Posted by: Roby Robertson | December 19, 2008

Lake Norman Real Estate;Lake Norman Foreclosures and Short Sales

Lake Norman Foreclosures and Short Sales

During a recent conversation with a buyer if mine, it came to my attention that some people interested in purchasing foreclosures are confused about homes in our MLS and homes auctioned at the courthouse.

I will explain in the simplest terms I know how. Foreclosures auctioned at the courthouse are being sold by the deed of trust or the holder of the deed of trust.
Often times there is a reserve or an amount that the seller must get from the sale. The upside is that you can sometimes get an awesome deal. The downside is the upset period. This where someone can ‘upset’ your bid with a higher one which starts the upset period over…

The Foreclosure homes I talk about on this blog are homes that the lending institution has taken back and has turned over to a Realtor to sell. You can still get a good deal, however there is not an upset period. Once you are in contract, you have rights to the home.

On the other hand, short sales are homes that the owner is trying to sell and simultaneously trying to negotiate a short sale with the bank. Often times the seller signs these rights over to someone else to do the negotiations (often times his realtor). In a nutshell, this means the bank is going to take a percentage in the dollar of the amount owed. Any short sale is dependent on the bank accepting the terms.

I recently conducted a search for foreclosures and short sales that are currently being handled by Realtors.   This list of Lake Norman Foreclosures comes directly from our MLS.  As per our MLS rules, this list will expire on 1/18/2009.

See the latest list of properties at Looking for Lake Norman or Charlotte Area Condos or Waterfront?

 If you would like to schedule an appointment to see any of these Lake Norman Foreclosures and short sales, please feel free to contact your Lake Norman Agent at 704 451 7051 or by email.

See Also:

Be The First To See Lake Norman Hot New Listings as soon as they become available.

What would my Lake Norman Home Sell For?

Why Lake Norman is such a great Destination

Roby Robertson

 

Saving My Clients Thousands

Broker/Owner

 

Real Living In Style
Davidson NC

 

roby.robertson@realliving.com
www.LakeNormanRealLiving.com

 

Ph: 704 451 7051
Fax: 704 892 9766

Committed to Saving My Clients Thousands When Buying and Selling Real Estate


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