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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 Short Sales Becoming More Efficient

The Short Sale process is definitely improving!  I have had two Charlotte Short sales that were placed back in March and April and have already had responses from the lenders.  They will not be closing for at least another month but the time frame is showing positive improvement!

Short sales are a reality in our real estate market.  Life happens and some people just need to sell their home regardless of the current economy (largely because of the economy).  The Charlotte Real Estate market is selling albeit not at the rates of 2007 but homes are selling.  Charlotte Foreclosures remain popular and often very competitive.  The Shot Sale market is less competitive and often results in a better deal for both the home seller and home buyer.

The term foreclosure is actually a bank owned home and can typically close within 30 days.  A short sale will takes months before you receive acceptance, denial or a counter from the lender.  After terms are agreed upon, the lender expects you to close within 30 to 45 days.  It is often tough to "plan" on closing on a home at a tentative future date that can be 4 months, 5 months. 6 months or perhaps not at all.  You need a lot of flexibility with you current living arrangements.  Before placing an offer on a short sale, please be certain you "love" the home. 

If you do not love the home, you will see many other homes, That can close more quickly, within the next 4 to 6 months and you will likely withdraw your offer and decide upon a home that can close "now".  The real estate market has changed and this will be our "new normal" for the time being.  Before listing your home as a short sale or purchasing a short, please be certain you have a Realtor that is familiar with the market and can actually help you through the process.

Published Saturday, June 11, 2011 12:40 PM by Rick Waite

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