BofC was founded in Charlotte, North Carolina and buys houses from homeowners in distressed that have no other options. One city that struck BofC’s attention was Chicago area of Cook county Illinois. According to Chicago Business.com Chicago was 30th on the list of 100 cities with the highest foreclosure rates. BofC knows that foreclosure lowers home values by default making homes harder to sale.
Homeowners in the Chicago area bought homes that once had equity and after the foreclosure crisis now those same homes have depreciated in value, which makes selling a home harder for sellers in distress. Those homeowners now have little or no equity and have few options. One option sellers in distress have is a short sale. A short sale is when the owner’s lender discounts their home mortgage to allow a quick sale for a home that is headed for foreclosure.
Lenders agree to short sales because owning properties in this market is not lucrative and will tie up the banks money for a few months and the cost outweighs the short sale. Homeowners that are behind on payments with little or no equity can now short sale their homes. BofC performs short sales for sellers that have no equity to create a spread that is lucrative for the homeowner, lender and BofC. Everyone wins.
Sellers that need more information on short sales or what a short sale is can go to http://www.buyersofcharlotte.com/
