The global economic downturn has been demonstrating its effect on the national real estate market. Even in thriving residential and vacation destinations like Lake Norman, North Carolina, investors are seeing a growing number of distressed properties like foreclosures, REO and short sales. While this is certainly an unfortunate sign for distressed homeowners, Lake Norman foreclosures can in turn be an excellent opportunity for many prospective homebuyers.
A foreclosure occurs when a homeowner is unable to keep up with their mortgage payments, eventually defaulting on their loan. The bank or lender then forecloses on the property; this basically means that they repossess the home and then put it up for auction. At this stage, lenders are looking to recover whatever equity they can from the property, so buyers have the chance to find incredible discounts on everything from highly prized Lake Norman, NC lakefront properties to golf course homes and luxury properties throughout all Lake Norman communities.
Get a Deal on Lakefront Real Estate with Lake Norman Foreclosures
Foreclosures are like any Lake Norman real estate – single-family homes, condos, townhomes and estates are all in the mix. But by stretching your dollar, you can conceivably buy a quality of home or enter a neighborhood you previously thought was out of reach. It is important however to partner with a seasoned Realtor® as purchasing a foreclosure comes with its own unique challenges and concerns.
To find out more about investing in Lake Norman foreclosures, consult a leading foreclosure specialist. Contact me, Jessika Tucker of Prudential Carolinas Realty today.