Charlotte Foreclosures are in demand and who doesn't want to purchase a Charlotte Home at a discount? Foreclosures can be tricky and most sell quickly. There are many considerations when purchasing a foreclosed home but the good news is that I will provide you with your own personal foreclosure home search for FREE! Contact me as your Charlotte Area Realtor, Anne Jackson, today and let me know exactly what you are seeking. You can call me directly at 704.293.4995 or email me at AnneMJackson1@gmail.com. Search All Charlotte Real Estate Listings What exactly is a foreclosure? A foreclosure is technically the legal proceeding for the lender to take possession of an asset when the borrower is in default (behind on payments). The foreclosure is the actual auction at the courthouse when the home is sold. Most foreclosed homes are purchased by the lenders since the lenders are frequently owed more than the current market value. What is commonly referred to a a foreclosed home is actually a bank owned or "REO" home. These are the homes listed with the Multiple Listing Service or the MLS. When is a "deal" really a "deal"? Charlotte Foreclosures take many forms. There were many new Charlotte Neighborhoods created with the sub-prime borrowers in mind. These neighborhoods did well initially. Now these neighborhoods are full of foreclosed homes. The values in the neighborhoods plummet with each foreclosure. The odds are these neighborhoods will do very well in 5 or so years. In the short term? Not too well. The middle price ranges ($200,000 - $350,000) is experiencing a lot of activity. These homes likely have the least discount but will be the first to rebound. Many of these homeowners are simply now unemployed due to the current state of the economy. The high-end homes will have great discounts. The greater Charlotte Real Estate market was very hot and the million-dollar home market was a very popular niche. Ultimately, when the financial markets crashed, the million dollar home building stopped. Many builders were too committed and completed the homes. Many of these homes ended in Foreclosures. A saturated market means a great home buying opportunity for you. Return to Charlotte Real Estate home page |