Home Buying in Charlotte>Question Details

Steve &…, Renter in Charlotte, NC

Hi! I keep seeing homes for sale for $5,000 and up. What's the deal? I don't mind re-doing them. Is this for real?

Asked by Steve & Linda, Charlotte, NC Sat Jan 11, 2014

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Yes--you can find residential properties in this price range. Last year there were 8 properties in Cleveland County, NC, that sold for less than $10,000 and 5 in Rutherford County that sold in the same price range. The number more than doubles if you raise that price to $15,000. Most of these properties were bank owned foreclosures. There are currently 8 listings in Cleveland County under $15,000, some of which are listed under $5,000.
1 vote Thank Flag Link Sun Jan 12, 2014
Sometimes, the HOA has foreclosed on them for the dues owed amount. There is still a mortgage but until the home has been foreclosed on by the bank the HOA can get rent on the home to get the dues paid back. If, you find a home that you are interested in I would be glad to look up the status on it.
Good Question!
1 vote Thank Flag Link Sat Jan 11, 2014

Chances are this is not for real. Most lots without homes sell for more than that. You can find homes in the 20K range though and would have to do some work to them.

Dave DiCecco
Helen Adams Realty
Cell: 704-519-7895
1 vote Thank Flag Link Sat Jan 11, 2014
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