Many people are hoping to find a deeply discounted home within Charlotte Real Estate. Yes, the sub prime market created havoc throughout the natioanl real estate market. There are many things to learn and ways to recognize real opportunity. The first is to comprehend that every area is different and real estate is ultimately local in nature.
Charlotte is a new city with a lot of large farms (rapidly being purchased by major developers). The developerbuilds the infrastructure and then sells the lots off to large builders. The builders selected a "price point" based on the demand (and cost of the land) in each area. If the area supported million dollar homes, the builder was willing to pay more for the lots. If the area demand would support $100,000 homes, the lots were considerably less expensive. These less expensive developments (in any and each area) typically focused on the local sub prime buyers.
One area in Charlotte may have many sub prime homes in $100,000 Charlotte neighborhoods and another Charlotte Suburb may have many sub prime loans in the range of $200,000. It all depended on the less expensive homes in each given area. This has created a HUGE opportunity in Charlotte Foreclosures and Charlotte Short Sales!
Yes, there are new home developments in Charlotte with a high percentage of sub prime loans and now short sales. Is this an opportunity? It depends.
The sub prime market was dictated by the government and not lenders. The government persuaded the lenders to bow to their political pressure and make new loans. The lenders have extensive criteria for credit risk analysis and it was based on individual credit risk and credit history. This criteria was ignored for political correctness. The tax payers are now to bear the burden.
Opportunity? The super inflated housing market will clean itself up in time. Yes, it will take several years for eh high risk loans to all fail and real home owners to move into the challenged neighborhoods. These Charlotte Real Estate deals are not for he couch potato American watching TV shows for their real estate mentoring. Remember it is a TV show. TV shows are even more disingenuous than the news media!
These Charlotte Neighborhoods will improve over time. The foolish "get rich quick" investors will lose their investments (consider a social donations) and real owners will once again have neighborhoods reflecting the pride of ownership. This will take several years but in return you will have a strong investment, a safe and friendly neighborhood with shared ambitions and goals.
Learn more about Charlotte Real Estate by visiting http://www.FindMyCarolinaHome.com
Sunday, September 21, 2008
Sunday, September 14, 2008
Purchasing Charlotte Foreclosures
The first thing to understand about purchasing Charlotte Foreclosures are the various types of foreclosures. Before the actual home is foreclosed upon is called a pre-foreclosure. This means the owner is behind on his payments and the lender has begun the required legal process to begin the foreclosure. This is the beginning as the lender files paperwork at the court house requesting a hearing.
A pre-foreclosure has several forms and several possible end results. The first scenario is when the seller has equity in the home. The higher the equity in the home is less likely for the home to go through foreclosure. The current owner will either catch up on the mortgage or sell the home. If he sells the home, then you can likely get a good deal because the seller knows it must be sold quickly (before the foreclosure proceedings). The caution with this type of purchase is that the seller, since he is having financial difficulties, is likely not maintaining the home.
The next scenario is if the seller has no equity and has no money. This home has not been maintained and now the foreclosure seems inevitable. At this point and time the seller can contact the lender and work out a possible "Short Sale". A short sale is when the bank accepts less than what is actually owed from the current owner. The bank decides if the offer amount is adequate based on their cost savings of the foreclosure, the higher risk of damage and the current market value. There can be great opportunities for deals in this type of purchase.
If the seller still can not sell the home, then the home goes into foreclosure via an auction. The beginning bid is placed by the lender for the amount owed on the home. The bank assumes the vast majority of these homes because in today's world, most foreclosures have no equity.
When a home is purchased via foreclosure, the lender now has an appraisal completed and the home is marketed. These homes are listed by Realtors to effectively market the home.
I hope this information is helpful. For additional information visit Charlotte NC Foreclosures or Charlotte Real Estate and begin your search.
A pre-foreclosure has several forms and several possible end results. The first scenario is when the seller has equity in the home. The higher the equity in the home is less likely for the home to go through foreclosure. The current owner will either catch up on the mortgage or sell the home. If he sells the home, then you can likely get a good deal because the seller knows it must be sold quickly (before the foreclosure proceedings). The caution with this type of purchase is that the seller, since he is having financial difficulties, is likely not maintaining the home.
The next scenario is if the seller has no equity and has no money. This home has not been maintained and now the foreclosure seems inevitable. At this point and time the seller can contact the lender and work out a possible "Short Sale". A short sale is when the bank accepts less than what is actually owed from the current owner. The bank decides if the offer amount is adequate based on their cost savings of the foreclosure, the higher risk of damage and the current market value. There can be great opportunities for deals in this type of purchase.
If the seller still can not sell the home, then the home goes into foreclosure via an auction. The beginning bid is placed by the lender for the amount owed on the home. The bank assumes the vast majority of these homes because in today's world, most foreclosures have no equity.
When a home is purchased via foreclosure, the lender now has an appraisal completed and the home is marketed. These homes are listed by Realtors to effectively market the home.
I hope this information is helpful. For additional information visit Charlotte NC Foreclosures or Charlotte Real Estate and begin your search.
Monday, September 08, 2008
Charlotte Suburbs
Charlotte has many great homes and the homes in Charlotte suburbs are particularly in high demand. Ballantyne is one are that is highly recommended. Ballantyne Real Estate is located in South Charlotte Homes for Sale and provides a country club type of environment.
Weddington and Waxhaw homes are also in high demand. Weddington Homes for Sale and Waxhaw Real Estate are located in Union County just south of Charlotte. Weddington is very popular based on the schools.
Fort Mill SC Real Estate is also a great Charlotte Suburb. Fort Mill is only 10 miles from uptown Charlotte and provides a great opportunity for a real estate investment. Fort Mill has great schools and lower property taxes so it is a win-win situation for the home buyer.
As you are seeking Charlotte Homes for sale, visit http://www.findmycarolinahome.com for additional information on great Charlotte Suburbs.
Weddington and Waxhaw homes are also in high demand. Weddington Homes for Sale and Waxhaw Real Estate are located in Union County just south of Charlotte. Weddington is very popular based on the schools.
Fort Mill SC Real Estate is also a great Charlotte Suburb. Fort Mill is only 10 miles from uptown Charlotte and provides a great opportunity for a real estate investment. Fort Mill has great schools and lower property taxes so it is a win-win situation for the home buyer.
As you are seeking Charlotte Homes for sale, visit http://www.findmycarolinahome.com for additional information on great Charlotte Suburbs.
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