Here is a list of some things you should do and know before you buy that foreclosure!

1.) When was the foreclosure process started?  Get a copy of the foreclosure notice or NOD - Notice of Default.

2.) Know the "Chain of Title", also see the deed with the current home owners names

3.) Last recorded first mortgage, so you know how much the current home owner owes.

4.) Make sure you know all the types of Leins on the home.  Go to the "Land Records" office and pay a para-legal to look all this up for you.  Do not try this yourself, because there are different places to look for liens in the Land Records office.

5.) Know the property and neighborhood, get an ariel view, get the accessors map, and get the FEMA map, so you know if you are in a flood zone!

6.) Get the home inspected, if you can.  Some homes maybe winterized, so you will not be able to turn on the water.

7.) Get your Comps!  (Comparable property values!) - hopefully get them from a REALTOR like myself!

8.) Get your Tax Value or SEV (standard equalized value) on the property.

9.) Get to know your neighbors.  Go ahead and ask them questions.  Did the owners take care of the place?  Why did they go into foreclosure?  This will probably not make up your mind on buying the place, that should be based on the numbers and the ARV (After Repair Value), but it helps to know!

Charlotte Foreclosures, Charlotte HUD's, Charlotte REO, Charlotte Pre-Foreclosures

Keith is a Realtor with Golden Realty in the South Charlotte area. Need help finding a Foreclosure home in Charlotte? He is a member of the National, North Carolina, and Charlotte Association of Realtors. I used to belong to the Long Island board of realtors, making happy homes for people there. Now, I have finally convinced my wife to move down to Charlotte from Long Island, NY. So if you're ready to move into a fine area or you're ready to move on out, then give me a call at 704-607-4729. I want what’s best for... ...our Neighbors, our Friends, our Families!

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