More and more people are considering Charlotte Foreclosures and do not know where to begin. The first place to begin is by speaking to a lender. See how much money you can get and under what conditions. Will it be your primary residence, a 2nd home or an investment home?
If you require financing, is the home habitable? Many foreclosures are damaged and will not qualify for a standard loan. Many investment loans require a 25% down payment. Bank Owned Homes will have an addendum that supersedes the standard Offer to Purchase. You are not only purchasing a home "As Is", you also pay the transfer taxes and often must pay to have the utilities turned on for inspections.
Speak to a lender today to see "If" a foreclosure is an option for you. Give me a call and I will help you figure out the best plan and we will find a great home at a great price! Visit Charlotte Real Estate and learn more about the greater Charlotte real estate market.
Thursday, December 09, 2010
Thursday, October 07, 2010
Charlotte Foreclosure Sales Accelerating!
The month of September indicated almost 43% of the sales were distressed sales in Charlotte. This includes "closed" sales and "pending" sales. This is up from 38% in August. This increase shows a new demand for foreclosures and an indication that our market is beginning to recover!
This is based on the city of Charlotte Homes for Sale and only single family homes. I did not calculate townhomes, condos and multi family homes.
As the Government pressure increases to reduce spending and control expenses, as indicated by the Charlotte Real Estate market, consumer confidence is picking up. What makes me so confident that our real estate market is reflective of the national economy?
Charlotte was one of the areas in the US that was very popular, growing rapidly but still not hyper inflated. Charlotte is the place that many from the northeast are relocating along with Floridians. These populations reflect a huge portion of the US, Charlotte is centrally located, mild winters, not too terribly hot and immensely popular! Many are relocating to Charlotte and have been holding back! The time has arrived. The deals are going faster than ever and a wise person knows when to seize an opportunity!
This is based on the city of Charlotte Homes for Sale and only single family homes. I did not calculate townhomes, condos and multi family homes.
As the Government pressure increases to reduce spending and control expenses, as indicated by the Charlotte Real Estate market, consumer confidence is picking up. What makes me so confident that our real estate market is reflective of the national economy?
Charlotte was one of the areas in the US that was very popular, growing rapidly but still not hyper inflated. Charlotte is the place that many from the northeast are relocating along with Floridians. These populations reflect a huge portion of the US, Charlotte is centrally located, mild winters, not too terribly hot and immensely popular! Many are relocating to Charlotte and have been holding back! The time has arrived. The deals are going faster than ever and a wise person knows when to seize an opportunity!
Monday, September 20, 2010
Charlotte Luxury Homes at deep discounts?
It is incredible to witness amazing greater Charlotte Area Luxury Homes are selling at deep discounts! As the financial markets and housing markets continue to struggle, the 2nd hardest hit sector are luxury homes! Many of these homes were purchased by entrepreneurs in 2006-7 and then the markets collapsed! Builders from across the nation flocked to Charlotte to take advantage of the HUGE demand in Charlotte Luxury Homes! It typically takes a year to build one of these exquisite homes. When the market collapsed, most were already committed to building!
There is a home in Piper Glen, a great South Charlotte Golf Course Community, with a Charlotte Foreclosure home listed for 50% off the 2006 sale price! This is incredible. As intelligent buyers, we ask why and what are the odds that sector will further decline.
The market took a huge hit due to lending rule changes. Many were financing these homes with "equity" from their previous home sales. That illusive equity is no longer so went the capital. The lending rule changes make it very difficult to purchase with a Jumbo loan (above $417,000). Lenders realize this and many homes in the $600,000 to $800,000 ranges are sold at ridiculous discounts.
This does not mean to "low ball" current executive home owners because most are willing to hold sit and wait; why sell a home for less than the cost of the materials! Lenders are less discreet and are trying to clear their books. The current political winds indicate a paradigm shift in November. IF this becomes reality, the luxury home market will likely rebound quickly! There has never been a better time to purchase a Charlotte Luxury Home. All Charlotte Homes for Sale are a great investment. Various sectors have been impacted differently so it is not black and white. The entire national and local economic situation largely dictates current demand and the wise can intelligently speculate the future trend. If you purchase a $800,000 fro $400,000 and how about if it only increases in value to $600,000 in the next 5 years? $200,000 profit is not a bad return! There are those still sitting on the fence and there are those taking advantage of the opportunity before them. Which are you? Call me, Rick Waite, today at 704.770.6559.
