Charlotte REO REO is shorthand for "Real Estate Owned.
" This means that the bank owns the home because the previous owners were no longer able to pay their mortgage.
If you are purchasing an REO, you are purchasing a foreclosure, a home from a bank, rather than a family.
This can be a good thing, because it is all about the price, and eliminating any emotion involved with a family.
Now you can feel good about making that low-ball offer! As Carleton Sheets once said, "If you have made a low offer, and don't feel bad about it, then it maybe too high!" Does this make it worth relocating to the area? Yes! You can find a home that will surprise you.
The area is very prosperous right now, while the rest of the country is experiencing an overall downward trend in their real estate markets, Charlotte is only recently taken a 3.
1% decline in home values (good opportunities abound).
The job market is doing okay, despite the acquisition of Wachovia by Wells Fargo.
There is also a new Medical research lab, started by billionaire David Murdock, that is expected to produce high quality medical jobs.
How can I find a home? Charlotte listings are available on various web sites all over the internet.
All you need to do is find a local real estate agent (in the Charlotte area, of course) and inquire about the REO available in the area in your price range with your specified space requirements.
Once you let an agent know what you are looking for, you will be sure to find the perfect home for you and your family.
Just because the bank owns the home does not mean that it is not worth looking into.
Many people are under the impression that because the bank has repossessed the home that it cannot be worth purchasing.
While it may be true that some residents will intentionally damage the home prior to moving out, it does not always happen!