Lake Norman experienced a terrible foreclosure and short sale period during the economic crash of 2007. However, the past 2 years have seen a tremendous turn around with Lake Norman Home Sales. I did an updated search this morning to see what Lake Norman Short Sale homes were left in the Lake Norman region and found 15 homes on the Charlotte MLS.
Of the 15 homes that were listed 9 of them were Under Contract. There is only ONE SHORT SALE LAKE NORMAN WATERFRONT HOME LEFT!
Foreclosure is a fairly well understood process, but as “short sale” signs sprout like weeds, you may wonder what it’s all about.
When a lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner, it’s called a short sale. The lender forgives the remaining balance of the loan.
Can it work for you?
Buying a home in a short sale can be a hassle, so why should you consider it? Mainly, it boils down to the bottom line. You will get the property for a substantial discount. Since the lender is eager to continue to get paid back the money it loaned out — it may also offer favorable financing terms.
Since the seller plays an active role in the short sale process, you will have their cooperation (and most likely won’t need to evict them upon taking possession of the home). This is not always the case with a property that has gone through foreclosure.
Whether you’ve become aware of the distressed situation on a property through an agent, a FSBO ad or word-of-mouth, this is not a do-it-yourself project. A short sale is one real estate deal where you really need to get help from an experienced agent or attorney. Not all real estate agents know how to handle a short sale, so make sure you consult with one who can demonstrate special training or a good track record with short sales.
Lake Norman Short Sale Homes for Sale
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