Charlotte NC Foreclosure Real Estate Buying Tips
December 28, 2009 by Victoria Stankard · 1 Comment
With 1.5 million foreclosures on market and more on the way, there are definitely some great deals out there! However, if you’re thinking about buying a foreclosure property, you need to know how the foreclosure buying process works.
Here are a few tips to help you become a savvy foreclosure real estate buyer:
Knowing Your Bottom Line
Many bank owned properties (REOs) are put back on the market at low ball prices in order avoid the costs of property taxes, insurance, heat, electricity, maintenance and so forth.
Consequently, a rock bottom price can attract a lot of buyers and when the bidding war begins, what starts out as a great opportunity can quickly turn into no bargain at all. Figure out what you can afford and are willing to spend on a foreclosure property and stick to it.
Getting Pre-approved
It’s a good idea to get pre-approved for a mortgage because it can boost your bidding clout if your bid is similar to other bidders. With a pre-approval, you are not locked into anything and can always go with another lender if you choose to.
Picking the Right Foreclosure Property
When buying a foreclosure property a super bargain price shouldn’t be the only factor in your decision. Along with the price, you need to consider the condition of the property as well as the surrounding neighborhood.
Many foreclosures are in disarray and have been neglected by the previous owner. The property may also have been vacant for awhile and in need of renovations and/or repairs. This can quickly eat up all the money that you think you’re saving. It’s ok to consider a home that needs work as long as you budget accordingly.
You also need to do your research on the property and make sure there are no existing liens on it so that you avoid legal problems and hassles as you get further into the buying process.
Hiring a Real Estate Agent/Foreclosure Expert
There are many foreclosure opportunities available on the market, but there are also many hidden pitfalls within the foreclosure buying process that you must look out for. Because of this, it ‘s always a good to hire a qualified real estate agent/foreclosure expert who can help you traverse the ins and outs of the foreclosure buying process from start to finish.
More Information on the Foreclosure Buying Process
Foreclosure Process & Time-line Charlotte North Carolina
Beware of Foreclosure Scams – Charlotte North Carolina
Three Ways to Purchase Foreclosures and Bargain Real Estate in Charlotte, NC
Buying Foreclosure Properties in Charlotte, NC
Charlotte, NC Foreclosure Real Estate
If you’re in the market to buy foreclosure property in the Charlotte metro area, you need Leigh Brown on your team! Leigh is the leading real estate agent and foreclosure expert in Charlotte NC and has helped many clients get amazing deals on residential and commercial foreclosure real estate.
You can reach Leigh by filling out her online contact form or by calling her at (704) 688-5005 or toll free at (866) 440-7136.
Sources:
CNN Money.com
AOL Real Estate
Victoria Stankard is a freelance journalist, SEO copywriter and co-owner of Get Found Now, an online marketing and search engine optimization company. She and her husband, Michael Stankard, live in Tampa, Florida with their two children. Victoria writes for industry leaders who desire a strong Internet presence. If you would like Victoria to write for your current website/blog or create a dynamic, search engine friendly WordPress website/blog that will rank high in the search engines, email Victoria at: victoria (@) getfoundnow.com.
Leigh Brown, aka The Real Estate Diva, is a native of Concord NC in the Charlotte area. She grew up on a farm at the edge of Cabarrus County, still goes to the same church she grew up in (home of the world famous Mallard Creek Barbecue!), but has become a leader in area real estate through constant learning and continually upgrading technology to better serve buyer and seller clients. Leigh does indeed have a reputation as a barracuda-when it comes to protecting client interests. Her softer side is reserved for her husband and two kids who provide a constant source of joy-and entertainment
Good article. New homeowners or investors should go slow with purchasing a bank owned property (REO) or even a short sale. One must remember to have a very thorough property inspection to make sure one can figure out what 95% of the deferred maintenance and and capital improvement issues are and the costs associated to rectifying those issues.