The Charlotte Condo Loft

Foreclosures are on many people’s minds lately.  Since the Federal Government has offered incentives to lenders to restructure people’s loans, local and state governments are encouraging home owners to seek help sooner rather than later and work with their lender to avoid foreclosure.  Help includes restructuring loans, and the purchase of homes by municipalities and non profits.

Foreclosure is the last stop on the money crisis train for home owners.  Once a home is foreclosed, the lender really does not want to own it.  This is why for the savvy buyer, these homes can be a great deal.

Charlotte foreclosures are no longer just in risky neighborhoods.  The foreclosure crisis has hit all sorts of homes in all types of areas.  Pre-foreclosure, many homeowners and developers are willing to negotiate with a buyer/investor.  If they can walk away with a little cash and satisfied liens, and you have a property for less than the market value, it can be a win – win proposition.

How do you find pre-foreclosure opportunities?  By searching for them on our site!  Our partnership with RealtyTrac enables you to search all Charlotte foreclosure listings.  Pre-foreclosures, foreclosure auctions, and bank owned properties are all at your fingertips on our site, and we can help you make sense of the entire process.  We can also assist you with obtaining financing.  Contact us today to learn more about Charlotte foreclosure opportunities.

Charlotte lofts are a popular lifestyle choice right now.  Whether built brand new, or converted from formerly commercial and industrial space, the convenient locations, ample space, soaring ceilings and light pouring in through large windows make an attractive choice, and are a magnet for urban designers.

The Gallery Lofts in the Third Ward warehouse district have a masonry and metal siding exterior.  These Charlotte lofts feature 20 foot ceilings, stained and sealed concrete floors, and hardwood flooring upgrades. Controlled access parking and private access per plan assure security, and also these spacious lofts feature private decks or a stoop.

Call us to tour the Gallery Lofts and remember, with CondoDomain, we give you money back at closing.

There’s been a lot of attention to nationwide foreclosures in the news lately. The number of foreclosures is up this month, and looks pretty drastic. This is partly because of the moratorium on foreclosures in December and through February, awaiting word from the White House on how the federal government would intervene. Now that the moratorium is over, foreclosed properties that were already set for auction have been again scheduled for sale, and now there is a backlog of them.

Foreclosures are pressuring the real estate market in many cities, but providing many opportunities for home ownership. Formerly investors and “house flippers” were the majority at Charlotte foreclosure auctions. But now, regular home buyers who want a chance at an affordable home are flocking to Charlotte foreclosure auctions.

While foreclosures in huge numbers hammer housing prices, efforts to sell the homes and get them off the market have two benefits. One is that once the large inventory of Charlotte foreclosures is off the market, housing prices can stabilize and a true market value can again be established, with homeowners once again building equity. The second benefit is obvious – the buyer gets a home at a low price.

Buying a Charlotte foreclosure is not without risk, since the buyer is responsible for repairs and all liens against the property, including taxes, construction liens, and second mortgages. When it comes to Charlotte condos, it’s possible to have less risk exposure than with a freestanding house.   We can help you with this. We can give you information about the building, the community, and assisting you in finding out the truth about all outstanding liens. We can also assist you with purchasing any foreclosure you choose, not just a condo.

Here at CondoDomain, we have partnered with RealtyTrac so that you can search all available and pending foreclosures in the Charlotte area. Take a look at these, and then call us with your questions.

Good news for FHA loans! As of last week, there are new maximum loan limits that are available due to the American Recovery & Reinvestment Act. These new loan limits are for new and existing loan applications that are submitted with credit approval on or after March 12, 2009.

Here is a list of the 2009 FHA Maximum Mortgage Limits*:

$729,750 for one-unit properties
$934,200 for two-unit properties
$1,129,250 for three-unit properties
$1,403,400 for four-unit properties

These new limits open up the possibilities for many new buyers! Now lenders can go as high as a $729,750 loan amount with only 3.5% down! So if you are in the market to buy and have previously been unable to put 10-20%  down, this is excellent news!

