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A Bit of Poor Info from the Usually Fantastic Clark Howard

 

A buyer called in and asked about buying real estate short sales on the show that aired 9/6/09. The buyer lamented that it was taking a long time to get an answer back from the bank. Clark was very honest about short sales taking way too long to get approvals from the banks that hold the current mortgages. 

Clark suggested that buyers put in multiple offers on short sale homes in the hopes that maybe one will get approved. This sounds logical but is very problematic. In North and South Carolina and I'm sure many other states, making multiple offers means that you might be contractually obligated to buy several homes at once. 

In the Charlotte, North Carolina area, where I practice real estate, short sales can be an maze of complicated offers, conditions and restrictions. Short sales can take forever and are many times not fair to both buyers and sellers. It's a problem. But making more than one offer at the same time is a great way to lose your earnest money deposit and possibly end up in court. Judges in the Charlotte North Carolina area aren't too pleased with buyers trying to circumvent the short sale process.

Custom Home in Lake Norman North Carolina

 

Prime Waterfront Custom Home
STATUS: Active
• Bedrooms: 4
• Baths: 5+
• Square Footage: 7800
• Lot Size: .39
• Style: Transitional
• Garage: 2 Car
• Heat Source: Gas
130' Waterfront Custom Home on Lake Norman
Cornelius, NC - Spectacular custom waterfront home with exceptional views of Lake Norman. Five fireplace's, heavy moldings, trim and many architectural features. Hardwoods on the main floor.  MBR on main with a double trey ceiling and rope lighting. Luxury bath features a steam shower, his and her vanities, a Jacuzzi tub and his and her walk in closets. Gourmet kit with stainless steel appliances, double ovens, a six eye gas cooktop, warming drawer, built in refrigerator, glazed custom cabinets with a distressed center island. Granite and tile galore! Relaxing screened porch, flagstone, speakers and ceiling fans on both upper and lower patios. Plus a fireplace on the lower patio. Three spacious three bedrooms each with their wn private baths and two bonus rooms upstairs. One of a kind basement, this is the perfect basement for entertainig! Large kitchen and bar areas, temperature controlled wine cellar, billard and card table area. Custom theatre room with power reclining stadium seating. Basement workshop, irrigation system is lake fed, flagstone walkway to pier and dock. Deep water with tremendous views of Lake Norman all year around. Some furnishings to remain.

Contact Information

Photo of TeamHeidi® Heidi Hines, TeamHeidi, Charlotte, Charlotte NC, Charlotte Homes, Charlotte NC Real Estate, Charlotte Homes for Sale
TeamHeidi®
Hines & Associates Realty
19615-B Liverpool Parkway
Cornelius NC 28031
Direct: 704-458-4636
Fax: 704-815-3256