Buyers who don't mind rehabilitating
property and are strictly seeking foreclosure properties need to be aware of the status of some of the foreclosures in Charlotte NC . Spending time and money up front to resurrect a property
that has been poorly maintained and perhaps stripped of as much as
possible by the former homeowner, is far too common when purchasing a
foreclosure. Unlike short sales, many foreclosed properties are in far
worse condition--many buyers do not take into consideration, the
hidden defects caused by the former homeowners' neglect.
Consider this: If what is visible to the eye is defective, chances are the property has been in serious need of general, mechanical and structural maintenance during recent years. There ARE hidden defects that can be quite costly to repair--especially if you know, upon first inspection, that the home has been poorly maintained. Compare before you leap--your eyes will likely be opened to the 'foreclosure real world!'
good number of the Charlotte NC foreclosures that are on the market have been poorly maintained while the short sales generally have the owners in place,
maintaining the home in order to see it through the sale and then leave
the property, (relieved that they are not going to suffer the same
consequences that an owner who has been foreclosed upon suffers), in
good condition. One of my client's latest relevation summed it up
pretty well--"If it took me 6 months to
close on a short sale, it is worth the wait; I would rather be working
those six months to save even more for a down payment and have little, if
any, costly repairs to be made than to be able to quickly close on a foreclosure and
have to work many more months to pay for all of the hidden damages on a foreclosure!" This client, like many others, is now a converted, committed short sale buyer!