Charlotte Real Estate, Foreclosures, Short Sales

There are currently 55 homes listed in our Charlotte MLS for sale by short sale process. The home locations include 16 homes in Northeast or Northwest Mecklenburg county. The list prices range from $54,900 to $919,000. The $919,000 home is a listing decrease from $1,346,000 to $919,000. BusinessWeek magazine is calling short sale "the new exit strategy" for homeowners. Basically, if you are upside down on your mortgage and can no longer make the payments, a homeowner can "apply" to have their lender accept a short sale on their home. I use the word "apply" because the homeowner will need to show that they actually can't make payments instead of a homeowner who just wants to walk away and avoid a foreclosure on their credit report for up to ten years.

Short Sales Increase as Homewowners Bail Out

CBS News Correspondent Anthony Mason interviewed a homeowner unable to make payments on her $227,000 mortgage. View the video:

A Good Short Sale Broker for Buying and Selling

A good broker experienced in short sales and working with a lender is needed whether you are buying or selling your home as a short sale. Today's Real Estate & Auction has years of experience negotiating short sales for buyers and sellers. It's not an easy thing to do. Working with lenders who are overwhelmed with pending foreclosures and an overran real estate owned department can leave many buyers and sellers not receiving return phone calls on pending transactions. Charlotte area real estate short sales are not at the correct numbers that they should be in comparison to the number of foreclosures. Many Realtors are against short sales, citing that they never work and take up too much time. If they are done correctly, they work. We have a high record of sucessful negotiations and closed short sales transactions. Charlotte short sales are an excellent way to save your home from foreclosure and an excellent way for buyers to make a high equity investing purchase during a down market.

Some Lenders are Doing Their Part

According to SmartMoney.com, Lenders responded to the growing number of foreclosures with an increase in efforts to help struggling borrowers. The study, which covered 11.4 million first-lien mortgages worth about $2.3 trillion, found that there were about 22,300 loss mitigation actions by the industry in March, up from roughly 12,500 new modifications and payment plans in January.