There is a home in Piper Glen, a great South Charlotte Golf Course Community, with a Charlotte Foreclosure home listed for 50% off the 2006 sale price! This is incredible. As intelligent buyers, we ask why and what are the odds that sector will further decline.
The market took a huge hit due to lending rule changes. Many were financing these homes with "equity" from their previous home sales. That illusive equity is no longer so went the capital. The lending rule changes make it very difficult to purchase with a Jumbo loan (above $417,000). Lenders realize this and many homes in the $600,000 to $800,000 ranges are sold at ridiculous discounts.
This does not mean to "low ball" current executive home owners because most are willing to hold sit and wait; why sell a home for less than the cost of the materials! Lenders are less discreet and are trying to clear their books. The current political winds indicate a paradigm shift in November. IF this becomes reality, the luxury home market will likely rebound quickly! There has never been a better time to purchase a Charlotte Luxury Home. All Charlotte Homes for Sale are a great investment. Various sectors have been impacted differently so it is not black and white. The entire national and local economic situation largely dictates current demand and the wise can intelligently speculate the future trend. If you purchase a $800,000 fro $400,000 and how about if it only increases in value to $600,000 in the next 5 years? $200,000 profit is not a bad return! There are those still sitting on the fence and there are those taking advantage of the opportunity before them. Which are you? Call me, Rick Waite, today at 704.770.6559.
Thursday, August 26, 2010
Listing your Charlotte Area Home for Sale
The national real estate market is very difficult right now and the Charlotte Real Estate market, although not impacted like many cities, is finding fewer home buyers actively seeking a new home. Marketing has never been more important!
As home equity disappears, many people are looking at ways to save some of their money. Please be careful. There are many companies offering "limited service" listings. Many of these firms offer to place your home on the MLS for a flat fee. The seller pays several hundred dollars up front for this marketing. You get exactly what you pay for. It is sad to see many of the photos, the descriptions and actual marketing that the Charlotte Home Sellers have actually purchased.
Hmmm, after you pay for a job, how much customer service do you think you are to receive for free? That is typically what you get.
As a Charlotte Realtor, I take the time to discuss your personal needs. The photos are the most important. I am very aware of this fact and take the time and care to assure we present your home in the best light. You only get one chance to make a first impression!
How about the price? Do you want to list your home or would you like to sell your home? You must price your home according to current market values. Your home is an investment. Would you buy IBM stock at today's market price or would you pay the market high a few years ago? I did not check on IBM stock history but you the point is the same? We will price your home fairly and sell your home for the best price possible.
Visit my Charlotte Real Estate website or give me, Rick Waite, a call at 704-770-6559.
As home equity disappears, many people are looking at ways to save some of their money. Please be careful. There are many companies offering "limited service" listings. Many of these firms offer to place your home on the MLS for a flat fee. The seller pays several hundred dollars up front for this marketing. You get exactly what you pay for. It is sad to see many of the photos, the descriptions and actual marketing that the Charlotte Home Sellers have actually purchased.
Hmmm, after you pay for a job, how much customer service do you think you are to receive for free? That is typically what you get.
As a Charlotte Realtor, I take the time to discuss your personal needs. The photos are the most important. I am very aware of this fact and take the time and care to assure we present your home in the best light. You only get one chance to make a first impression!
How about the price? Do you want to list your home or would you like to sell your home? You must price your home according to current market values. Your home is an investment. Would you buy IBM stock at today's market price or would you pay the market high a few years ago? I did not check on IBM stock history but you the point is the same? We will price your home fairly and sell your home for the best price possible.
Visit my Charlotte Real Estate website or give me, Rick Waite, a call at 704-770-6559.
Tuesday, August 24, 2010
Charlotte Foreclosures or Short Sales?
There are many great deals in Charlotte Real Estate in foreclosures and short sales. Which is a better opportunity? Charlotte foreclosures are a great deal. You do have the "negative energy" of the previous home owner which is a reality of distressed sales. What is commonly referred to as Charlotte Foreclosures are actually Bank Owned Homes. The foreclosure is actually the process in which a lender gets possession of a home when the current owner is in default.
