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And you are saying . . . you found these in 28226? Were they all over $600,000?
Please note that I am talking about foreclosures in progress... they have not gone to auction yet at the courthouse, and I have not taken the time to determine an approximate opening bid or account for prior liens that would have to be paid off upon recording of the Trustee's Deed. The foreclosure docs cite property addresses as having a 28226 zip, but I cannot attest for the accuracy of the docs of any law firm.
Just to clarify... we are talking only about the zip code, right? Because it seems that there are some really cheap properties in that zip too...
ex: MLS# 851424
Maybe all the foreclosures I found are similar (all grouped in one spot in the zip)??
And you are saying . . . you found these in 28226? Were they all over $600,000?
The point is, yes, there may be a few, BUT, that area, as you know since you live there , is VERY stable. There will be less foreclosesures there than most all other sections or zip codes in the city. The way ChicagoCubs made it sound there were many to chose from.
Krisia - I know you did a perfunctory search and there are doubtless more out there, but on the ones you pulled up, would you mind putting the $ of the lowest and the highest? Just curious. Really appreciate it!
The actual prices are hard to find... but I can tell you that the current opening bid (subject to change) on a house on Carmel Road is $157,500. Of course you have to realize that this might be a foreclosure on a second lien... there might be a first lien of $1mil that would have to be paid off. Buying at the courthouse can be a very dangerous game. I have seen people lose their pants in transactions because they did not seek appropriate help (realtors are not qualified to advice on legal matters, but they often try to play lawyer anyways.
Please note that I am talking about foreclosures in progress... they have not gone to auction yet at the courthouse, and I have not taken the time to determine an approximate opening bid or account for prior liens that would have to be paid off upon recording of the Trustee's Deed. The foreclosure docs cite property addresses as having a 28226 zip, but I cannot attest for the accuracy of the docs of any law firm.
Just to clarify... we are talking only about the zip code, right? Because it seems that there are some really cheap properties in that zip too...
ex: MLS# 851424
Maybe all the foreclosures I found are similar (all grouped in one spot in the zip)??
The ones you sent me were in other areas than the area I was thinking (except one) and outside 'hwy 51.' Many were very old condos or near the Carolina Mall.
I think when looking at this information, you have to be very familiar with the locations.
The ones you sent me were in other areas than the area I was thinking (except one) and outside 'hwy 51.' Many were very old condos or near the Carolina Mall.
I think when looking at this information, you have to be very familiar with the locations.[/quote]
I realize that, but it was the zip code that was in question... That is why I really don't like using that as a criteria in Charlotte - it varies too highly. I prefer to go by subdivisions...
I agree that the area you refer to is extremely stable in comparison to the rest of Charlotte.
I just realized that I may need to clarify some of my posts, because I think that misunderstandings frequently occur on this board over the term "foreclosure sale." Two meanings are:
1. The initial foreclosure sale at the courthouse. The lender sets the opening bid, and any third party can up the bid by 5%, provided they are ready to sign an upset bid form and throw down 5% of the purchase price on the spot. They have about a month to close. These auctions are never ever posted on the MLS or any other like websites. If there are no third party bids, the bank gets possession. This is where some of the best deals can be had, but you cannot enter the property to inspect until your deed is recorded and anyone pursuing a purchase of this sort without consulting an attorney prior to bidding would be a fool.
2. REO sale. This occurs once the bank already owns the property. It is listed with a realtor for whatever price they think its worth and placed on the MLS. Most people seem to be referring to this form of purchase when using the term "foreclosure sale."
I just realized that I may need to clarify some of my posts, because I think that misunderstandings frequently occur on this board over the term "foreclosure sale." Two meanings are:
1. The initial foreclosure sale at the courthouse. The lender sets the opening bid, and any third party can up the bid by 5%, provided they are ready to sign an upset bid form and throw down 5% of the purchase price on the spot. They have about a month to close. These auctions are never ever posted on the MLS or any other like websites. If there are no third party bids, the bank gets possession. This is where some of the best deals can be had, but you cannot enter the property to inspect until your deed is recorded and anyone pursuing a purchase of this sort without consulting an attorney prior to bidding would be a fool.
2. REO sale. This occurs once the bank already owns the property. It is listed with a realtor for whatever price they think its worth and placed on the MLS. Most people seem to be referring to this form of purchase when using the term "foreclosure sale."
Kris, you're working too hard - come have a beer with us at the meetup Tuesday night
Pretty close to the truth since I fell asleep about 10PM> LOL. And I was dreaming about that erotic writer with the basket weave shoes that some of you gals felt compelled to focus on. Funny how I thought those shoes were so cute.
Yep. Nice feets.
This is probably a dumb question but what website are ya'll using to find the foreclosures? Sounds like there are a lot of realtors in here so just wondering if it is a public website or not?
There is an established subdivison just off of Ballantyne Commons called Woodside Village (part of Woodside Falls subdivison). You may find a smaller ranch home in Woodside Village for 170.
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, is VERY stable. There will be less foreclosesures there than most all other sections or zip codes in the city. The way ChicagoCubs made it sound there were many to chose from.
