The HUD bidding process provide an "Owner Occupant" bid priority when the home first becomes available. The potential home owner has a 10 day window to contact an agent to view and analyze the home's value. The HUD auction is a "Blind" bid process. The Agent must have the financing and deposit confirmed prior to submitting the bid in the computer. The bid deadline is typically on Sunday night. By Monday at noon the wining bid is posted. The agent must then hand deliver the application, the bank letter and the deposit to the HUD office.
Want to search for HUD Homes? Yes, I am a HUD Broker and am experienced. Here is a great website to help you get started finding your HUD home (I can help explain the entire process):
North Carolina HUD website
South Carolina HUD website
If you have any questions or concerns about Charlotte foreclosures give me a call. I am a full time Charlotte Real Estate agent, licensed in both North and South Carolina and am here to help find the best deal for you.