Charlotte Real Estate, Foreclosures, Short Sales

Some lenders are forgoing the foreclosure process for new home builders facing foreclosure.  Instead they are opting to place these properties into receivership.  By placing these properties into receivership, lenders prevent having to absorb the cost of utilities, finishing construction of the unsold homes, preparing the homes for sale and the liability associated with the new unsold homes.  Court-appointed receivers protect the asset for the lender by maintaining the property.  Newport Beach, Calif.-based California Real Estate Receiverships has been assigned the assets of several banks, including nearly 1,100 lots and homes that Bank of America retrieved from WL Homes. 

What do receivers do?  Receivers work for the judge.  Their main responsibility is to complete the house and deliver it back to the bank free and clear of liens or warranty obligations.  Some production homes when placed in receivership have few construction defects associated with the property.  They may have an expired permit and may be in need of re-inspection. 

There are new homes within the Charlotte and surrounding areas that are in receivership that need to be sold.  For a list of these homes, please click here for more information.