It is incredible to see the rate in which distressed properties are selling in the greater Charlotte Real Estate market. The vast majority of our sales are Charlotte Foreclosures, Charlotte Short Sales, Charlotte Bank Owned Homes, REO's and Charlotte Corporate Homes (typically means owned by the bank). There is actually another great housing opportunity and these are Charlotte Relocation homes.
A relocation home is when the home owner is offered a job and the new company offers to purchase the home if it does not sell within a given time period (3 months is the normal). After the 3 months time period the relocation company purchases the home and places it back on the market. The relocation companies have been slashing their prices to move their inventory. I have seen homes close with the relocation company owning more than $60,000 at closing on a home that sold for less than $300,000! These deals can not be beat. The relocation company is quality! The previous owner leaves the home in great shape and the relocation company continues maintaining the home until closing. You can purchase a move in ready Charlotte Home at Charlotte Foreclosure prices! What a deal!
The large portion of our current market are distressed sales but why not? If you can purchase a Charlotte home at a steal, why wouldn't you? Many people are looking for a deal but most do not know what a deal really looks like. Every area is different and every market is different. For example, what are the overall population trends in the area or part of the country? What are the economic trends? What are the demographic trends? Please keep in mind that a "trend" is not a snap shot but a consistent pattern over several years.
Another important factor to consider is the ratio of sub-prime loans within a community? This will indicate how many more homes are likely to be in foreclosure. As more homes enter foreclosure, prices and values continue to drop. What dictates market value? Is it based on realities such as preferred weather and a better tax climate? Or is it based on the perception fed my the media? I say it is a blend of both. The media has a lot of power of the public (only because we allow it). The media can continually highlight the negative in order to "beat down" and area (ultimately depress the area).
Call me at 704.770.6559 if you would like to discuss Charlotte Foreclosures and the greater Charlotte Real Estate market. I am very familiar with our market and will be frank with you. I will not waste your time telling you that you will get a home for 50 cents on the dollar unless the home is in an area that no one else was willing to pay more. There are not many areas like this in Charlotte. If you are looking for section 8 rentals then this may be your criteria. If you are looking for Charlotte home that will rebound in a few years, then we will look elsewhere. I was an investor, previously purchased homes at auctions and did some renovations. I know a little. I can help. Let's find that ideal Charlotte Home that you have been wanting but now at a price (an interest rate) that can not be beat.