Hundreds of Homes Sold at Auction

A recent blog revealed the latest information...and quoted a co-worker of mine. Take a few mintues to read this article written by Jesse Jestes


More than 500 foreclosed homes from North and South Carolina were auctioned this weekend for amounts that were far below their original asking prices.
The weekend auction included some properties that were sold for less than half their previous asking prices, The Charlotte Observer reported.

More than 1,000 people attended the auction Saturday and watched as pictures of the houses were flashed on a screen.

Properties sold ranged in value of less than $100,000 to those once valued in the million-dollar range.

Some attendees were looking for a place to live and others were looking for an investment that could increase in value. But the low prices still stunned some.

"This is scary," said Carol Laney, a Lake Norman real estate agent. "This tells you what shape the market is in. People are out there looking for deals, and they're not willing to pay much."
The Observer said its analysis showed foreclosure filings last year were up nearly 9 percent across North Carolina. Mecklenburg County accounted for a sixth of the state's 54,000 foreclosure filings and the area's sales prices dropped more than 7 percent at the end of last year.

During the auction, a $675,000 downtown condo sold for $225,000 and a $234,000 house sold for $135,000.

According to local Realtor, Daveta Tolbert, Associate Broker and Realtor with Cedar Falls Realty, foreclosures have not significantly increased in the High Country however, there is a little twist.
"We haven't seen an increase in mortgage foreclosures in the High Country, but we have noticed a new element to our real estate market with the introduction of short sales," said Tolbert.
"What we are starting to see is people calling in wanting to buy a foreclosure, hoping to find a deal. But, just because it's a foreclosure doesn't mean they'll get a better deal in the property."
Tolbert warns those looking to purchase any foreclosed property that it's, "buyer beware."
When someone purchases a foreclosed home they are typically sold in an "as is" condition with a limited period time to research or investigate the property," added Tolbert.

She recommends contacting an experienced realtor in foreclosed properties before making any purchasing decisions. Information from: The Charlotte Observer, http://www.charlotte.com/

Thank you,

Marc White
828-406-2134
Marc@CedarFallsRealty.com