Charlotte foreclosures are in huge demand especially for first time home owners. In order to receive the $8,000 tax credit you must not have owned a home within the past 3 years (if married this rule applies to both of you). The home must close before December 1, 2009 so first time home buyers must make their decisions soon.
Foreclosures typically allow you to purchase a larger home for less money. Charlotte is a major city (relatively speaking) and has a huge variance within the Charlotte foreclosure market. There are many new home neighborhoods that were primarily occupied by investors/renters and sub-prime loans. Many of these neighborhoods are already being transformed since the lending standards have changed. Is this good or bad?
I will say that Charlotte Real Estate is going to be much stronger as a result and Charlotte foreclosures will be short lived. Yes, there will be additional Charlotte foreclosures based on past decisions (no equity in the current Charlotte NC Homes due to 100% financing). But the transformation is already under way.
Charlotte Real Estate is in demand and now only "A" credit people can relocate to places like Charlotte. This is not to disparage anyone with "B" credit but "B" credit home buyers really should work out their situations so that when they actually can buy a Charlotte home their habits and life style assure they can afford the home and have a better life like they had intended.
Ultimately there are some decent deals out there for those prepared to purchase a home; Charlotte Foreclosures, like any foreclosure home buyer always assumes some risk. Your discount is based on the risk assumed.
Learn more about the foreclosure market at Charlotte NC Foreclosures or call me directly at 704.770.6559 and visit Charlotte NC Homes for Sale to learn about the greater Charlotte area.
