Oct 16, 2017 - Things to Do

I bought a foreclosure to be my home before investors could snatch it up. Here’s how and what’s available

Emily Harris

If you’re interested in buying a foreclosure but can’t compete against investors offering cash, get familiar with HomePath, a program aiding regular-people buyers.

HomePath allows people a chance to put in an offer on a foreclosure 30 days before investors are allowed to bid.

Depending on your finances, it also allows qualified buyers to put 3 to 5 percent down instead of 20 percent and avoid private mortgage insurance (PMI).

Part of the catch – you have to live in the house for at least a year as your primary residence.

No renting it out or flipping it in three months.

HomePath grew out of the housing market crash, when the large volume of foreclosures further hurt neighborhoods. HomePath foreclosures are Fannie Mae residences specifically picked by the company as potential neighborhood stabilizers.

My home, bought 4 years ago, was a HomePath home.

We weren’t even looking for a foreclosure at the time. I was a first-time buyer who knew little about foreclosures and has a general wariness for anything billed as a “program.” Here’s more about the program.

Yet I found the financing and purchasing process to be pretty transparent.

Like all foreclosures, it means you’re buying the house ‘as is’ – no one else will be making those repairs. But that doesn’t necessarily mean the house is in bad shape. It’s just the nature of the deal.

Here are 3 area homes in the Charlotte region currently in the “First Look” period – the 30 day period when investors can’t bid.

You can call or email specific agents linked to each property through the HomePath site.

4626 Rock Stream Dr., Charlotte, North Carolina 28269

Listing: $265,000
Home type: Single-family
Specs: 5 Beds, 3 Baths, 3,220 sq. ft.

This roomy family home in the Highland Creek area is near a Publix, Adli, and 485.

foreclosure-outside-for-sale-2 — Via listing, “The den area is huge with a gas log fireplace. The kitchen has a large island and the breakfast area has lots of windows. There is 1 bedroom downstairs and 4 bedrooms upstairs including the Master Bedroom.”

living-room-foreclosure-for-sale — Via listing, “There is a catwalk between the bedrooms upstairs that over looks the den. The rear yard is very flat and usable with a wood deck for entertaining.”

18625 Vineyard Point Lane, Cornelius, North Carolina 28031

Listing: $329,900
Home type: Condo
Specs: 3 Beds, 2 Baths, 1,242 sq. ft.

This condo has water views of Lake Norman, access to community pool and is close to Birkdale.

condos-for-sale — Via listing: “Amazing full view from your covered deck of Lake Norman. Second floor living gives you a birds eye panoramic view of the lake with amazing sunsets. Views can be enjoyed from the great room and the master bedroom.”

condo-for-sale-foreclosure — Via listing, “This is a 3 bedroom 2 bathroom with split bedroom plan. Open floor plan, wet bar in the dining area, and a covered patio. Waterfront pool, walk to Robbins Park, minutes from Birkdale Village, move theater, and amenities of the area.”

7512 Park Vista Circle, Charlotte, North Carolina 28226

Listing: Price not yet set – but keep checking back, it will be soon.
Home type: Single family
Specs: 3 Beds, 2.5 Baths, 1,675 sq. ft.

This home has a cute porch, an inground pool, and is just south of 485 near Pineville.

foreclosure-home-for-sale-in-charlotte-area — Via listing, “Charming 2 story home with a beautiful, private, level lot with mature trees. Large GR with cozy FP overlooks deck and sparkling inground pool. Spacious master suite with glamour bath.”

Real estate tips? If you know of any unusual, interesting or perfect properties for sale or rent, let me know, [email protected]. Thanks!

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