Real Estate Notes & Blogs
FORECLOSURES
Most of the homes that are foreclosed, or even pre-foreclosure, are listed in MLS. The banks and the sellers who are "upside down" and are trying to work out a deal with the banks know they need as much exposure as possible so they work with Realtors. If you like you can go to the www.covington.allcharlottehomesnow.com, the "Property Search page for this site this site www.thecharlottehometeam.com where you will find the best property search site in the Charlotte area or, if your prefer, I will set up a search for you in MLS that will send you properties that fit your criteria. Either way you can pull up pictures and a map. Usually there is only one exterior shot because the houses are in bad shape.
Many of these homes will not have interior shots and usually foreclosed homes will be in less than perfect condition. Some will be really ragged out. And they are all sold in "as is" condition. You can get inspections but the seller is not going to fix anything. We can work around that. Many homes are too far gone for a buyer who wants to live in it but not bad enough for investors who want them really nasty so they can buy them cheaper. Even the buyer who says they want to do cosmetic work runs away screaming when they see the condition of some of these houses. But others are in passable shape and only require paint .
I showed some of these homes to a couple last week. The house was vacant and the carpet was shot... and ugly to start with. The kids had written all over the walls with crayon and markers and even though the agent had the garbage shoveled out, the place was filthy. Just for good measure they had taken a hammer to the walls in a few places on the way out the door. The stove was gone and some of the kitchen cabinet doors also..
But... it had good bones. There was a sunroom and a big almost half acre fenced in yard with a storage building and woods behind it. You'd need a bush hog to get at the grass in the backyard but basically some spackle, primer and paint plus carpet and vinyl for the kitchen and baths which you can get at the discount flooring places or salvage yards would put it back in saleable condition. You can go farther, of course, but it is important not to over improve. Contact us to find out the formula many investors use to determine their offering price. 704-602-0422
