Foreclosure Shopping is Smart Shopping

When someone says the word “foreclosure,” what pops into your head? An immaculate home on a fabulously manicured lot or a ramshackle house that looks ready to be knocked down?

Most people usually envision the latter, but with these current housing market conditions, it couldn’t be further from the truth.

In North Carolina, you can easily find foreclosure properties in every condition and at virtually every price point. Whether you’re shopping for a starter one-bedroom condo or a sprawling luxury estate with all the bells and whistles, our local foreclosure market has something to offer you.

Because foreclosure homes are sold vacant, it is true that some of these properties need a little TLC… and some need a lot. Still, there are many move-in-ready options. Again, it depends whether you’re willing to roll up your sleeves and take on some reno projects or if you’d prefer to have everything picture perfect the moment you step through your new front door.

Either way, the foreclosure market is full of a lot of excellent properties at showstopper prices, which means that the money you’re planning to put towards your down payment may be able to buy you even more house than you dreamed possible.

Why are foreclosure homes such a good deal?

The main reason is that they are bank-owned. When a lender must foreclose on a property, they attempt to sell it off at auction. If that doesn’t work, then the lender is stuck with the house as bad debt on their ledgers. Banks are not real estate agencies; they want to get bad debt off their books as soon as possible, so they are willing to sell the homes at rock-bottom prices in order to move them quickly.

Another reason foreclosures are so budget-friendly is that a vacant house is often an unkempt house. It’s likely that no one has mowed the lawn, trimmed the hedges, dusted, or cleaned the windows since the previous homeowners left, which means that when you see the house, it may not look its best. A less-than-stellar appearance very quickly drags a home price down (which, if you’ve ever sold a house, you well know!).

Don’t let a little dirt or debris deter you. Many foreclosures only need a bit of landscaping, a little cleaning, and a fresh coat of paint to make them look as good as new. These are cheap and easy fixes, but may have kept the home on the market just long enough for a keen eye to spot its potential. If you’re able to see past minor cosmetic issues, you could be on the verge of scoring the deal of a lifetime.

These tips are courtesy of Leigh Brown, the best Charlotte agent and best Concord agent around! Get in touch with Leigh to put her expertise to work for your, whether you’re looking for the best listing agent in Charlotte or you’re hoping to find the best of the Charlotte homes for sale to call your own.