A Charlotte Bank Owned home allows you to take possession of the home that is empty and ready for a new family to enjoy. These homes can typically close within 30 days. Many foreclosures will not qualify for FHA financing and banks will not make any repairs. Why not? Banks are in the business of lending money. A foreclosure home is "bad debt" and the bank needs to liquidate this debt. The bank needs to get the most possible for their "bad debts" but they are still discounted off of current market value. There are unfortunate situations that occur but that is ultimately part of life. We, as US citizens, are resilient and each foreclosure purchase is a step to healing our economy!
Short Sales are homes for sale when the seller owes more than the current market value. The lender must agree to accept the shortage for the decreased market value. This is a much harder process than it may appear. There are Investors that must accept the losses. The investors must volunteer to take less money. This is often very complicated to determine which investors are holding the investment/mortgage and then convince them that the Short Sale is better than a foreclosure.
A typical short sale will take 4 months or greater just to hear if the Lender/Investor will accept, reject or counter your offer. This means you, the buyer, must wait for 4 months without an answer. No one wants to wait 4 months without an answer. There are other opportunities and it is very difficult to ignore other opportunities while waiting for months.
Based on my experience, the only time you should consider a short sale is "if" you absolutely love the home. If you do not love the home, you will find a better deal before the lender considers your offer. It is an unfortunate reality in the world and the Short Sale is a very unpractical decision. It is better for the bank to go forward with the foreclosure process and clear the bad debt. This is what we need for our national economy. It does not make sense for a lender, a professional in lending and handling money, to have such a program. Hmm? Kind of makes you wonder why. . .
Visit Charlotte Real Estate to learn about Charlotte Homes for Sale, Charlotte Foreclosures and so much more.
A Charlotte Bank Owned home allows you to take possession of the home that is empty and ready for a new family to enjoy. These homes can typically close within 30 days. Many foreclosures will not qualify for FHA financing and banks will not make any repairs. Why not? Banks are in the business of lending money. A foreclosure home is "bad debt" and the bank needs to liquidate this debt. The bank needs to get the most possible for their "bad debts" but they are still discounted off of current market value. There are unfortunate situations that occur but that is ultimately part of life. We, as US citizens, are resilient and each foreclosure purchase is a step to healing our economy!
Short Sales are homes for sale when the seller owes more than the current market value. The lender must agree to accept the shortage for the decreased market value. This is a much harder process than it may appear. There are Investors that must accept the losses. The investors must volunteer to take less money. This is often very complicated to determine which investors are holding the investment/mortgage and then convince them that the Short Sale is better than a foreclosure.
A typical short sale will take 4 months or greater just to hear if the Lender/Investor will accept, reject or counter your offer. This means you, the buyer, must wait for 4 months without an answer. No one wants to wait 4 months without an answer. There are other opportunities and it is very difficult to ignore other opportunities while waiting for months.
Based on my experience, the only time you should consider a short sale is "if" you absolutely love the home. If you do not love the home, you will find a better deal before the lender considers your offer. It is an unfortunate reality in the world and the Short Sale is a very unpractical decision. It is better for the bank to go forward with the foreclosure process and clear the bad debt. This is what we need for our national economy. It does not make sense for a lender, a professional in lending and handling money, to have such a program. Hmm? Kind of makes you wonder why. . .
Visit Charlotte Real Estate to learn about Charlotte Homes for Sale, Charlotte Foreclosures and so much more.
Thursday, August 12, 2010
Charlotte Lease Purchase Agreements
What is a Charlotte lease purchase and what benefit is it to me? Hmmm? A lease purchase is actually two contract that are legally linked. There is a lease agreement drawn by an attorney and this is accompanied with an Offer to Purchase. You make an offer to purchase the home, place your earnest money deposit, rent the home for a specified time period and then purchase the home.
This permits the buyer time to get established in Charlotte and still have a home. This assures you do not move your family twice and your children remain in the desired neighborhood and the desired schools.
The new credit rules are making this a feasible option for many sellers. A Lease Option helps a buyers' family while removing the burden of a second mortgage, utilities and maintenance of the second home.
Call me for more information and to assure you are protected no matter which side you are on. Yes, if done incorrectly, there are dangers for both the buyer and seller. Visit Charlotte Homes for Sale to learn more about the greater Charlotte Real Estate region!
This permits the buyer time to get established in Charlotte and still have a home. This assures you do not move your family twice and your children remain in the desired neighborhood and the desired schools.
The new credit rules are making this a feasible option for many sellers. A Lease Option helps a buyers' family while removing the burden of a second mortgage, utilities and maintenance of the second home.
