18th Dec, 2011

3 Tips for Buying Charlotte Foreclosures

3 Tips for Buying Charlotte Foreclosures

In this age of Charlotte NC home foreclosures and extra precautions from bankers and mortgage companies, many foreclosure home buyers found themselves to be put off by the process. That does not have to be the case if you take some precautionary steps to plan ahead and understand the process.

There are three bits of advice that might help you with your foreclosure dealings.

… Patience Is a Virtue.

Remember that there is no quick way through the process. Because the number of foreclosures are at record highs, processing time has increased dramatically. Demands from regulatory agencies and from the foreclosure banks themselves are much more stringent than in the past.

Title issues must be cleared before the mortgage goes any further. By hiring a qualified real estate attorney to complete the search, you can improve your position in line so to speak. You must remain calm during the process. If you are impatient, foreclosure homes may not be your cup of tea. If you can relax and go with the flow, your wait may prove to be quite rewarding.

… Money Talks.

Banks take a hit to their bottom line with every foreclosure sale they process. They love to hear the word “cash” in the course of negotiations. Cash offers can often result in a lower price for the buyers as banks are eager to accept hard green cash. Cash is fine for the bank’s bottom line and even better for you.

… Go Over The Home’s Condition Before Completing The Contract.

Before your final offer on a foreclosed home, do a walk through inspection. Be sure that you have an escape clause in your contract so that the home you buy is left in the same condition it was during your walk through. Tenants or owners who have lost their homes sometimes do irresponsible things before moving out. Some homes fall victim to burglars who strip homes of appliances and wiring then sell the stolen goods online or to salvage yards. With an escape clause, you can walk away from the deal if you find issues.

A foreclosure can be a marvelous thing for a buyer who understands the process and has the patience and restraint to take things in stride. Type A personalities might need to temper their eagerness. A competent realtor can help guide you through the maze of obstacles and make your experience a positive one. That’s what Realtors do.

Wendy Richards
Charlotte NC/SC Realtor

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