Charlotte Real Estate Blog

Houses in Dilworh - Finding the perfect bungalow in Charlotte, NC.  There are plenty of them in this real estate market. Take a look at the houses listed in  the Dilworth subdivision in Charlotte, NC?  The Dilworth area is one of Charlotte's historic districts and houses bungalows that date back to around 1900.  Most of the homes have renovated interiors with the normal granite counter tops, stainless steel appliances and vanity sinks in the bathrooms... but many of the foundations and exterior designs remain original.  I love the artsy feel that you receive as you drive down the tree-lined streets in Dilworth.  Ever wondered why so many of these trees are lined with what looks to be black tape about 5 feet from the ground?  It keeps the canker beetle from getting to the foliage where it lays its eggs and where the baby worms eat all of the leaves.  I also like the street parking.  It makes it harder for cars to drive fast through the subdivision and they help to protect the sidewalks that line the streets.

Dilworth Houses For Sale

Houses in Dilworth have list prices ranging from the mid $300,000's to close to $2 million depending on what area of the subdivision you are in.  The real estate market in Charlotte, NC is very neighborhood specific and Dilworth is proof that it is also street specific. 

Bungalow - "gained popularity in housing developments of American towns during the 1920s. Its general design-with high ceilings, large doors and windows, and shade-giving eaves or verandas-makes it especially well suited for hot climates"  ~ dictionary.com

A lot of the bungalows in Dilworth have an open floor plan and these layouts are popular with growing families.  The Dilworth community is full of young professionals that want to raise their children in a subdivision with a safe reputation.  There have been a few articles in the Charlotte Observer over the last few years about break-ins and carjackings in Dilworth, but this is happening in every part of Charlotte and occurs in every large city.  I think the paper focuses on these occurrences in Dilworth because it is an area where people would not suspect criminal activity. 

The houses listed in the Dilworth subdivision have an average list price of $697,000 and an average of 4 bedrooms.  Take a look at some of these houses and you will understand why so many people in Charlotte want to live in Dilworth.  The Dilworth area is within a mile of Uptown Charlotte and the area has many restaurants, grocery stores, churches, shopping stores and local bars.  Once you live in this area of Charlotte you will realize that everything you need is within a very short distance.  Take a drive through Dilworth and you will agree that it is a hip subdivision.

In today's real estate market it is harder than ever to keep track of the market value of your property.  With so many short sales and foreclosures...the area's value can really change in a short period of time.  Some areas that are/were desirable have seen price decreases and may be rebuilding a different, not so popular, reputation.  

Our company, Allen Tate, has developed a program to help our clients keep track of their largest investments.  We call it Tate Drip.  It is a program that emails our clients once a day/week/month...whatever you prefer...to inform them of the market conditions in their area.  This email is also sent to the agent and it is an easy way to keep track of the home values in different subdivisions throughout Charlotte, NC.

The program will email you, the client, and inform you of any and all MLS changes that occurred in your area.  It will show you the houses that are for sale, their list price, the subdivision's average list price, sale prices, average sale prices, houses that are under contract or have price changes as well as information on houses that are just entering the real estate market etc.  This is certainly an email that brings value to our clients and I often get emails thanking me for the updated information that is being automatically generated. 

The agent does need to be a little tech savvy to use this program.  (Another reason that young Realtors are striving in this market)  If you live in Charlotte, NC and want to keep track of the value of your home, I would happy to enter you into the program.  All I need is your house address and email address.  Also, let me know how often you would like to receive the email.  This program is suppose to bring value to homeowners, not spam their inboxes. 

Are you several payments late on your house?  You, along with many others in Charlotte, may need to list your house as a short sale.  The real estate market in Charlotte, NC is swamped with short sales and foreclosures and there are buyers out there looking at just these types of properties. 

Selling as short sale will hurt your credit...but not as much as if the bank decides to foreclose on your property.  If you are selling your house short, you are selling it for less than what you owe on the mortgage.  Banks will allow this because they do not want to have to force people out of their homes through foreclosure and they don't want to hold houses as assets on their books.  If the houses are foreclosed on, the banks are forced to keep up with the property taxes, neighborhood assessments, home owners association fees etc.  If you are several payments behind and do not have the income to get current on your payments you may want to consider listing your house as a short sale.

The idea is to list the house aggresively so that it will attract many buyers and will produce an offer in a short amount of time.  It is important that you contact the bank as you are listing your house as a short sale. 

 The Bank will ask for the following information:

1. A hardship letter - this will explain why you are unable to make your payments.  For some reason, as a short sale agent, you get a better response if the letter is hand written.
2. A list of your monthly expenses.  This can be on an excel worksheet.
3. Your last 2 bank stubs.
4. The last two pay stubs from you and your spouse.
5. Some banks will require you to show them your tax returns from the last two years.  You can go to www.irs.gov to get the 4506T form.  Fill out this form and mail it in...they will mail you your tax returns.
6. The banks also require the listing agreement between you and your agent...hopefully you will choose Brandon Farmer as your short sale agent.
7. Once you get an offer on the house, you must send them the offer with a preliminary HUD1 (settlement statement)

Once you get all of this information to the bank, you can expect to wait 30-45 for the case to be appointed a short sale analyst.  The short sale analyst will order a BPO (broker price opinion).  They will have a broker tell them the market value for the property.  The amount that the BPO agent gives to the bank analyst is a good indicator of what the bank will accept for the property.  Remember that the banks do not want to keep these properties so they will often take a large loss on the property just to get rid of the house. 

Get an agent that understands the short sale process.  Your listing agent should know how to discuss the short sale with the bank because the bank is the one negotiating the contract.  You, as seller, will have no say on whether or not you will except an offer. 

One more thing to remember...just because the bank allows you to do a short sale does not mean that they will forgive the amount that was shorted.  Sometimes they will forgive this amount but they can put a lien against your future property or put a judgment against you and it will be hard for you to obtain another loan until this judgment is paid off. 

Let me help you with this process.  If an agent ever earns their commission...it is with a short sale.

Brandon Farmer

704-975-7848                 www.showcasecharlotte.com                  www.charlottecommunityblog.com 

It is the lifestyle that really sells these units.  The Metropolian, being built by Peter Pappas...he also built the well known Birkdale Village in Huntersville, NC and is beginning to build the Berewyck subdivision down close to Lake Wylie. 

The Metropolitan is offering a lot of the same flavor that Birkdale Village offers.  They have a modern spa, a Trader Joes, Best Buy, Target and the word on the street is that there will be a Sam's Club moving under the midtown Target.  Shh....you didn't hear that from me.

The restaurants at the Metropolitan are going to be awesome.  There is an Italian restaurant that is moving in and will probably be the first to open.  There is also going to be a sushi restaurant that will become strong compitition for Niko's, a seafood restaurant and a great sandwich and deli restaurant. 

The Greenway is already well on its' way and is going to be a great buying point for people that enjoy walking their dogs.  Their is a small pavilion on the greenway that I am sure will host some great music in the evenings.  If you want to live just outside of the city and you want the convenience of living in an urban environment, then this is a complex that I suggest taking a look in to. 

2 bedroom condos, with amazing skyline views have sold for just over $300,000.  This is new construction and all of the units come with a 10 year warranty.  This is an amazing opportunity to buy a lifestyle that offers more than any other area in Charlotte.