Call me for more information and to assure you are protected no matter which side you are on. Yes, if done incorrectly, there are dangers for both the buyer and seller. Visit Charlotte Homes for Sale to learn more about the greater Charlotte Real Estate region!
Saturday, July 31, 2010
Homes in Weddingon and Wesley Chapel
Homes in Weddington and Wesley Chapel have great schools, low property taxes and now convenient shopping! These communities of Union County NC have been very popular primarily due to the convenience to Charlotte and great Union County Schools! Weddington Real Estate is in demand!
The new Target Shopping Center at Waxhaw Indian Trail Rd/Weddington Rd is becoming more and more established and making Wesley Chapel Homes for Sale the center of activity. Stop by and have some New York Pizza at Brooklyn Pizza or have dinner at the Hickory Tavern. As you visit the area, drive through the subdivisions, visit the community pools and then visit the local retail shops. This will give you an idea of your greater neighborhood and help you determine how you personally fit into the community.
Wesley Chapel is a great area to call home and there are many great deals in the current real estate market. Value your perspective; if you visit the area and like the "feel" of the community, the odds are you are not alone. That will also help assure your investment will do well in the future!
Search for homes in Wesley Chapel by visiting my Charlotte Real Estate website. Explore the greater Charlotte Real Estate market and learn about our wonderful suburbs.
The new Target Shopping Center at Waxhaw Indian Trail Rd/Weddington Rd is becoming more and more established and making Wesley Chapel Homes for Sale the center of activity. Stop by and have some New York Pizza at Brooklyn Pizza or have dinner at the Hickory Tavern. As you visit the area, drive through the subdivisions, visit the community pools and then visit the local retail shops. This will give you an idea of your greater neighborhood and help you determine how you personally fit into the community.
Wesley Chapel is a great area to call home and there are many great deals in the current real estate market. Value your perspective; if you visit the area and like the "feel" of the community, the odds are you are not alone. That will also help assure your investment will do well in the future!
Search for homes in Wesley Chapel by visiting my Charlotte Real Estate website. Explore the greater Charlotte Real Estate market and learn about our wonderful suburbs.
Thursday, April 22, 2010
Charlotte Neighborhoods that are Changing
There are many changes occurring in the greater Charlotte Real Estate market since the national economy has changed. There were many investors that moved into the greater Charlotte Real Estate region after Katrina and the Florida Hurricanes in 2005 in addition to many credit challenged people.
There were three primary types of investors that moved into the Charlotte Real Estate market. The first was the new home investor. Several Charlotte Investors were purchasing Charlotte Starter Homes in new neighborhoods. They were making deals with builders to purchase homes in bulk for great discounts. In addition, the Charlotte Investor could be assured of no maintenance for a year and minimal maintenance for several additional years until they decided to sell. Each investor thought they were the only one doing this and every other investor in the nation did not read the same articles published throughout the nation about Charlotte's growth, affordable real estate and a great place to invest.
The problem with their philosophy is the renters within "new home" communities tanked the neighborhoods. New homes need a proud home owner to take care of the grass, landscaping, invest in window shades and much more. The renters did not do this and the neighborhoods reflected the "rental mentality".
Another group of "investors" wanted to purchase resale homes in established areas. They targeted areas that were very popular but inundated the least expensive neighborhood in such areas. The problem once again is that they did not operate in a vacuum! Many investors purchased homes within each community and Every one's home value plummeted with the new neighbors. It does not take too many renters hanging out to destroy property values.
The third group intentionally worked in concert and would pick a "Revitalization" neighborhood. Multiple investors began purchasing these homes, converting simple conservative homes into modern and updated cottage style homes. The problem is that the naive buyer did not realize the "demand" was falsely created and that there was no economical sustainable reason support those types of upgrades in those areas.
Where are the opportunities today? The first are the Charlotte starter neighborhoods. These neighborhoods are still having many foreclosures and short sales. These neighborhoods are so overwhelmed with renters that it will take time to weed out those home owners.
The superficially inflated neighborhoods will likely be reclaimed by the original inhabitants. Many of those people are realizing they are surrounded by negative factors and it is time to move their family into safer housing. Many of these buyers are now having families and need to find a safer place to call home. They are having trouble finding qualified buyers to relocate into those areas. The talk of "the entire" greater area being revitalized is now too far off in the future to imagine.
The affluent suburb neighborhoods will recoup the best. As investors lose their tenants and sell, the communities will return to their natural states based on sound economic and educational factors.
