Charlotte Property Listings vs New Construction Homes vs Foreclosed Homes

July 8th, 2010 categories: Buying your Home

So you think you’re ready to buy  Charlotte property .

Naturally, you want the best property deal you can find. There are several ways to go and if you are a first time home buyer, you might not have all the facts when it comes to buying that “too good to be true” Charlotte foreclosure you see advertised on the side of the road. Those little signs that tell you “no credit check” and “foreclosed homes with no money down” usually have more strings attached than a hand knit sweater.

For one thing, make sure when you are investigating Charlotte property information that you are going to a reliable source. Try Charlotte MLS listings on a Realtor’s website (Like this ONE!) that has several pictures and detailed information, including Charlotte property taxes. Between taxes, homeowner’s insurance, and the monthly mortgage; you might find it’s better to go with a straight listing sale or a newly constructed home from a builder here in the Queen City, instead of a foreclosure.

Why? Well for one thing, often when a home has been foreclosed upon

The family stopped paying the mortgage because they could no longer afford the payments, which became a last resort. No one wants to lose the roof over their heads. So up until that point, other cut backs were made. Cut backs like:

• regular maintenance on the property
• upkeep of HVAC systems
• plumbing
• roof upkeep and repairs

Repairs from damages are often left unattended to and that means you’ll probably need to replace:

• drywall
• carpet
• tile
• fixtures
• cabinets
• fireplaces

Many first time Charlotte  home buyers think if they buy a foreclosed home.

They can get more house for their money by buying bigger and in a more expensive neighborhood than they otherwise would be able to afford. This can be a trap. Being “house rich and cash poor” means you have more house than money available. A grand house is no good if you cannot afford to furnish it, landscape it properly (not conforming to the neighborhood’s HOA standards can lead to fines), or make necessary repairs and changes on move in.

Understanding how the mortgage process works can be one of the best pieces of real estate information a buyer can find even when it’s not attached to a specific property! Check out this link: Guide to Real Estate Terms It’s filled with helpful terms and their definition as well as articles you can learn from.

When something looks too good to be true, it usually is. Gather the facts before jumping into a Charlotte  foreclosure!

This entry was posted on Thursday, July 8th, 2010 at 9:13 am and is filed under Buying your Home. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Tweets that mention Charlotte Property Listings vs New Construction Homes vs Foreclosed Homes | Talk Charlotte Real Estate Blog -- Topsy.com said at July 8th, 2010 at 9:31 am

   [...] This post was mentioned on Twitter by michael gibbons and Donna Johnston. Donna Johnston said: RT @buttonguy: TalkCharlotte blog CLT Property Listings vs New Construction vs Foreclosed Homes: When something looks.. http://bit.ly/avxyZi [...]

2. ALan Kroll said at July 9th, 2010 at 3:47 pm

   In many markets foreclosures are selling for close to retail prices, so a “bargain foreclosure” can turn out to be moreexpensive than a regular resale or a new home.

   New homes give the buyer a fully inspected up to code house that has everything brand new. You get years of low headache living with a new home. Many builders are offering great deals in the current market, and with interest rates so low it is a great time to buy new.

   Good post!

   Regards,

   Alan

3. The Current Foreclosure Picture in the Charlotte Real Estate-Metro Area | Talk Charlotte Real Estate by Donna Johnston said at August 23rd, 2010 at 5:10 pm

   [...] The issues with doing so have been addressed before, but in order to keep everyone informed, I’ll repeat, if something seems to be too good to be true, it usually is not true! Foreclosed homes are often the “lemons” of Real Estate in Charlotte, or any city for that matter… [...]

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