All homebuyers can find opportunities to score good deals when it comes to short sales. The real estate scene is filled with short sale properties that can prove to be worth the extra steps to buy them. Yet, finding good short sale listings might be tricky since many buyers have their eyes out for them. It takes a good proactive plan and a great strategy to find yourself a good deal.
To find short sales and short sale agents in Charlotte, NC, you should begin with a good agent and extensive preparation. It’s best to prepare yourself with everything you need to find short sale listings in Charlotte, NC. The process is quite lengthy, and buyers must be prepared to go through all obstacles that come with it.
Short sales are appealing to both homebuyers and investors. Investors like them because they’re generally a good deal. When a homeowner owes more on a property than it is worth, a lender can be incentivized to take less than its value. This is what makes it great for potential buyers.
Read on to learn more about locating short sales and short sale agents in Charlotte, NC.
How do I get a list of short sales?
Here are the ways to get a list of short sales.
- Work with an agent who specializes in short sales
Short sales usually take 4 or 5 times longer than regular transactions. It’s a complicated process that will be difficult to handle on your own. This is why the best option is to work with a realtor who understands short sales well.
There are a few questions you might want to ask an agent about their experience. How long have they been closing short sales? How many have they actually closed? Are there any red flags in short sales that you’d want to look out for?
These questions will help you find an agent who is well-versed in short sales transactions.
- Check out brokerage lists
Plenty of brokerages can provide a list of short sales to interested people. It’s good to ask your prospective agent if their brokerage can offer something like this.
Brokerage lists have specific policies and procedures when it comes to short sales. It’s important to follow each of these to ensure you don’t go against any state or federal laws in short sales.
- Join social media groups
Social media in itself is a large marketplace. You’ll find each niche and everything you might need. Someone will probably be offering it at the right price. The same is also applicable when it comes to short sales.
You will not only find short sale listings, but you can narrow down the search to a specific location, such as Charlotte, NC. People will also be quick to give a helping hand in the process, and you can find tips available at your service.
It makes the process much more transparent and easier since you’re informed and know how it will go.
- Search the MLS
MLS, or multiple listing services, are different in their own ways. Each system has something that makes it unique. Short sale listings aren’t what they seem unless you know exactly what you’re looking for.
These listings are often posted and listed by real estate agents. The key phrase you’ll be looking for is “short sale.” This might show up under the status modifier, or the term should be in the marketing comments. Always choose that specific field as a search term.
Some listings can be under the terms like:
- Notice of default
- Third-party review required
- Pre-approved by a bank
Sometimes, “third-party review required” means that the owner has yet to be approved by their lender. This could mean that documentation is still under review by the lenders. Watch out for those listings, as they might not be ideal.
How does a short sale work in NC?
A short sale works in NC by ensuring that the seller discloses that it is a short sale, and when there is an offer made, both the buyer and seller should sign a document titled “Short Sale Addendum.”
Here are some tips for a short sale to work:
- Get info directly through the courthouse
Sometimes, short sales are listed before a lender gets involved. It can be tricky to know if the homeowner is actually in trouble from their real estate listing. Usually, these properties are recorded with the county’s clerk.
At a city or a county clerk’s office, people in loan default are usually listed. These people are in pre-foreclosure. It’s what happens before foreclosure begins on a property. This is another way to track short sale homes, but it might not be guaranteed.
A real estate agent can help you with this method. State laws cover this notification process as well, as short sales are a matter of public record. Check-in with the courthouse in the area to find out more about the property’s state and to see other listings if possible.
- Scan the newspaper
Some people prefer to do things traditionally. Sellers will tend to market their homes in any way possible. This means all possible avenues of marketing can be used, including newspaper listings.
Pick up a local newspaper and scan carefully through the ads. Some people will market their short sale listings in newspapers. It will be advantageous when looking for areas you prefer.
You can often find more than just a few listings this way. Remember to carefully inspect and analyze each house with your agent before settling on one to make an offer.
- Post an Ad
Short sale listings are often listed through all possible avenues. You can try doing the same while searching for these listings. You can use the resources you have at hand and manually seek out any short sale offers.
Talk to your agent and ask about referrals and places you can advertise your search in. The social media groups you joined are a good place to start as well.
In today’s generation, it is effortless to find what you’re looking for. Real estate and housing are no exception. As they say, ask, and you shall receive.
How quickly can you buy a short sale?
You can buy a short sale in a couple of weeks, while it may sometimes take months. Short sales are not that hard to find. Once you’ve arrived after settling with a short sale, you need to be ready.
Here’s what you can do to speed up the process if needed:
- Leverage your network to find leads.
A homeowner with a short sale listing will want their home sold as soon as possible. This means they’ll be marketing their home as aggressively as possible. That’s good news for you as someone trying to find short sale listings.
Use your networks to find the best deal for you. If you have good friends in the real estate scene in Charlotte, NC, use them to your best ability. Your agent can also help you here since they most likely have connections.
Short sales never go out of season. Almost every month, there’s a new crop of short sales that come up. If you’re really willing to find the best deal for you, use everything available to you. That includes your network of people.
- Check out online platforms
There are plenty of online directories that offer short sale listings of all kinds. The internet is a wide and open platform, and you can use it to your advantage.
Sometimes, online websites offer more than newspaper ads and network leads. This is because some websites can offer important property details that you might not receive elsewhere – photos, the property’s condition, and more.
A quick search can get you to places. You have the opportunity to learn more about a property online, especially in certain circumstances. Expand your search online and ask your agent any questions if you need help.
There’s a lot that goes into the process of finding the best short sale for you. The factors that play into it can depend on your preferences. You should know, though, that the best bet you might have would be with an agent specialized in closing short sales – the more experienced, the better.
The opportunities for you to find the perfect deal are endless. Be on the lookout everywhere, and you’ll be closing on your perfect home in no time. Contact Nancy Braun of Showcase Realty at 704-997-3794 today to ensure you find the perfect short sale deal.
In case you cannot view this video here, please click the link below to view Tips for Locating Short Sales and Short Sale Agents in Charlotte, NC? on my YouTube channel: https://www.youtube.com/watch?v=SIrqRg-5yaE