Charlotte Luxury Homes and Tax Values



Charlotte Area Luxury Homes

Many are seeking Charlotte Luxury Homes for Sale and and want to know the relationship of Sales Price and Tax Values.  Sales price is at today's current market value.  Market Value is not necessarily the list price but actually the amount a willing buyer is ready to spend and a willing seller will accept.

Tax Value is a snap shot in time.  Each County in NC assesses property values every 4 to 8 years.  For Example, Mecklenburg County just reassessed Charlotte homes in 2011 and the "new tax values" are reflected in the current tax bills. 

A County Wide Assessment results in a "Bulk Assessment".  Basic factors are compared and the value is determined (location, price per sq foot plus adjustments).  The tax assessor does not enter a home so the real values of two "apparently similar" homes can realistically have far different market values.

The owner can protest the assessment during a short period after the home is assessed.  After that, the current and future owners are stuck with the assessed values until the next assessment period.   Is this good or bad?  Well, that depends.

If you pay substantially more than tax value, and the value you paid is realistic, then you are going to save a lot in property taxes until next reassessment.  If you pay substantially less than tax value, you likely got a great deal in the price of your home.  If this is the case, your tax bill will be high based on the price you actually paid but you still got a great deal!

Call today to find the ideal Charlotte area luxury home for you.  I am very familiar with this market and it is an ideal time to take advantage of low interest rates and capitalize on the Charlotte Real Estate market prior to the economic turn around impacts home values!

Contact me today to learn more at rjwaite1@gmail.com or 704-770-6559.

Authored by Rick Waite

What is a Foreclosure Home?

Everyone hears about "Buying a Foreclosure Home" but what actually is a foreclosure home. Charlotte Foreclosures and any foreclosure is technically part of the legal process that a lender, mortgage company or bank must do if the borrower fails to pay the mortgage as promised. If a home owner does not pay the mortgage on the home, the bank begins foreclosure proceedings. The bank/lender files paperwork at the County Courthouse to begin the foreclosure process. If the home owner still does not pay, after a certain period of time the bank/lender will eventually "foreclose". This means the bank basically will force a sale of your home in attempt to get the payment that was owed.

Most homes, in today's economy, have little to no equity (home owner owes more than the home is actually worth for resale). This being the case, the lender/bank "buys back" the home at auction. The bank is now the owner of the home.

Each state dictates the exact rules and time required from initial foreclosure notice all the way up to the foreclosure auction. The home owners situation can also extend the process (such as bankruptcy, inheritance, etc).

After the foreclosure process is over, the lender/bank technically owns the home. This is what is commonly is referred to as a Foreclosure home. It now is actually a Bank Owned Home. The bank must now decide what to do with the home. The bank must go through cleaning the home, maintaining the yard, evictions if necessary (rental homes and tenants add different rules), evaluate the value and then make a decision.

If the home is worth considerably less than what is owed, the bank then looks at the insurance policy (bank's insurance policy). This is often with HUD, Fannie Mae, Freddie Mac or the USDA. The bank may return the home to the Insurer or simply have the home listed by a Realtor and have it placed for sale.

This is often what is referred to a Foreclosure Home. The previous owner lost the home through foreclosure. Most homes that go through foreclosure were not well maintained by the previous seller and not in the best condition. The lender/bank adjusts the price accordingly. There are many great deals when buying foreclosures but the amount of the discount varies dramatically based on the overall real estate market that the home is located.

For example in the Charlotte Real Estate market, there are some neighborhoods were 30 to 40% is common and others where 10% is more typical. It is based on the demand. The general rule/reality is "the less demand for home owners to live in a given neighborhood, the deeper the discount".

Visit Charlotte Real Estate and learn what the greater Charlotte region has to offer and consider Charlotte Homes for Sale as you look to purchase Foreclosure homes for sale!

Charlotte Short Sales Tips

I visited the Charlotte Court House again this week. One crucial thing that many agents neglect are the Hearing dates for pending foreclosures for their greater Charlotte Short Sales that are under contract.

I have a couple of Charlotte Short Sale listings that are under contract. The court dates are very important; communication is essential. I spoke at the hearing and request an extension so that we have time to close on homes already under contract. The courts are very flexible and very much prefer you to sell your home on a short sale. Again, the key is communication. But doesn't the "foreclosing bank" already know there is a foreclosure and control the dates?

Yes, the bank is very much aware of the pending dates. The best way to understand a process is to stand in someone else's shoes. The lender has a Foreclosure Department and a Short Sale Department (the actual department names vary but their primary function is the same).

The departments operate independently. The foreclosure department has a checklist to follow to assure all processes and procedures are followed. Many short sales fall through due to buyers losing patience and walking away from the deal. "IF" the short sale employee tells his employer to hold off on the foreclosure and then the deal falls through, then the employee lost more money for the bank (by postponing the foreclosure and to get the bad debt off of their books).

As a Charlotte area Realtor, I attend the hearings to assure no deal falls through the cracks. I have not been told by the Short Sale Departments that my interaction helps them but ultimately, it helps assure that a short sale actually happens.

Charlotte area Homes for Sale have many short sales and foreclosures in addition to new homes and resales. Each sector of the market is unique. The most popular areas and price ranges sell quickly (and very near list price). Homes in more challenged areas/neighborhoods take longer to sell. It all depends. If you are considering a short sale, call your lender first and then call me, Rick Waite at 704-770-6559. Honesty is essential; it is a process and I will help you understand the process and help sell your home.

Visit Charlotte Real Estate to learn more about me and anything about the greater Charlotte Real Estate market!