Charlotte Foreclosure

Peters & Associates, Inc. is a brokerage firm built around the most aggressive way to sell properties. The key element to Peters & Associates, Inc. success is the level of customer service we provide and the demonstrated enthusiasm for the work we do – there is no limit to the effort we will expend to our clientele!

Combining local market expertise with state-of-the-art technology while supported by a team determined to get the job done, Peters & Associates, Inc. provides our clients the service they deserve.

Short Sales vs. REO
REO stands for Real Estate owned, and is another way to refer to a bank owned property. This is property that the bank has taken back through foreclosure. Sometimes a seller who is behind in his or her payments will attempt to sell his or her house before it goes into foreclosure. To do this, you must negotiate with the bank to accept less than what is owed on the property, and this is known as a short sale. This short informational section describes purchasing an REO, not a short sale, which is altogether different.

Exempt From Disclosure
Whenever anyone sells a house in North Carolina, they must by law give the home buyer a Disclosure Statement. This document describes what is included in the house, what is broken, and other legal and environmental disclosures. The seller has to tell you about any defects he knows about, especially if they are hidden and you might not see them. The seller can be held liable for defects that appear later that were not disclosed when you bought the house.

The exception to this law is an REO. Banks are exempt from giving you a Disclosure Statement. For this reason it is absolutely imperative that you do a thorough inspection with a licensed and bonded contractor before purchasing any REO.

Verbal Counters
After the initial offer is made in writing, counter offers are made verbally until agreement is reached. This is a slow process because the bank may be in a different time zone, or the responsible people are tied up in meetings. It may be many days of verbal countering before a final agreement is signed by all parties. During that time, there is a danger that another offer will come in better than your offer and the bank may accept it. This is especially likely to happen if negotiations go over a weekend. The rule of thumb is to try to reach contractual agreement with the least amount of counters.

Higher Deposits
A bank may require a higher earnest money deposit than a private party would. Expect to write a check for $500 or more when making an offer on an REO property.

Possible Double Loan Applications
The bank will probably require that you get pre-approved with their institution within a few days of accepting your offer. They naturally want to cut their losses on the property by making a new loan on it. You will need to go through the loan application process with them, even if you get the loan somewhere else. While they can ask you to apply with them, no one can tell you where to get a loan. That is your choice entirely.

Bank Chooses Services
The bank may insist on a settlement and title company that they choose. They have previously negotiated fees with these companies, so they know what their expenses will be. Many times the settlement officers are so overloaded with business that the real estate agent has to assist in getting the property closed. For this reason, it is important to choose a REALTOR who is willing to work harder than normal to make sure you get the house you want.

Not The Usual Contract
The bank may use their contract, not the standard NC Association of Realtors form. Often times they use our standard form and their contract “addendum” as well – this is simply the contract written in their own terminology. It is critical that your agent read this form thoroughly to make sure your interests are protected.

Multiple Offer Situations
Often times a foreclosure home is priced so well that several buyers may put offers on the same property. In this case all buyers will be notified by the listing agent and they will be asked to communicate their highest and best offers. Normally there will be a time limit for when these offers must be communicated back to the listing agent. At the time that all offers are received back within the deadline set by the seller they will then be presented to the seller. The seller will then choose which offer he/she deems to be the best overall offer and negotiations will commence with this buyer individually.

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  • Top 1% in Sales in Charlotte area
  • Licensed in North Carolina and South Carolina
  • REO Default Certified Professional (RDCPro) since 2009
  • Accredited REO Agent (A-­‐REO) since 2010
  • Short Sales and Foreclosure Resource Certified (SFR)
  • ResNet AMP Professional (ID: 51230)
  • Approved HUD Broker (NAID: PTRSSS0475)
  • Equator Platinum Certified
  • Accredited Luxury Home Specialist (ALHS)
  • Accredited Buyer's Representative (ABR®)
  • Accredited Buyer's Representative Manager (ABRM SM)
  • PRO® Certification for Internet Professionalism
  • Leading International Agents and Developers Member (Company Designation)
  • Carolina Multiple Listing Service (CMLS) member
  • Charlotte Regional Realtor Association (CRRA) member
  • North Carolina Realtor Association (NCAR) member
  • National Association of Realtors (NAR) member
  • National REO Brokers Association (NRBA) Member
  • The National Association of Hispanic Real Estate Professionals (NAHREP) Member
  • Asian Real Estate Association of America (AREAA) Member
  • National Association of Real Estate Broker (NAREB) Member
North Carolina Cities:
Belmont, Charlotte, Concord, Cornelius, Cramerton, Dallas, Davidson, Denver, Gastonia, Harrisburg, Huntersville, Indian Trail, Kannapolis, Lake Wylie, Lake Norman, Lincolnton, Marshville, Marvin, Matthews, Midland, Mineral Springs, Mint Hill, Monroe, Mooresville, Mount Holly, Mount Pleasant, