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Charlotte NC Homes For Sale - Charlotte Real Estate Market

Discover the greater Charlotte Real Estate Market and consider the factors that impact the value of your home. Learn about Charlotte Suburbs, Charlotte Land values, Charlotte Foreclosures and much more.

Charlotte foreclosures or Charlotte Short Sales?

Everybody wants a steal when it comes to Real Estate, especially Charlotte Real Estate. Why?  Why not?  Everyone wants a great deal.  Charlotte is still in demand all across the nation. Our climate, our location (1/2 way between Florida and New York), our property taxes and our greatest attribute is the power of a positive atmosphere.  You can not help but notice Charlotte Residents are happy.  The happiness is infectious.

That is the "why" do you want your Charlotte homes, now back to Foreclosures verses Charlotte Short Sales.  A foreclosure is a typically a home that has already been through the foreclosure process and the bank now owns the home.  These homes are discounted based on local demand.  If the home is in a neighborhood loaded with foreclosures, there is less value and you get a lower price.  If the foreclosure is in a neighborhood with strong demand, the discount will be far less. 

How about the condition?  Many foreclosures are in very poor shape.  The previous owners leave with resentment and vent their frustrations on the home.  A foreclosure is sad but ultimately, it is not the lender's fault that you can not pay back the loan.  A Charlotte foreclosure will typically require more maintenance than a Charlotte Short Sale but the foreclosure will be able to actually close within a month and the home is yours.

A Charlotte Short Sale is much more complex.  The owner of the home is not the bank, at least not yet.  A short sale is possible if the home loan is already in default (behind on payments) and the bank has already began the foreclosure process.  A short sale is always a complicated process but the Federal Government has placed additional hurdles blocking short sales.  First, on a short sale, the bank must "assume" a financial loss without ever gaining possession of the home.  This is a very complicated problem for a lender.  There is naturally a lot of pressure on the individual making the decision.  They must go through a lot of deliberation to assure the decision maker is making the best decision for the bank (that is his job).  Now add the Federal Government.  The Federal Government now is assessing bank management performance based solely on gains and loss without comprehending "why" there are gains or losses. 

How does this impact you?  If the bank decides to accept a short sale and the bank "accepts" a $100,000 loss based on market value, then the management team lost money and the Federal Government punishes them for losing money.  Yes, banks have bad assets and the Federal Government is impeding them from clearing the books so that the economy can just move on. This means the lenders are very tentative to take a loss on a nonperforming asset because they get punished by making correct decisions.  This is a sad situation.

Ultimately, you are much better off purchasing a Charlotte Foreclosure.  Yes, Charlotte Foreclosures are likely to need more work than a short sale but at least you will get the home. A short sale wastes a lot of your time and after being strung along for 6 months, the bank can reject or then just counter your offer.

Search Charlotte Real Estate listings including Charlotte Foreclosures and short sales.

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