BofC is expanding their buying net to the Cincinnati area because they noticed a trend in the state of Ohio. The city of Cincinnati has one of the highest number of foreclosures in Ohio according to a popular site by the name of Realty Trac. Realty Trac states that Cincinnati is in a county that has almost 1,000 homes that are in foreclosure. That equates to 1 in 386 homes are in the foreclosure process and with the threat of being repossessed.
Foreclosures lower the value of homes quick and homeowners are looking for ways to stop the process. One way that can stop foreclosure is called a short sale. A short sale is when the homeowners lender reduces the amount owed on their mortgage to allow a quick sale. Short sales are beneficial for the lender because it saves them time and money and it gives homeowners the opportunity to walk away from a home they can't afford and are about to lose.
BofC does short sales in order to create equity in deals that allows them to purchase the house below market. Lenders are agreeing to short sales which are becoming more common as more homes are going to foreclosure. Homeowners that want more information on the short sales can go to http://www.buyersofcharlotte.com/
