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Buying a Home with Equity

There are many ways to purchase a home today with instant equity. Due to the large amount of foreclosure filings, we have more than enough pre-foreclosures and foreclosed properties to choose from. You should know or have the following prior to searching or viewing a distressed property.

1. What is your price point? What is the price range you would like to stay in for each purchase?

2. Do you have a solid pre-approval? Banks and asset management companies only consider serious
    offers. You should already have a pre-approval.

3. The area of town you would like to purchase in.

4. The condition of the foreclosed property that is acceptable to you.

5. If you are willing to purchase a foreclosed property as a rehab project, do you have contractors in
    place?

6. Realistic expectations. Some homes have already received deep discounts. Bid smart or risk losing out
    on a good dea

What is a HUD Home?

The Federal Housing Administration (FHA) is a part of the Department of Housing and Urban Development (HUD). They are the part of the organization that provides federal mortgage insurance when a home is purchased with a FHA loan. When the homeowner forecloses on their home, the lender can file a claim for the part of the mortgage that has not been paid. FHA will pay the lender's claim and HUD gains title to sell the home.

HUD Offer Periods

New listings are available weekly on Friday mornings. Bids may only be submitted by HUD authorized real estate agents for owner occupants during the first 10 calendars days. After the bids are opened and reviewed, the bid with the highest acceptable net bid to HUD will be selected.

After the initial 10 day period, all general bids to include investor & non-owner occupied bids can be submitted and accepted.

What are REO Properties?

REO is an acronym for real estate owned. These homes have been foreclosed upon. Buying homes that have been foreclosed upon can save home buyers and investors thousands of dollars off the sales price of a home.

Addendums to contracts can vary from one REO property to another. You should work with a real estate agent with experience in working with various foreclosed contracts. An agent needs to know how to advise the home buyer on inspections and inspection periods, repair negotiation, bid and closing cost negotiation.

What are Motivated Seller Properties?

There are many reasons why a seller may be EXTRA motivated to sell. The seller may unfortunately be going through a divorce, relocation, financial distress, plus many other personal reasons. If a seller is extremely motivated, the seller's agent will disclose(with permission) this information to another agent. This information is NOT available through a public search of the MLS. These properties may also be easier to negotiate because of the nature of the transaction.

What is an Equity Property Search?

There are homes in the MLS may have been appraised by the county appraisers for property tax purposes at a higher amount than they are actually listed for. Please note that only an appraisal for current market price by a licensed appraiser will safely determine the amount of equity that may be in a property. An equity search may help identify properties that are listed for a lower price than they may be worth.

Ready  to start your foreclosure search?  view charlotte real estate foreclosures

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FEATURED PROPERTIES

Auctions in Charlotte Real Estate North Carolina

 


 

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.

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



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Posted on October 02, 2008 14:14:28 by sandra.allen - View Profile
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Charlotte's Residential Auction Resource Blog

Charlotte Real Estate Auction For Sale

search charlotte real estate homesWelcome 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.

search charlotte real estate homessearch charlotte foreclosures

 

 

 



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Posted on June 12, 2008 13:35:52 by sandra.allen - View Profile
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Bank of America Relaxes Short Sale Policy

Bank of America and other lenders on short sales

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 t
able.



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Posted on April 28, 2009 15:47:32 by sandra.allen - View Profile
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Finding Foreclosed or Short Sale Builder Homes

builder, short sale, charlotte, homes, new, homes, foreclosure,

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!



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Posted on April 22, 2009 15:19:23 by sandra.allen - View Profile
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Lender Communication, Getting to an Approved Short Sale

Getting to Sell Your Home by Short Sale

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.




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