Lake Norman to Uptown Charlotte Living: December 2009

I recently went golfing at Verdict Ridge Golf course and was extremely impressed with the course layout and homes located in the neighborhood.

It is located on the quiet side of Lake Norman is one of the area's best kept secrets, Verdict Ridge Golf and Country Club Community, a place away from the hustle and bustle of everyday big city life, yet close to all the amenities needed for convenient living. Here you will find all that today's homebuyer desires at affordable prices.

Verdict Ridge offers an exceptional lifestyle, complete with great schools, award-winning golf, swimming, tennis, and nature trails. Shopping is convenient to the community with many major retail centers and Birkdale Village within 15 minutes. The only thing missing from this idyllic community is the traffic.

To view all Homes for Sale click below:

Mike Carpino
Broker/Owner
704 301-9264
mike@lakeandtown.com

Distressed properties in Uptown Charlotte NC are not going away anytime soon especially with the volatile banking industry right now. That allows buyers to capitalize on the real estate market and get into some fantastic Uptown Condos and Townhomes.

It is real important to let your Realtor do his homework and to find out how long certain properties have been on the market to determine if it is worth pursuing. To many times people have found themselves in negotiations and have left with nothing but waisted time.

My rule of thumb and some may disagree but to only look at properties that are at least 120-150 days on market. That allows the Realtor who is listing to get all necessary paperwork in order so there will be no surprises. Of course there are many other variables, but do the research and you may be getting a super deal!

 Click below to view all Homes

  Mike Carpino
Owner/Broker
Mike@LakeAndTown.com
704 301-9264

REO vs Foreclosure has people today scratching their heads trying to figure out what the differences between the two. Many people today are more interested in these types of properties thinking they are the better buys.

NOT ALWAYS!

I know there are a lot of buyers out there today that have many questions about REO's and foreclosure so I found a good article for you to read that does a great job in describing the two.

Click here to read.

It is always a good idea to find a local realtor that can help determine the value of homes you may have an interest in.

Distressed properties in The Point Lake and Golf Club located in Mooresville, NC.

The Point Lake and Golf Club, situated on the shores of Lake Norman outside Charlotte, N.C., offers members a club with the style and spirit of a Nantucket village.

Members enjoy the privilege of playing an 18-hole lakeside course designed by golfing legend Greg Norman.

All this creates the exclusive, yet inviting, environment that is
The Point Lake and Golf Club.

Life here revolves around the water. More than 500 families have already made their homes along the 18 miles of shoreline. Most residents enjoy beautiful views of the water from their homes, while many others are nestled along the fairways of the golf course. More than two-thirds of the holes of this Greg Norman-designed course play along or over the lake. And, Our Lake Club has become one of the most sought-after destinations in the region for wedding receptions and corporate gatherings. It can accommodate seated gatherings of 300 people in the spectacular waterfront setting.

Please contact to receive daily updated distressed properties.
   

Distressed waterfront property on Lake Norman has become a more common site.

If you always had dreams to live on Lake Norman but thought you could never afford it, now is the time to think again.

Hard economic times have reached the Lake Norman area and there are some really outstanding buys on one of the prettiest and largest Lakes in North Carolina.

Builders and sellers have found themselves in a very difficult position and unfortunately have to sell their properties and a discounted price.

Please contact me and get put on our auto email that updates you daily on distressed properties.

Lake and Town Realty Agents recently had many phone calls within the last couple weeks in asking what are REO's are all about? What REO properties are For Sale in Huntersville, NC.  

When a property is sold through a foreclosure auction, its owner usually owes more to the lender than the market value of the property itself. This is often a barrier to selling the property, and sometimes such foreclosure auctions do not draw any bidders. As a result, not many foreclosure auctions end with the sale of the property, rather the title reverts back to the financial institution holding the lien. Properties in this category are referred to as REO (Real Estate Owned) properties.

After the bank takes possession of the property, the mortgage loan disappears and the financial institution deals with any items owed by the prior borrower, such as homeowner association fees. The financial institution also tries to get the IRS to remove any tax liens against the property. The current owners are usually evicted and often repairs are made to damage on the property in order to make it more attractive to potential buyers.

The best parts of buying a REO property are that buyers have significant leverage and may be able to turn the property around quickly, making money by speculating on above average returns. Banks are trying to get the maximum return when they sell an REO property directly. They want to sell them quickly for two main reasons: first, they don't want to tie up their money in capital reserves they are required to set aside for a foreclosed property, and second, the management of such properties is a headache they would rather not have.

However, banks are very sophisticated when it comes to managing REOs and foreclosures, often having a department dedicated to them. The selling process starts when a potential buyer makes an offer to the financial institution, which is gone over by its management. Often, the institution will make a counteroffer, and the buyer may respond with another offer. After they have agreed on the price, terms, and conditions, a contract for the sale can be made.

When preparing to make an offer, a potential buyer needs to look at what comparable properties in the area are worth, along with the cost of any needed repairs. Financial institutions usually sell such properties as-is, which makes the buyer's inspection even more important. If they discover damage that they did not anticipate, which the institution will not repair, they can then cancel the transaction.

Investors dedicate much to buying REO properties in terms of funds (often cash), work, time, and effort, thus the price needs to be far enough below market value to justify the risk. Foreclosures are properties that already have had problems that often include tax issues, a lack of maintenance, substantial repairs, and often needed improvements that cost a significant amount of money, and any investor looking to buy such a property needs to keep this in mind at all times.

