Foreclosures are a popular segment of the Charlotte Area real estate market.  These are the questions we often get when someone is considering the purchase of a Charlotte area foreclosure:


How long will it take me to close on the foreclosure?

It depends on what type of foreclosure you are considering.  Short sales (i.e. properties under contract for less than what the seller owes on the property) can take a long time, up to six months.  'Regular' foreclosures (i.e. properties that they bank has already taken possession of) can be purchased much more easily.  Buyers can get an answer on an offer within a couple of days.

Will I get a significant discount if I buy a foreclosure?

There is almost always some sort of discount on foreclosures, it's just a matter of how much.  Because there has been increased interest in foreclosures in recent years, there is more demand, and discounts can be less substantial.  The condition of the property and the time of year that you purchase will also affect the amount of discount you will get.  For instance, if you buy right before the end of the year, say in November or December, there is usually a greater discount to be had.  That is because banks want to unload inventory before the end of the fiscal year.

What kind of condition will the property be in?

In short, it depends.  Banks will typically clean out and put a fresh coat of paint on most foreclosures they are selling.  This will help them maximize the sales price of the property.  But banks will only sometimes make structural repairs to properties they are selling.  It is imperative that buyers get a knowledgeable general contractor to inspect a home before purchasing a foreclosed home.

Where in Charlotte should I buy a foreclosure?

There are foreclosures available throughout the Charlotte metro area.  Certain communities see greater number of foreclosures than others.  But stable areas (like the area known as the 'wedge' in South Charlotte) are typically where it makes sense to buy a foreclosure.

To receive a Hot List of the best priced foreclosures in the Charlotte area, request the list at: http://charlottespreferredbrokers.com/content/article.html/2535374/