There are several examples of these neighborhoods. Visit my Charlotte Real Estate site to learn more about the great Charlotte Real Estate region and discover the opportunity in purchasing Charlotte Homes for Sale.
There were three primary types of investors that moved into the Charlotte Real Estate market. The first was the new home investor. Several Charlotte Investors were purchasing Charlotte Starter Homes in new neighborhoods. They were making deals with builders to purchase homes in bulk for great discounts. In addition, the Charlotte Investor could be assured of no maintenance for a year and minimal maintenance for several additional years until they decided to sell. Each investor thought they were the only one doing this and every other investor in the nation did not read the same articles published throughout the nation about Charlotte's growth, affordable real estate and a great place to invest.
The problem with their philosophy is the renters within "new home" communities tanked the neighborhoods. New homes need a proud home owner to take care of the grass, landscaping, invest in window shades and much more. The renters did not do this and the neighborhoods reflected the "rental mentality".
Another group of "investors" wanted to purchase resale homes in established areas. They targeted areas that were very popular but inundated the least expensive neighborhood in such areas. The problem once again is that they did not operate in a vacuum! Many investors purchased homes within each community and Every one's home value plummeted with the new neighbors. It does not take too many renters hanging out to destroy property values.
The third group intentionally worked in concert and would pick a "Revitalization" neighborhood. Multiple investors began purchasing these homes, converting simple conservative homes into modern and updated cottage style homes. The problem is that the naive buyer did not realize the "demand" was falsely created and that there was no economical sustainable reason support those types of upgrades in those areas.
Where are the opportunities today? The first are the Charlotte starter neighborhoods. These neighborhoods are still having many foreclosures and short sales. These neighborhoods are so overwhelmed with renters that it will take time to weed out those home owners.
The superficially inflated neighborhoods will likely be reclaimed by the original inhabitants. Many of those people are realizing they are surrounded by negative factors and it is time to move their family into safer housing. Many of these buyers are now having families and need to find a safer place to call home. They are having trouble finding qualified buyers to relocate into those areas. The talk of "the entire" greater area being revitalized is now too far off in the future to imagine.
The affluent suburb neighborhoods will recoup the best. As investors lose their tenants and sell, the communities will return to their natural states based on sound economic and educational factors.
There are several examples of these neighborhoods. Visit my Charlotte Real Estate site to learn more about the great Charlotte Real Estate region and discover the opportunity in purchasing Charlotte Homes for Sale.
Thursday, January 21, 2010
Weddington Homes for Sale
Weddington NC Real Estate continues to grow in popularity based on location, schools and taxes. Weddington was a very rural suburb just south of the prestigious South Charlotte Real Estate market. many of the homes in Weddington rest on 1 acre lots embraced by trees and nature.
How do I find Weddington Homes for Sale? Weddington NC is a bit confusing since Weddington North Carolina does not actually have a post office so the mailing addresses are based on which post office services the area. Many Weddington Homes are serviced by the Matthews NC post office. Matthews is technically in the neighboring county (Charlotte/Mecklenburg County). Matthews borders much of Weddington and thus services the area. You will notice that these Weddington Homes have Union County taxes and belong to Union County Schools.
One example is the Greystone subdivision. This is a subdivision with plenty of space and a variety of homes; this is not your "cookie cutter" neighborhood! Greystone offers the cul-de-sac neighborhood with privacy for you and your family!
Authored by Rick Waite
Visit Charlotte Real Estate today and consider 6005 Greystone as your new home. This is found under my Featured Charlotte Real Estate listings; a great home and a great location! Visit today!
How do I find Weddington Homes for Sale? Weddington NC is a bit confusing since Weddington North Carolina does not actually have a post office so the mailing addresses are based on which post office services the area. Many Weddington Homes are serviced by the Matthews NC post office. Matthews is technically in the neighboring county (Charlotte/Mecklenburg County). Matthews borders much of Weddington and thus services the area. You will notice that these Weddington Homes have Union County taxes and belong to Union County Schools.
One example is the Greystone subdivision. This is a subdivision with plenty of space and a variety of homes; this is not your "cookie cutter" neighborhood! Greystone offers the cul-de-sac neighborhood with privacy for you and your family!
Authored by Rick Waite
Visit Charlotte Real Estate today and consider 6005 Greystone as your new home. This is found under my Featured Charlotte Real Estate listings; a great home and a great location! Visit today!
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