Contact Christina Longo immediately for more information at 978.886.9359

View the all-new Condo Loan Center to learn more information. The Condo Loan Center offers everything from first-time homebuyer programs with down payment assistance, to private mortgage banking with unlimited loan amounts. In addition, the Condo Loan Center has the ability to act as a broker gives clients even more loan programs. Through the Condo Loan Center, you can rest assured that you will be provided with a competitive loan that meets your individual needs.

A complete schedule of FHA’s maximum county mortgage limits can be viewed through the HUD website by clicking here
*the list excludes financed UFMIP or EEM cost

Court 6 in Charlotte is an affordably priced uptown Charlotte building within walking distance to the arena and trolley lines. This four story Charlotte condo features mostly one bedroom apartments, with private balconies, and high ceilings. Cork flooring is throughout, and these spacious Charlotte condos are designed as lofts.

Located just one block east of the arena, Court 6 is in an exciting location in the First Ward. All these Charlotte condo lofts have either a great city view or overlook the garden courtyard.

Call me for more information about Court 6, and to arrange a tour. And remember, when you buy your Charlotte Condo with CondoDomain, we give you money back at closing.

There’s a lot of attention being paid lately to foreclosures, and how they are pressuring the market. Here at CondoDomain, we’ve partnered with RealtyTrac to bring you the latest information on Charlotte foreclosures.

There’s also a lot of confusion about foreclosures - so lets talk about what they are. When a homeowner defaults on a mortgage payment, over a period of time (which varies from state to state) the lender may take action to possess the property, or foreclose on it. These properties are then auctioned at a public sale, usually in the county courthouse or sheriff’s office. Those are only a few of the foreclosure sales – most foreclosure sales actually happen pre foreclosure, when the home owner has received notice that the bank intends to foreclose.

Investors/home buyers may approach an individual who has fallen behind in their mortgage and try to make a deal — usually taking over the mortgage payments and any other liens on the property. Sometimes they rent the property back to the former home owner. Usually, the home owner has to leave so that the new owner can take possession.

Sometimes a homeowner can get the bank to agree to take less money than is owed if the house sells. This is known as a short sale, and requires all lienholders to agree to the amount of the sale. Many homes on the market today are short sales, as homeowners attempt to avoid foreclosure.

If you don’t buy the home from the homeowner directly and it does not sell at the sheriff’s sale, you may be able to buy it directly from the bank.

You can get a great deal with a Charlotte foreclosure, but you have to be aware of a few things. One – the property may be in less than prime condition and you may not have a chance to really thoroughly inspect it before bidding. With repairs and paying all liens, back taxes, and obligations, you may wind up paying more than the house is worth – not such a great bargain. Two – you may have difficulty evicting the occupants and require the assistance of law enforcement. Three – you need to have your financing lined up and your down payment ready at an auction. Professional foreclosure investors come with bank checks already prepared.

Charlotte foreclosures are a great opportunity, but don’t go into the venture alone, especially if you are new to buying real estate. Our Charlotte foreclosure listings show properties in various stages of foreclosure. Contact us about these listings, and we will assist you every step of the way.

In the middle of all the gloomy news we’re hearing lately, here’s some good news for you if you are apartment hunting in Charlotte.

According to WCNC news, one in every five apartments in Charlotte is empty. Whether you rent or buy, there’s a lot to choose from – and at lower prices than last year.

(Catalyst is one of the really great opportunities for tenants and home buyers alike. These brand new luxury Charlotte condominiums have a unique feature; HALO.  (Home Automation, Lifestyle Organization). It’s a state of the art systen which works on a PC, laptop, or wireless device to connect residents to home information. Use HALO to schedule home maintenance, request dry cleaning pick up, or monitor your energy, heat and water systems.

Oh yes, there’s a pool at Catalyst too. And Ipod docking stations. And state of the art wiring for internet, phone, and surround sound. Don’t forget the club room and the media room. And in your residence,
there are floor to ceiling windows, 10 foot ceiings, spa-like master baths, and private balconies.

These one and two bedroom Charlotte condominiums start in the $170k range. If you’re not ready to buy, rentals are very reasonable – and come with incentives.

Call me to tour Catalyst today. And remember, at Condodomain, we give you money back at closing.

The first time home buyer tax credit of $8000 is generating a lot of interest among potential Charlotte Condo buyers – and a lot of questions.

