The Pros and Cons of Buying a Foreclosed Home

Buying a foreclosed home can be a smart move depending on your situation, but there are also risks involved. Before you decide to buy a foreclosed home, it is important you know what you’re getting yourself into. Having a real estate agent in Charlotte walk you through the process can help make it go smoother.  There are several pros and cons involved in this sort of transaction, and we will discuss those in more detail.

Pro: Greater Bargaining Power

The urgency of a foreclosure does increase your bargaining power. You will want to research the title to ensure that it’s clear of any liens and request inspections before making an offer. Additionally, there is usually no emotional component to pricing so any offer you make may be entertained without reservation.

Con: Shorter Time for Financing

You may have a shorter time to get funds together if you’re purchasing a foreclosed home from a court auction. The time frame the court gives you is much shorter than it is for a traditional home purchase. You will have to be prepared to move quickly!

Pro: Getting a Good Bargain

Purchasing a foreclosed home can be a good investment. With the help of a realtor in Charlotte, you may be able to get a steep discount. If you’re purchasing a home in a good neighborhood at a lower price, this can be a very smart investment.

Con: Condition of the Home

The homeowner may have known about the foreclosure for some time and emotions may have run high. The property may be in poor condition because of damage or neglect. Appliances and fixtures may be missing, and it’s tough to know the extent of any needed repairs. It is always smart to invest in a credible home inspection so that you know what you’re buying into.

Whether you are considering  buying a foreclosed home, or you are just exploring the market in general, Top Charlotte Agent can help you navigate the process. We are a top realtor in Charlotte and with our knowledge and experience, we are more than happy to help!

Contact us today to get in touch with one of our realtors!

Owning vs. Renting: The Pros and Cons of Both

Rising rent prices and lower mortgage rates have sent potential buyers scurrying to find the nearest realtor in Charlotte to plunge into home ownership long before they originally planned. On the flip side, some renters are avoiding the rush and simply waiting, in spite of the current incentives to buy. While there is no absolute when it comes to making the decision to purchase over renting, there are a number of factors to consider when making this decision. There are pros and cons when it comes to both, and your own financial situation could be the biggest determining factor.

The Pros & Cons Involved with Renting

You may not be building equity when you rent, but there is some freedom and flexibility involved when it comes to renting. This is especially true if you are on a month-to-month lease.

Pros

  • No maintenance responsibilities
  • You’re not tied down to one location
  • No asset depreciation

Cons

  • Rental increases
  • No equity
  • No tax benefits
  • Less autonomy
  • Pet ownership restrictions

Pros & Cons Involved in Homeownership

First things first, homeownership is a great deal of commitment and responsibility, and therefore may not be for everyone. There are, however, are some key advantages, both financial and emotional, that can make owning a home more enticing and logical.

Pros

  • Stable payments with fixed-rate mortgages
  • Build equity
  • Tax breaks
  • More freedom for renovation and decoration
  • Fewer restrictions for pet ownership

Cons

  • Maintenance responsibilities
  • Property taxes
  • Large cash investment

Before contacting a real estate agent in Charlotte and taking the plunge into home ownership, you may want to consider the following:

  1. How long do you plan on staying in the area?
  2. What are the costs associated with buying?
  3. Do you have the ability to purchase a home?
  4. What plans may be in your future?

The preceding questions can influence your decision to contact a realtor in Charlotte and purchase a home. For instance, if your credit rating is low, it may not be a good time to purchase. Also, if you are planning to relocate or move, you might want to put off contacting a realtor and buying a home until you are sure you will stay in the area for the foreseeable future. You will also want to save up a good amount of money to put down before buying a home, as you will need a down payment.

Last but not least, if your family will drastically decrease or increase in size in the near future, you may want to wait to purchase a home. On the flip side, you may need to speed this process up depending on how soon your situation may be changing. All in all, it varies from situation to situation.

Top Charlotte Agent is your source for expert real estate advice from seasoned, experienced realtors in Charlotte. We can help you find the right home for your family, whatever your needs.

Contact us today for help in finding your Charlotte area dream home!

5 Tips for First-Time Sellers in Charlotte, NC

Selling your home for the first time can seem like a daunting endeavor. Your realtor in Charlotte has probably advised you that many things have changed in the market in recent years. You may be unsure about what to expect during the process, which can be just a tad bit intimidating! The truth of the matter is, the more research that you do beforehand, the better off you will be. The experts at Top Charlotte Agent discuss tips for first-time home sellers that will make the process smoother and, hopefully, less confusing for you!

