Distressed Properties in Charlotte NC

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Real Estate Agent with www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 228209

Distressed Properties in Charlotte NC

Many Charlotte NC real estate buyer requests that we receive are pertaining to distressed properties.  We're happy to assist you in your search for distressed homes for sale in Charlotte but, before we search, here's a quick definition of each type of distressed property which you may come across during your search.

Distressed homes in Charlotte NC

What is a Short Sale?
Much has been written about short sales in Charlotte NC.  In short, the definition of a short sale is when a homeowner cannot afford to make the mortgage payment and does not have sufficient proceeds to pay off the mortgage(s), it then becomes necessary to have the bank involved as a third party in the sale of the property.  In order for the sale of the home to occur, the bank either has to forgive a portion of the debt or allow the seller to convert the amount of the default into a personal loan to be paid off after the sale of the home.  Search short sales in Charlotte NC


What is a Foreclosure?
A foreclosure occurs when a lender pursues its lien on a property.  Foreclosure action typically begins after 90 days of nonpayment but, recently we have seen the process take a bit longer, partially because of the vast number of homeowners who are delinquent on their mortgages.  Bidding on the property takes place as part of the foreclosure sale.  The Title will then be transferred to the successful bidder, subject to any applicable redemption period.


What is a Bank Owned Property or an REO?
When a property is bank owned, this most often refers to homes that have been 'repossessed' during the foreclosure process, having not sold to another party at the foreclosure auction.  These bank owned homes are also referred to as REOs, meaning the property is "Real Estate Owned".  Search bank owned homes for sale in Charlotte NC

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Topic:
Home Buying
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North Carolina Mecklenburg County Charlotte
Groups:
Short Sales and Forclosures ONLY
Posts to Localism
Short Sales Specialists
Charlotte North Carolina Area
Buyer Information - What Buyers Need to Know in Today's Market
Tags:
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charlotte nc distressed properties

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Rainmaker
1,516,022
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

I receive a lot of questions about these types but usually the buyer opts for a standard sale that is priced right once they understand the pluses and negatives of these property types. Good info.

Feb 26, 2011 10:34 AM #1
Rainmaker
558,018
Cherise Selley
Selley Group Real Estate, LLC - Colorado Springs, CO
Colorado Springs Realtor

Debe,

Short sales and foreclosures aren't really profitable about the real estate business.  But when these become bank-owned, well, that's another story... g

Feb 26, 2011 11:08 AM #2
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Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Howard County & Catonsville

Debe- Great explanations. In the current market buyers need to know the differences.

Feb 26, 2011 11:23 AM #3
Rainmaker
534,949
Kenneth Cole
Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com... - Staten Island, NY
NYS Licensed Real Estate Salesperson

I like the way you explain this.

Feb 26, 2011 11:34 AM #4
Rainmaker
1,333,748
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Debe - This is such a great post because so many people don't know the difference between these.

Feb 26, 2011 12:22 PM #5
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Debe Maxwell, CRS

Charlotte Homes for Sale - Charlotte Neighborhoods
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