REO properties for sale in Huntersville, North Carolina.

Each bank/lender works a little differently, but they all have similar goals. They want to get the best price possible and have no interest in "dumping" real estate cheaply. Generally, banks have an entire department set up to manage their REO inventory.

Once you make an offer to purchase, banks generally present a "counter-offer." It may be at a higher price than you expect, but they have to demonstrate to investors, shareholders and auditors that they attempted to get the highest price possible. You should plan to counter the counter-offer.

Your offer or counter-offer will probably have to be reviewed and approved by several individuals and companies. Even once an offer is accepted, the bank may insert wording like "..subject to corporate approval with 5 days."

Banks always want to sell a property in "as is" condition. Most will provide a Section 1 pest certification, but not unless you include it in your offer and negotiate the point. They will allow you to get all the inspections you want (at your expense), but they may not agree to do any repairs.

Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct.

Even though you agreed to "as is," always give the bank another opportunity to make repairs or give you a credit after you've completed your inspections. Sometimes they'll re-negotiate to save the transaction instead of putting the property back on the market, but don't take it for granted.

If there are real estate agents involved, either representing you or the bank, those agents are required to provide you their disclosure statements.

Most banks will not provide financing on their REOs but it doesn't hurt to ask. Especially if the property has extensive damage and you are purchasing it "as is."

Before making an offer, have your agent contact the the listing agent and ask the following:

• Are there any inspection reports?
• What work has the bank agreed to?
• Is there a special "as is" form?
• How long does it take the bank to accept an offer?
• How does your agent deliver the offer?

Offers are usually FAXED to the bank. The listing agent needs your originals. There is no formal presentation. Keep in mind: nothing happens evenings and weekends (banks are closed)

Since there is no face-to-face presentation to the bank, provide the listing agent with a pre-qualification or better yet, a pre-approval letter and buyer biography. Make your offer easy to accept.

Hopefully these tips will manage your expectations. Remember that REO's sell at pretty close to full market value and are not the deals presented on late night television.

In today's market the thought the buzz words are foreclosure, pre-foreclosure, short sale, and REO's. It is very important to make sure that you understand the process from the offer to the close. Please contact me for a complete listing of all REO homes on Charlotte's MLS.

Mike Carpino
Broker/Owner
Mike@LakeAndTown.com
704 301-9264

Pre-Foreclosure Homes for sale in the Lake Norman region of Charlotte.

There are some incredible buys but do your homework.

Develop a system to keep track of properties that interest you. A good tracking system is important since most pre-foreclosure buyers pursue many properties sometimes over a period of several months.

After you find a property online, it's a good idea to drive by the property to get a better idea of the property's condition and the type of neighborhood. For some buyers and investors, driving by the property facilitate a casual meeting with the owner or yields a wealth of unexpected information from a talkative neighbor.

Confirming pre-foreclosure status

When a property enters pre-foreclosure, the owner usually has at least 2-3 months to reinstate the property by paying off the amount in default. The reinstatement stops the foreclosure process, so it's important to find out if a property has been reinstated before proceeding. The best way to check if the property has been reinstated is to call the trustee or attorney assigned to the foreclosure. The trustee cannot typically answer questions about the property; they can just let you know if the property is still in foreclosure

To receive up to date pre-foreclosure listings contact me.

Mike@LakeAndTown.com
704 301-9264
www.lakeandtown.com
www.tripletdadrealtor.com

Townhome and Condo short sales in the Lake Norman to Uptown Charlotte area.

A short sale is an "arrangement" between the current owner of a home and the bank that lent them the money to buy their home to accept an offer for less than the total amount owed to pay off the home. The "deficiency" is the difference between the amount owed and what the bank collects at the short sale.

Although, the "arrangement" can take many different forms, there is no other definition of a short sale. I say this because many realtors and some investors simply throw the term around as if it meant "a sale under market value." No. A bank owned (foreclosed) house is not a short sale. A seller deciding to lower their price and take less profit is not a short sale. An old lady that owns her home free and clear, selling a $150k home for $75k, IS NOT A SHORT SALE. For it to be a Short Sale, someone must be getting "shorted." Either the seller, or the bank.

The beauty of short sales is that they can be a win-win-win situation for seller, buyer and lender. Here's how:

 The seller gets out of the mortgage liability without facing bankruptcy. The buyer gets the home at a reduced price.The lender agrees to a loss it considers minimal without going through a foreclosure and being saddled with an unsalable property. While it may seem surprising that lenders would agree to accept less than what they are owed, they benefit from the process, too.

 "The lender benefits by not having to go through the protracted process of foreclosing on the borrower and then having to put the property on the market and go through the whole marketing process," says Stuart Wilson, a real-estate agent with Paragon Real Estate in San Francisco.

Lake Norman North Carolina Market Analysis for November 2009.

The Lake Norman area of Charlotte, NC has some of the nicest luxury waterfront homes in all of North Carolina. I just ran a recent report of all home sales that include Iredell, Lincoln and Mecklenburg counties.

If you are looking for Luxury Lakefront living this is a great time to find a steal!

Click on this link to view all Lake Norman Waterfront homes.

Mike Carpino
Broker/Owner
704 301-9264 Cell
866-316-7658 Toll Free
Mike@LakeAndTown.com