Work With an Agent You Trust

It’s imperative to find an agent that you trust to work with. Your agent will be offering advice that is designed to help you sell your home for the best price possible. If you can’t trust your agent, you won’t be willing to make necessary changes. Find an agent that you respect and follow their recommendations- you’ll be happy you did when your home sells.

Pricing is Critical to a Sale

If you want to sell your home, you are going to have to price it correctly, which means you are going to need to be unbiased. Things have changed in recent years, and buyers are much more discriminating. Pricing your home too high can turn off buyers, so it is imperative the price accurately reflects your home’s value and the current market demands.

Know When to Sell

In most cases, fall and spring are the prime times for selling your home. Contrary to popular belief, summer is not always the premium season for selling. Of course, when you decide to sell is totally up to you; chances are your individual situation will affect your timing.

Understand Today’s Buyers

Lending requirements have changed drastically in recent years. In today’s world, buyers should have good credit and cold hard cash to put down. Because of this, buyers expect more from the home and the buying process. You and your agent will be working harder to attract today’s buyers because even the smallest details can negatively affect a sale.

Understand Contract Terms

Many of today’s sellers bought their houses before the recession and are waiting for values to go back up. In those days, you signed paperwork and accepted whatever loan you got. The market has changed, and sellers now have more responsibilities. You will be responsible for disclosing more information, and you may owe buyer and seller agent commissions if the buyer’s agent brings a full-price offer, unless there are competing offers. It is important you understand contract terms before signing anything!

If you’re looking for a real estate agent in Charlotte, Top Charlotte Agent is here to help. We’re always available to address any inquiries and concerns that you may have.

Contact us today to learn more about our world-class realtors in Charlotte, NC!

Tips For Taking Out Your First Mortgage

Having a realtor in Charlotte, NC guide you through the home buying process can definitely make it easier, but if this is your first home purchase, you may have questions about obtaining a mortgage. The experts at Top Charlotte Agent have gathered a few handy tips that can help you successfully navigate purchasing your first home!

Know Your Credit Score

Any real estate agent in Charlotte, NC will tell you that you should never approach a lender without obtaining a copy of your credit score and credit history report. It is important to take a look at your credit history to ensure there are no recent late payments or errors because this can hurt your chances of getting approved. You should always be one step ahead of the game and anticipate what a lender may bring up in your credit report.

Know How Much You Owe

Your lender is going to consider your debt ratio when deciding to approve your mortgage. Before applying for a mortgage, you should also be aware of this information. If you can pay off any debts just prior to applying for your mortgage, this will increase your odds of being approved for a loan.

Develop a Mortgage Budget

Before speaking to a lender, you should determine how much in terms of a monthly payment you can afford to pay comfortably. Keep in mind that when you purchase your home there will be fees, taxes, and insurance payments to make. Your mortgage payment should not be more than 35 percent of your gross monthly income.

Shop Around for Better Rates

You took the time to shop around for a real estate agent in Charlotte, NC, so it makes sense that  you should also evaluate local mortgage lenders. Check out different banks and financial institutions to see what types of rates they are willing to offer you.

If you’re in the market for a credible realtor in Charlotte, NC, then look no further than Top Charlotte Agent. We are experienced and knowledgeable about the real estate market and can help guide you through the process of purchasing your first home. Whatever questions you may have, we’re ready and willing to answer!

Learn more about our services and how we can help you today!

5 Turn-Offs For Potential Buyers in Charlotte, NC

Any realtor in Charlotte, NC will tell you that selling a house is very much like getting a date. You’re supposed to make sure that your house is as attractive to buyers as possible to avoid any turn-offs that can scare away potential buyers. Of course, with dating, if you lose out on a potential date, it’s not nearly as detrimental as it is to lose thousands of dollars in a sale, or to not sell your home at all.

Don’t cramp the buyer’s style

If you are hanging over the buyer’s shoulder, you risk scaring them off. It’s okay for buyers to pursue a property, but it can be a major turn-off when sellers start stalking buyers. If buyers are viewing your home, leave the area and give the buyers just a little bit of space to explore your property.

