Free List of Charlotte Foreclosures
In the recent addition of the Charlotte Observer, it was pointed out that for the first time ever, home sales percentages were greater for bank owned properties than traditional sales. While the percentage was close ( approx. 51% to 49%), these statistics are unprecedented.
What this means is that it is not just investors buying these Charlotte area distressed properties. While this is not really unexpected given the state of the economy, there are still some very real risks and unpublished results.
Wouldn’t it be interesting to know of he 51% of sales that were bank owned, what percentage of these turned out to be ‘What have we done’ moments. With a percentage that high, we know they exist because these homes are sold as-is! We don’t hear about these and I bet the buyer would not in a million years admit they made a mistake.
Something that I wish every buyer of these properties would ask me or their Realtor is this? What percentage of homes that have sold and/or are listed in the community are distressed. Why is this important!? How much further are home values going to change? One way to analyze this is to check what percentage of home sales are distressed.
You see if over 15% are distressed, appraisers can and will use these in comps for the next sale. Over time, these will continue to bring prices down. So, maybe only about 7% of sold homes are distressed. How many are listed as distressed and how many are listed in the tax records but not in MLS?
You see there is some real research that should be done to ensure you really are getting the deal you think you are getting!
If you need help with these, contact us. We know how to help!
Check out these websites we have created to allow you to see all the distressed properties in the Charlotte and Lake Norman areas that have been turned over to Realtors.
