The following list contains homes that are for sale by the bank (known as an REO), by the Veterans Administration (VA) and by the FHA (HUD). This list may also contain pre-foreclosure listings as well in Charlotte, Mecklenburg County, Cabarrus, Lancaster (SC), and York Counties (SC). Most of these listings are being sold "as-is" with your earnest money being non-refundable after the inspection period.

Types of Properties:

Short Sale / Pre-Foreclosure:

These properties are owned by homeowner but are being sold for less than the balance owed on the mortgage.  They are sold in AS-IS condition and can take 30 business days to get a response from the bank to your offer.

Bank Owned / REO:

REO's are properties are were foreclosed by the lender at an auction and now the lender is the owner of the property.  They are sold AS-IS, may need repair, and my accept limited types of financing depending on the property condition.  Response from the lender occurs within a week in most cases.  Additionally, the lender may offer special incentives for purchasing their properties or

HUD Homes:

HUD properties are that were foreclosed upon by the lender and are now owned by the Department of Housing and Urban Development (HUD).  Priority is given to owner-occupants and non-profit organizations over investors and sales are "auction" style for the first 10 days of the listing.

VA Homes:

VA Properties were foreclosed by the lender and are now owned by the Department of Veteran Affairs.  Like other distressed property types, these are sold AS-IS.  While they are owned by the VA, they are open to purchase to everyone and VA financing is open to all purchasers through the Vendee program.

What You Need to Know Before Making an Offer:

1. You need to have proper expectations for your bank owned foreclosure, VA, HUD or Short Sale.  Bank owned properties account for only 1% of the total inventory in the Charlotte area.  Buyers expecting to find a home that wouldn't necessarily exist at a price unheard of may be chasing a home that simply doesn't exist. 

2. You will need enough money to take care of the deferred maintenance associatied with these properties.  They may be limited to replacing some rotten wood all the way to dealing with a substantial mold and termite problem.  If you are not a handy person, consider purchasing a traditional resale home or new construction. 

3. Consider the comps before making an offer.  Often times, the bank will list a property well below market value to ilicit multiple offers and to drive up the price.  Considering that the bank owned properties make up such a small part of the market, you may have to offer more than the asking price in order to secure the property of your dreams

*Disclaimer: It is our desire to provide for you the very best, most up-to-date Charlotte NC area, Fort Mill, Rock Hill, and Surrounding area foreclosure listings. However, both the CMLS and the PRAR (the multiple listing services for both areas) make this task difficult. Therefore, the method we have chosen to display the listings automatically may result in some non-bank owned or HUD owned homes being included as well. For an accurate listing of bank owned (REO) and HUD owned listings, please either contact us at 704-960-1725 or visit our contact us page and provide to us your criteria and contact info.

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