Dress to impress the buyers

Of course, the number one thing you should always do is dress up your house. The buyers will be turned off if your house is a wreck. This can be difficult to do if you have pets and kids, but if you want to sell your home at the best possible price, your home should look like a home and not like a tornado just came through. You can consider hiring professional home stagers to ensure your home is looking its best.

Be realistic about pricing

If the asking price for your home is off base with other similar properties, chances are that buyers won’t even want to take the time to look at your home, and you’ll frustrate your real estate agent in Charlotte, NC. Buyers will not be interested in trying to negotiate down from an unrealistically high price if they have already decided that you’re out of your mind!

Just let rooms be

Believe it or not, buyers do not want to see how you have repurposed different rooms in your home. It is a big turn-off for buyers to see garages turned into bedrooms, bedrooms turned into offices, and kid’s rooms turned into amusement parks. Keep it nice and simple if you want to sell your home – people like traditional.

Pools don’t add value to your home

Unless your home is located in an area with warm weather year-round, a pool is not necessarily an asset when selling a home. In fact, some buyers may actually view your pool as a liability or something that will take time and effort to keep up with. If you have an above-ground or in-ground pool, it is important to know that this won’t add monetary value to your home. Although it may take a bit longer to sell a home with a pool, it also won’t lower your home’s overall value.

Top Charlotte Agent offers sellers the benefit of having the valuable insight of a real estate agent in Charlotte, NC. People hoping to sell their homes will appreciate having an extra pair of eyes to make sure their home is presentable and attractive to buyers.

For more information about selling your home, learn about Top Charlotte Agent’s services today.

1910 Allison Circle, Rock Hill, SC 29732

This is a beautiful Single-Family Home located at 1910 Allison Circle, Rock Hill SC!

ashley-circle-home

Listing Price: $164,900
Address: 1910 Allison Circle
City: Rock Hill
State: SC
ZIP: 29732
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Square Feet: 1,595
Bedrooms: 3
Bathrooms: 2
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1908 Abbotts Creek Rd, Waxhaw, NC 28173

This beautiful 4432 square foot single family home has 6 bedrooms and 5.0 bathrooms. It is located at 1908 Abbotts Creek Rd in Waxhaw, North Carolina.

abbotts-creek-rd-home

Listing Price: $360,000
Address: 1908 Abbotts Creek Rd
City: Waxhaw
State: NC
ZIP: 28173
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MLS # (if any): 2206023
Square Feet: 4,432
Bedrooms: 6
Bathrooms: 5
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7110 Rhygate Circle, Charlotte, NC 28226

Beautiful single-family home located in . 4 bedroom, 2 full bathrooms, 1 partial bathrooms, at 2,450 sqft!

rhygate-circle-home

Listing Price:
Address: 7110 Rhygate Circle
City: Charlotte
State: NC
ZIP: 28226
Subdivision: Olde Providence South
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MLS # (if any): 2222976
Square Feet: 2,450
Bedrooms: 4
Bathrooms: 2.5
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6624 Long Meadow Drive, Charlotte, NC, 28210

Wonderful 4 bedroom, 3 bath home located in the Beverly Woods Subdivision in South Park! This beautiful home has hardwood floors throughout the entire house, an outdoor deck, a screened in porch, and plenty of storage room. This house is the perfect size for a family, boasting 3,039 square feet!

http://www.tourfactory.com/1194592

Listing Price: $350,000
Address: 6624 Long Meadow Drive
City: Charlotte
State: NC
ZIP: 28210
Subdivision: Beverly Woods
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MLS # (if any): 3019311
Square Feet: 3039
Bedrooms: 4
Bathrooms: 3
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12133 Harrison Steel Drive, Charlotte, NC, 28277

Beautiful 2 bedroom house located in the Kingsley Subdivision in Ballantyne of South Charlotte. This house has 2 bedrooms, 2 full bathrooms, and  2 half bathrooms. It is 1,948 sq. ft and is perfect for a small family or couple!

http://www.tourfactory.com/1186158

 

Listing Price: $175,000
Address: 12133 Harrison Steel Drive
City: Charlotte
State: NC
ZIP: 28277
Subdivision: Kingsley
Legal:
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MLS # (if any): 3015550
Square Feet: 1,948 Sq. Ft.
Bedrooms: 2
Bathrooms: 2 full, 2 half
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