For the past ten years, Charlotte NC homeowners have been very lucky to live in an area with a "Goldilocks" economy and real estate market. 
I define a "Goldilocks" real estate market as one that is healthy, thriving and neither too hot nor too cold. Home appreciation never hit the highs of areas like South Florida or California nor has the Charlotte market crashed to the current lows of those marketplaces. The Charlotte NC real estate market has always been "just right."
Now, however, Charlotte may begin to feel some of the same pressures as other parts of the country as the city grapples with job losses in the financial sector. The downward pressure on home prices may mean more homeowners will owe more on their homes than the properties are worth on the current market. Some of these homeowners may face foreclosure. Foreclosure is an ugly option and a losing proposition for homeowners and mortgage companies alike.
A short sale may be a way that a homeowner can avoid foreclosure. A short sale is a sale in which a buyer and a seller agree on a price that is not enough to cover the mortgage payoff. The mortgage lender must agree to take less than is owed on the property. It sounds simple but in reality it is complex and time-consuming for all involved. But a short sale can be done and it can become a win-win situation for all involved: the buyer who gets a good deal on a home, the seller who avoids the negative credit issues from a foreclosure, the mortgage lender who saves time and money, and the neighborhood that benefits from not having the stigma and negative impact of a foreclosure property.
I will discuss some of the things to know about accomplishing a short sale on your property in future posts.
Visit www.CarolinaSmallTownLiving.com to learn more about buying and selling real estate in Charlotte NC and area small towns.
Copyright 2009. Carol Fox. All rights reserved. "Will Short Sales Increase As Charlotte NC's "Goldilocks" Market Fades?"
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