Buying Foreclosure Properties in Charlotte, NC

According to U.S. World News, ”More than a million foreclosed and “distressed” properties are expected to hit the market this year from two-bedroom starter homes to 20-room mansions.”  Typically, the bank will hire a real estate agent to sell the property and many times for much less than what was owed on it.

If you are looking to purchase a foreclosure property in Charlotte, North Carolina, the first thing you need to do is find a qualified real estate agent who knows how navigate the foreclosure acquisition process. That person is Leigh Brown, a professional real estate agent serving the Charlotte metro area.

Know the Market Value of the Foreclosure Property You are looking to Purchase

Leigh Brown has extensive knowledge of the current real estate and lending markets of Charlotte NC, including the foreclosure market. She is an expert when it comes to locating foreclosure properties for sale in Charlotte, NC as well as establishing their true market value, which is often very different than the bank’s asking price and definitely not a deal if the property’s market value has taken a nose dive.

Keep in mind that banks will often sell bank-owned properties that are distressed and try and make a profit on the sale if they can. Leigh can provide you with a Property Analysis of the Charlotte, NC neighborhood you are looking to purchase a foreclosure property in, along with any expected expenses you might incur in the transaction.

When buying a foreclosure property in Charlotte, NC, you will be responsible for all necessary repairs, so it’s always best to estimate high rather than low for what those costs might be. You may also need ‘hard cash’ when purchasing a foreclosure property because quite often traditional bank financing will not be available.

The Laws That Govern Foreclosures

Every state has it’s own rules that govern foreclosures.  According to the Office of the Attorney General for the State of North Carolina, the following rules apply:

• In the absence of a power of sale clause in the loan document that authorizes the lender to sell the property in the event of default, the lender must sue the borrower to obtain an order to foreclose.
• Non judicial foreclosure requires that the clerk of the court hold a hearing to determine whether or not a foreclosure may take place. The notice of hearing shall be served upon all parties at least 10 days prior to the date of the hearing. If the clerk of the court finds that foreclosure may proceed, the process is as follows:
• The notice of sale must be mailed by first class to the borrower, published weekly in a newspaper of general circulation in the subject county for two successive weeks, with the last publication date not less than 10 days before the date of sale, and posted on the courthouse door at least 20 days before the date of sale.
• The sale will take place at the subject courthouse on the date designated between the hours of 10:00 AM and 4:00 PM. The auction shall remain open and bids may be filed with the clerk of the court for 10 days following the sale date.
• The sale may be postponed by announcement of postponement at the time and place of the original sale. A notice of postponement stating the new date and time of sale must be posted on the courthouse door.

Although foreclosures are happening nationwide, you need a savvy foreclosure expert like Leigh Brown who knows how to get through the labyrinth of the foreclosure acquisition process.  She has helped many of her clients take advantage of the variety of foreclosure opportunities that are available in Charlotte, NC.

Contact, Leigh Brown, the foreclosure buying expert of Charlotte,  NC.