Lake Norman to Uptown Charlotte Living: December 2010

Does it snow in Charlotte, NC? Yes it does.

I have lived in the Lake Norman region of Charlotte, NC for over 10 years and every Christmas we wonder if this is the year we have a white Christmas. Well, we did not wake up with snow on Christmas day, but it did start snowing late in the day.

We woke up the day after Christmas with about 3-4 inches and my 7 yr old triplet boys got a chance to play a littel tackle football in the snow. Now do not get alarmed if you are planning to move from up north to get away from the wintry weather. I already see my neighbors green grass. The winter's in Charlotte are short and sweet.However, it was a nice change of pace for us transplants who enjoy a day or so in the white stuff.

Short Sales/Foreclosures on Lake Norman, NC

Are you looking for short sale or foreclosure properties in the Lake Norman area? Maybe you think now is a great time to find a bargain? Before you make an offer, it pays to know a little about the seller's situation.

By definition If a home is being sold for below what the current seller owes on the property-and the seller does not have other funds to make up the difference at closing-the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

 A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. A short sale can be a good way to get a great deal on a home, but they hold many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

You're a good candidate for a short-sale purchase if:

 * You're very patient. Even after you come to agreement with the seller to buy a short-sale property, the seller's lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.

 * Your financing is in order. Lenders like cash offers. But even if you can't pay all cash for a short-sale property, it's important to show you are well qualified and your financing is set. If you're pre-approved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.

* You don't have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property-or you need to be in your new home by a certain time-a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.

If you're serious about purchasing a short-sale property, it's important for you to have expert assistance.

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Mike Carpino
Mike@LakeAndTown.com
704-301-9264