What’s interesting for all home buyers is the various initiatives in states right now - California just passed a $10000 tax credit for newly constructed homes available to ALL home buyers this year, in addition to the federal $8000 credit for first time home buyers. Delaware is considering mortgage and down payment assistance. Missouri is considering a $1000 credit for all home buyers, which is attached to a jobs bill. And on a more localized level, Philadelphia is offering up to $5000 for 300 new home buyers IF their employer matches the contribution. So far about 180 people have qualified under the Home-Buy-Now program. Philadelphia also has many properties that qualify for a 10 year tax abatement.

Keep watching your state and your city legislators – more help may be on the way.

Some questions that buyers have posed recently:

1. What happened to the federal $7500 credit? Can I claim that AND the $8000 credit too?

No. The $7500 credit can be claimed this year for purchases in 2008 – and it has to be paid back. The $8000 credit is for homes purchased in 2009 – and does not have to be paid back.

2. Who is a first time home buyer?

For the purposes of the $8000 first time home buyer stimulus credit, a first time home buyer is someone who has not owned a home within the past three years.

3. What happened to the $15,000 credit that was being talked about?

In the final stimulus bill, Congress reduced it to $8000, and allowed for credits on vehicle purchases. Many people in the building and real estate professions are lobbying for a full $15,000 credit for all home buyers – across all markets that would be a REAL jump start, especially in those areas where prices have fallen more than 50%. But hey, right now, it is what it is – grab it and go for it.

4. When do I see the money?

When you file your 2010 tax return.

5. What else can I do to get a great deal?

Glad you asked that question. In addition to the tax credits, here at Condodomain, we encourage you to contact our local realtors to find the best deal that is right for you – and when you get to closing, we give you money back. Yes, we offer a rebate on the commission costs that the seller pays. We charge you a flat fee for buyer representation, and the rest of the commission goes in YOUR pocket at closing – not ours.

If you buy a Charlotte condo for $500,000 we negotiate the best deal possible for you. We help you find the best possible mortgage for you. Then, at closing, we cut you a check (based on a price of $500,000) for up to $10,000. Next year, when you file your taxes, claim your tax credit based on your purchase price for additional savings.

Call us today to take advantage of all the great deals on Charlotte condos for ALL home buyers.  And remember, we’re the people who provide you world class service and give you money back at closing.

If you’re looking to get in on a great opportunity for new urban living in the heart of Dilworth, then let’s get you into 1315 East quickly. Most of the units are sold out, a few remain priced from the $190s to the $370s. These Charlotte condos are in a 100 year old neighborhood with traditional structures, sturdy construction, and beautiful streets and parks. They are newly built, and very modern.

Most of the Charlotte condo residences at 1315 East are sold, and only a few remain. 1315 East is a secured access building with secure garage parking. Residents enjoy a rooftop terrace, 9 foot ceiings, oversize Roman tubs, concrete and steel construction and 40 gallon water heaters. The building is pre-wired for high speed internet, and wireless capability is throughout building.

There’s a lot of press about condos being empty, but this is not the case with 1315 East. It’s an excellent choice for your Charlotte condo residence and urban upbeat lifestyle.

Remember, when you buy with CondoDomain, we give you money back at closing.

Here at CondoDomain, we know that foreclosures offer our buyers tremendous savings. We have partnered with Foreclosures.com to give our buyers great opportunities to save on Charlotte foreclosures.

Foreclosures.com also provides pre-foreclosure and short sale information. We’re happy to present this to you and assist you in finding all the great opportunities for buyers of Charlotte foreclosures.

Looking through the data we now have on our site, here’s a few Charlotte foreclosure opportunities I really like for buyers:

N Tryon St Charlotte, NC 28202 $73,400
W 1St St # 308 Charlotte, NC 28202 $169,900
Maywood Dr Charlotte, NC 28205 $215,500

Foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes, unpaid contractors’ bills or overdue HOA dues or assessments. More details here on wikipedia.

We’ll be blogging more about Charlotte foreclosure in the weeks ahead – the laws that affect you, the buyer, the process, and of course, the tremendous opportunities.

Call us to learn more about these great foreclosure opportunities.