What's Better Than A Foreclosure Deal?

So, you're a prospective buyer looking to gain a piece of the Charlotte, NC real estate pie. You've done quite a bit of research, viewed homes on the Internet and even watched a few real estate shows on TV. You've spoken to a loan officer, gotten pre-approved and your on your way to obtaining a piece of the American Dream. Your goal: To get a home according to your specifications, within your budget and hopefully for as less as possible.

At this point, your considering a foreclosed home, especially if the home has great potential and will save you tremendously. After all, the more you save, the more money/equity you'll have to do the renovations or repairs necessary to transform that foreclosed house into your wonderful home. Your on your way!

But, wait! There's an additional opportunity where you could benefit even more, and possibly help someone else along the way..... A Pre-Foreclosed (Short Sale) Home!

That's right. A pre-foreclosure provides an excellent opportunity for you to obtain a nice home, at an awesome price! Simply put, a pre-foreclosure is a home that is in jeopardy of foreclosure due to the current homeowner's inability to maintain the mortgage. Often times, the homeowner experiencing the financial hardship will seek the assistance of a real estate professional (preferably one that specializes in pre-foreclosures and short sales) to persuade the bank to accept a short sale (sale of the home for less than what the borrower owes on the mortgage) in order to save the client from foreclosure and further damage to their credit. The agent then lists the home according to the banks protocols and proceeds with the necessary processes to gain the bank's acceptance of the short sale.

FACTS of PRE-FORECLOSURES:

1. Pre-Foreclosed homes are sold at a great price, often times comparable to a foreclosed property, with some being sold even less!
2. The average Pre-Foreclosures in 2007 consisted of homes in very decent shape with minor repairs. Believe it or not, there were some homes less than a year old available!
3. Home Warranties are available at substantial savings, which will further protect the buyer against heating, cooling, plumbing and electrical problems that can occur.
4. The typical pre-foreclosure purchase takes anywhere on average from 30-60 days for the bank's final approval of the short sale once the offer is submitted. This is because the bank has a set of protocols it must follow, with a series of checks and balances to insure that the home and/or the homeowner actually qualifies for the short sale. However, the savings are generally worth the wait!
5. Banks really want to prevent a foreclosure sale, as a short sale typically saves them tremendously and legally they Can Not sell the home themselves!
6. When submitting an offer, it is very important that you submit a fair price. Banks will not be bullied and will not accept a low ball offer. Remember, they have appraisals, BPOs and other price comparisons performed by specialists to provide them with additional insight on the homes saleability.
7. Often times the listed price is a suggested price the listing agent believes, according to their research, that the bank will accept. A few banks will provide the listing agent with an acceptable list price, most will not.
8. It is best to look for an experienced agent who is familiar with or willing to learn what to expect from the listing agent the process to represent your best interests as the buyer.
9. There are a variety of short sale protocols, with different mortgage types having different protocols. For example, an FHA-financed home seeking short sale approval is very different with stipulations not associated with a conventional-based financed home seeking a short sale approval.
10. Short Sales are typically sold "AS IS" with the lender nor the current homeowner offering any repairs on the home. However, this is where a home warranty as well as an home inspection prior to submitting an offer or before approval is necessary.
11. Finally, keep in mind that these homes generally receive offers quicker than the average non-distressed homes on the market. So, if you see a home you really like, you should decide as soon as possible. Some pre-foreclosures receive multiple offers within one day!

Looking for additional information on purchasing Short Sale properties or Preforeclosures in the Charlotte NC. area? Thinking of selling your home as a Short Sale property and want additional information and/or assistance? Contact Jaclyn Today! www.TeamJaclyn.com Jaclyn is the #1 Pre-Foreclosure/Short Sales Specialist for the Charlotte NC. Region.