Three Ways to Purchase Foreclosures and Bargain Real Estate in Charlotte, NC

According to MSN Money, one of the best places to invest your hard earned dollars is in foreclosures and bargain residential real estate. Interest rates are at all time lows and with the stock market looking a bit too dicey for the average investor, many are choosing to invest in bargain real estate and foreclosures. There is less risk involved and real estate is something tangible they can understand.

Some of the hottest deals in the Charlotte, NC Real Estate real estate market today are foreclosure properties for investors and home buyers alike. The current economic downturn and market makes it the perfect time for a small investor to purchase a foreclosure property in Charlotte, NC for their residence, rental or resale. The idea that real estate bargains and foreclosures are only available in low income neighborhoods is a myth. The truth is there are plenty of foreclosure properties and real estate bargains available in some of Charlotte’s choicest residential neighborhoods. The current economic situation has hit homeowners in all income brackets, providing a vast assortment of Charlotte foreclosed properties to choose from.

Buying Bargain Real Estate and Foreclosures in Charlotte, NC

REO’S

For inexperienced buyers purchasing a foreclosure in Charlotte NC from the lender or (REO) is actually the safest route. There are fewer risks, no liens or tax surprises and no tenants that you will be responsible to evict. In some situations, the lender might even offer financing on the property at a below-market rate or with a lower down payment. Although lenders are not obligated to provide full disclosures in a foreclosure transaction, the rest of the buying process from a lender is similar to a traditional home buying transaction.

 Typically, bank-owned or REO homes are properties that didn’t receive bids during an auction and many lenders will offer these homes at a deeper discount just to unload them. Keep in mind that many REO homes are “distressed” because they have not been properly maintained. 

According to Leigh Brown, Charlotte, North Carolina’s foreclosure and bargain real estate expert, “Buying a foreclosure might be more expensive than the resale on the same street when you take repairs and upgrades into account.”

That is why it’s important to have an experienced foreclosure real estate expert like Leigh on your team. She can provide you with a comprehensive property analysis, which includes all necessary expenses you might incur in the transaction. With REO investing buyers do have legal recourse if the property has undisclosed liens or other problems.

Property Auctions

Another popular method of purchasing a foreclosure property in Charlotte, NC is to visit the courthouse, where property auctions are held.  However, this is the riskiest route for first-time investors and home buyers, mainly because the buyer can’t see what kind of condition the property they are buying is in or conduct an inspection. Often times, the buyer will also be responsible for evicting the current tenant if it’s a rental or the previous owner, which is never a pleasant task.

Pre-foreclosure Sales

Pre-foreclosures or short sales are generally homes whose value is less than what is owed to the lender. The largest profits on foreclosures are obtained through pre-foreclosure sales because homeowners facing foreclosure are often willing to sell their home at a loss to pay off their lender in order to salvage their credit. Of course, the lender must approve the short sale which can be an ordeal in itself.  If you are looking to purchase a pre-foreclosure  in Charlotte, NC,  you need a qualified real estate agent who knows how to find homes at risk of foreclosure. Leigh Brown, bargain real estate and foreclosure expert has helped many of her clients purchase homes in pre-foreclosure. 

Buying a foreclosure property is a great way to purchase a home in Charlotte, NC and there are many REO, property auction and pre-foreclosure (short sale) opportunities  currently available to choose from. Leigh Brown knows the Charlotte, NC bargain real estate market. She will not only help you find the right property, she will guide you through the buying process every step of the way – Contact Leigh today!