Are You the Right Client for A Foreclosure or a Pre-Foreclosure in Charlotte NC?
Not everyone is the perfect candidate for a foreclosure or a pre-foreclosure (short sale) in Charlotte NC. In today’s market, everyone seems to be searching for a ‘deal’ but, not everyone is willing to wait the process out. We are finding that most buyers who are looking for homes right now are looking in the $100K to 200K price range. First time homebuyers want a ‘deal.’
When searching for a home that is in the low to mid $100’s and $200’s and is in foreclosure, chances are the homeowner hasn’t been maintaining the property well at all. Buyers should expect to see stains on the carpets, dings in the walls, no appliances or even no light fixtures in the home. Is this what you’re looking for?
A property is generally a ‘deal’ when you make it a deal—do you have the vision to see beyond the cosmetic imperfections or need for appliances or light fixtures? If you do, you have the potential to get great equity in the property. If you can’t see beyond the minor distress, you simply must move on.
There are many opportunities for pre-foreclosures in the area too. These, to us, are the real deals! These properties represent cooperation between the homeowners and the lenders/banks, which keep the property maintained and truly represent a great ‘deal.’ They even represent a better situation for the bank than a foreclosure—no need for the banks to bear the foreclosure process or the auction or the rehabbing of the property that is necessary when an angry homeowner has vacated the property, taking with them items of value and damaging the property as they leave.
The other difference—time. If you’re willing to wait the two to four months for the short sale (pre-foreclosure) process in Charlotte NC, then you CAN find that ‘deal.’ You will most likely have instant equity in your new home and repairs or rehabilitation will likely be at a minimum—at least compared to foreclosures.
Give it some thought—are you willing to see past cosmetic imperfections and spend a little money to rehab that foreclosure? Or are you willing to wait out the short sale process? Either way, rest assured, you’re going to get that ‘deal’ you’re looking for.
And, if you’re a first time homebuyer, don’t forget about the $8,000 federal tax credit that is applicable now through the end of November, 2009. Happy house hunting!
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