Charlotte Real Estate, Foreclosures, Short Sales

Short Sale!  Incredible Value!  Market Value of over 700k, Short Sale at $450,000!
7701 Turnberry Lane, Stanley NC 28164
Call for information, (704) 559-5988 x 4

The Best Short Sale Around!

Upgrades galore with a gourmet chef's kitchen, luxury baths
full brick home with stone accents, hardwood floors, huge
owner's suite, beautifully located on the 15th fairway.

Call now for a private showing at (704) 559-5988.

 
Online Short Sale Auction through June 27, 2009.

Fabulous, Immaculate and Ready to Move In located within the growing city of Clayton!  VIEW THE ONLINE PROPERTY SITE!

Welcome to Charlotte North Carolina's Real Estate Blog. Today's Real Estate & Auction specializes in residential home auctions for lenders, new home builders and home sellers across the Carolinas. 

We offer today's buyer up to the minute property information on the best deals available.  We offer today's seller a way to sell their home outside of the traditional listing method to create a competitive bidding environment among qualified buyers.

Bank of America has stated that they are relaxing it's policy of payoffs of short sales connected with second liens on homes facing foreclosure.  This is good news for many Realtors and homeowners who have had an incredible amount of trouble completing a short sale transaction due to second lien holders demanding more money for equity loans and second mortgages. 

Bank of America has been one of the least cooperative institutions to deal with.  In the past, they have demanded 10 percent of what the homeowner owed on the equity line.  If they did not receive it, they would not sign off on the short sale.

Bank of America is now asking for five percent of the sale proceeds on the short sale, net of realty commissions, closing and other costs. Bank of America feels that this change will open the door for more short sales to be processed and close.
Raffi Tal, CEO of Los Angeles-based I-Short Sale, Inc., one of the largest players in the field, says Bank of America's new policy "will still jeopardize" many short sales that involve its second liens. 5 percent of an equity line can still jeopardize some deals if the mortgage is really upside down.
You will still need a strong negotiator to work your short sale deals.  Bank of America along with other lenders still have strong rules regarding seller concessions to buyers, some require the buyer to pre-qualify with their institution.
The bottom line, work the numbers and see how this change can move your short sale from paper to the closing table.

Any More CP Morgan Homes For Sale at Deep Discounts?

As you have probably heard, Indianapolis home builder, CP Morgan has had to go out of business due to the new home sales decline around the country.  Previously ranked as one of the country's 30 largest homebuilders, CP Morgan closed it's doors late February 2009.

Owner Chuck Morgan has stated that the fall in sales in the real estate market made it impossible to stay in business.  He believes more companies similar to his will continue to be swallowed up by the housing crisis across the nation.

CP Morgan had 27 communities in Indiana and 34 in Charlotte. Real estate experts said it was most likely that CP Morgan lost its line of credit.

Even though all CP Morgan says all homes completed will be honored by a residential warranty company, many wonder about the thousands of empty lots and unfinished neighborhoods.

More Builders in the Charlotte Area Close Doors and Foreclose.

Some builders such as D.R. Horton have held "Short Sale Events", offering deep discounts on inventory.  Over the past 3-4 months, we have witnessed more builders, and custom home builders showing signs of "leaving the area" while under distress with the current housing crisis.  Short sales are also being performed on builder inventory.  Extreme deep discounts on homes and model furniture are available.

Get on the List for Builder Distress Sale Information.
Have you registered for information on short sales?  We have a weekly list available for all distress sales to include builder foreclosures and short sales.  Register today to be included and get information on the many brand new homes available at EXTREMELY DEEP DISCOUNTS!

Is there such a phrase as "approved short sale"? 

Maybe for some it is when the lender has started the foreclosure process on a property.  It may be for some when the homeowner calls the lender asking for a "short sale" package to include what will be needed to justify short paying the loan.  For some Realtors, usually those unfamiliar with short sales, it is when a homeowner calls and says "I'm upside down on my mortgage and can't pay it", "please list my property as a short sale".  There are too many properties within our Multiple Listing Service with days on market over 200 days.  The average foreclosure process within North Carolina is 270 days.

Establishing Your Short Sale Situation

As a homeowner, you need to establish that you are in a legitimate short sale situation.  Evidence has to be shown that:

• The borrower can not make payments on the loan
• The house is equal to or less than the mortgage owed
• There are no other assets owned by the borrower
• There is a contract and valid and able buyer willing to purchase the property.

Is it Worth it to the Bank?

The bank has to see if foreclosing or accepting a short sale will result in a higher return.  Values have been given to the bank by broker price opinions and desktop appraisals better known by Automated Valuation Modules.  Different discount percentages will be given based by geographic location and foreclosure fees standardized by Fannie Mae by state will be inserted.  These fees include taxes, closing costs, commissions, repairs, etc.  An equity analysis and short sale analysis will give the bank an economic decision on the property. 

If you would like more information on buying one of our short sale listings or see if your home is a candidate for short sale, please give us request information here. You can also call us 24 hours a day at (704) 559-5988.