I am now certified as SFR for Short Sales and Foreclosures. I have been working these for years but all knowledge is helpful. This has better refined my understanding and appreciation for all parties.
The buyer for a Charlotte Short Sale and Charlotte Foreclosure Homes are two different types of buyers. The Short Sale Buyer wants a discount but can place their life on hold for 6 months waiting for a decision form the bank. It can take six months for a short sale response and then the bank can still reject the offer. Before you place a short sale offer, please be sure you love the house and do not mind waiting. I have worked with many buyers and sellers of short sales. Many buyers will walk away in a few n=months as other homes peak their interest. I have also seen investors place offers on Short Sales but investors are rarely interested in waiting six months for an investment property. They typically will withdraw the offer prior to acceptance.
Charlotte Foreclosures on the other had "typically" need more work than a short sale but can close quickly. They are largely sold "as is". Lenders are liquidating assets to minimize their losses but are not interested in further diversifying their business into home repairs. The discount on these homes are there but the homes will be sold at "fair market value". The lender is not interested in depreciating the rest of their assets within the community.
Charlotte NC Bank Owned homes are a great opportunity to save some cash on your purchase and you will have have a great home for you and your family to call "home". Call today and let's get started in finding that ideal home. Please keep in mind that the current market values dictate the price. many people are looking for a deeply discounted home is a "hot" neighborhood. Reality is that lenders perform multiple market evaluations and know the value of their asset prior to foreclosure and after the foreclosure. If you are looking for the deepest discounted foreclosure homes then they are available. The neighborhoods are in areas where foreclosures dominate the area. There are several reasons why but that we will leave for another blog.