Like most of the country Charlotte has had a large number of properties that are either in the foreclosure process or have been foreclosed and are now bank owned REO properties.  They can be found in all areas of town and for all types of properties:  Commercial, multi-family, single family homes, condos, and townhomes.  Dilworth, Myers Park, Ballantyne, Lake Norman, Lake Wylie, Mint Hill, Eastover, Chantilly, NoDa, uptown, South End, and Wilmore are just a few of the areas where I've been helping clients find great deals.  Uptown condos, lakefront homes, and gold course homes are out there as well.

Below you'll find links to articles about these type of properties, information about buying them and what to be aware of, statistics for foreclosure numbers in many parts of town.  Still have questions?  Feel free to contact me and I'll do my best to answer them or lead you in the right direction. 

Remember that the banks pay the buyers agent their commission, but the buyers agent WORKS FOR YOU.  The listing agent works FOR THE BANK - their job is to get the best price and best deal for the seller, the bank, our job is to get the best deal for you, the buyer.  I specialize in these type of transactions and have worked for home buyers and investors for these types of properties for years -- I have over 12 years experience as an appraiser prior to my 10 years working in brokerage. I will negotiate vigorously to get you the best price and terms possible. 

When you hire me to work on your purchase, you also hire my partner in the business, Mike Feehley.  We both concentrate of these types of transactions and work hard to make sure you as our client are 100% satisfied. 

FHA, HUD homes, Fannie Mae, Freddie Mac, bank-owned foreclosed homes are all available now, waiting for buyers.  If you are ready, have financing or cash, now is a great time to buy.  My commitment to you, as a Broker and Realtor, is to make the process as easy for you as I can while getting you the best possible price!

REAL ESTATE AGENTS / BROKERS / REALTORS: Want assistance finding great properties for your clients but aren't sure about locating great foreclosure deals or have limited experience?  I'm happy to work on a referral basis - you work with them or I provide the info and expertise...contact me for more information and details.

Below you'll find some basic pointers about foreclosed properties

• Know your market - just because a property is bank owned or is a foreclosure, doesn't mean it is automatically a great deal or the best deal in the neighborhood.
• Have your financing lined up or have cash to purchase.  All offers for foreclosed properties must be accompanied by a pre-qualification letter or "proof of funds" for cash offers. Banks will generally not consider offers that do not have these with them.
• BE READY! This might be the #1 tip for getting a great deal. The best deals don't stay on the market for long.  If you know what you want, and are pre-educated on your market or neighborhood of interest, you should be ready to visit a property and make an offer when the right listing comes up or the price for a property you like is dropped.  Many would-be buyers know what they want but wait too long to actually get it.
• Don't pay more for a property than you are actually comfortable with - whether it is the property or payment...DON'T OVERBUY!
• Banks intend to sell "as is" and make no repairs.  Be sure you know what you are getting into when deciding to buy a home that might need work or be "a project".  They will typically allow you a few days to inspect the property, a well written inspection and "cost of repair" contingency should allow you out of the contract if there is more the property needs than you are willing to accept.
• Check the neighborhood or condo complex to make sure there aren't already a lot of foreclosed properties or short-sale listings that might mean many more are to come.  This could lead to long periods before the neighborhood recovers from falling prices.

Short Sale and Foreclosure Terminology & Stats

Some Statistics: According the national delinquency survey from the Mortgage Bankers Association (MBA), the percentage of mortgage defaults and loans in foreclosure for the first quarter of 2009 was 12%. 1.9 million foreclosure filings were recorded in the first six months of 2009. A National Association of Realtors (NAR) member survey shows that short sales and foreclosed properties accounted for a third of the existing-home sales in July 2009. Short Sale Defined: A short sale is a situation in which the seller owes more money on the loan (and any other liens on the property) than the sale of the property will likely produce and the seller is unable to pay the difference at closing. In a short sale, the lender has not yet foreclosed on the property, which provides a window of opportunity for the owner to sell the property in order to at least partially satisfy the amount owed to the lender(s). The Advantages of a Short Sale vs. Foreclosure (for a homeowner or a saller -- opposite might be true for a buyer): A short sale is considered preferable to a foreclosure because a short sale won’t damage the distressed owner’s credit as much as a foreclosure. If the borrower is still current with other payments, a short sale may lower the borrower’s credit score by as little as 50 points. Deed in Lieu of Foreclosure Defined: A deed in lieu of foreclosure occurs when the borrower agrees to trade the property to the lender in exchange for the cancellation of the note. The lender will be able to take back the property much sooner than going through the foreclosure process, which lessens the probability of the property being in disrepair as well as eliminating the lenders costs to foreclose. Lender are typically less willing to consider a deed in lieu of foreclosure in declining markets. Foreclosure Defined: Foreclosure is a legal process by which a defaulted borrower is deprived of his or her interest in the mortgaged property. The process begins with Pre-foreclosure, the period begging with the initial mortgage default up to when the distressed property is sold. The lender will then send an official Notice of Default (NOD) informing the borrower that he or she has defaulted on the mortgage. The NOD formally begins the foreclosure period. The NOD will also outline the reinstatement period. The reinstatement period is the time in which the borrower may reinstate the loan – making required payments and bringing the account into good standing. If, after receiving the NOD, the borrower does not reinstate the loan, a Notice of Sale is recorded. The property then goes to foreclosure and is auctioned to the highest bidder. Following the foreclosure sale there is a redemption period during which the owner has the right to redeem real estate typically by paying the sales price, interest and other costs associated with the foreclosure. REO: An Acronym for real estate owned (aka bank owned), REO is the status of the property when the foreclosure sale is not successful and when ownership of the property is transferred involuntarily to the lender.     Realtor / broker / buyers agent for center city and Uptown Charlotte - homes, houses, condos, townhomes. Great deals including foreclosure and bank owned condos. Luxury penthouse units, efficiency and loft condos, townhomes and short sale properties. My Townhome, McDevitt Agency, Helen Adams Realty, Allen Tate and Center City realty all specialize in this market. Email for tips and information about buying real estate in Center City Charlotte.  Avenue, Trademark, The Vue, Silos, The Frederick, Ratcliffe, Catalyst, Fourth Ward, 5th and Poplar, The Jefferson, Wesley Heights, Wilmore, Dilworth, Sedgefield, Southend, Park Avenue, The Arlington Pink Building, Camden, Myers Park, Elizabeth, Midwood, Plaza, NoDa, Villa Heights, Belmont, Biddleville, Smallwood, 5 points, Scott Lindsley, Chantilly...

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