Charlotte REO Specialist – Nancy Braun

There are a lot of very good values to be found in bank owned property in Charlotte, North Carolina. If you are in the right position to purchase, you can save yourself a lot of money. Here’s how to effectively bid on Charlotte foreclosure homes.

To begin with, you will want to recruit the help of a qualified Charlotte Realtor with experience in short sales.  Many people may have the knowledge of the mechanics of buying Charlotte Foreclosure homes, but they may lack the connections.  A good Realtor will save you more money than the cost of their commission.  They will know the best places to get a loan, get a quality appraisal, handle any potential need for repairs, etc.  The time you save will also help to cost justify the expense of a Realtor.

You will also need to know the maximum amount of money you will be able to borrow, prior to placing bids on Charlotte foreclosure homes.  Remember to also calculate potential closing costs, inspection fees, etc. This way, you’ll know the maximum amount of money you can afford to pay.

The next step will be to start looking at the bank owned properties available.  You will also need to know the comparable value of property around the potential home, similar homes that have sold in the area, etc.  A good Realtor will make this process easier.

In many parts of the United States, it is not uncommon to be able to quickly close on a bank owned property that has a bid of around 20 percent less than the fair market value.  Of course, a property in foreclosure may already be under the control of the bank. The team negotiating for the bank will want to get as much for property as possible, to serve due diligence to their investors.

You will want to find a Realtor with REO (real estate owned) experience. An agent who works with banks knows how to write a clean offer and get the offer accepted. At Showcase Realty LLC. we represent numerous banks in selling their REO assets. Our agents are highly trained on how to present an offer to a bank and get their offer selected. Often a good property priced right will have multiple offers on it and you will want your offer to be the accepted offer.

You will be able to work with your Charlotte Realtor on pricing. Many times, the banks let the property go for better prices.  This is especially true of neighborhood experiencing a rash of foreclosures. Again, your Realtor can help you with this often nervous period of negotiation time.

So, the secret to how to effectively bid on Charlotte foreclosure homes lies in working with a good Realtor, knowing your maximum purchase price, doing your homework on the property, and then presenting a solid case to the bank as to why they should accept your offer.

You won’t be in this alone. Your expert in bank owned property will help you the whole way.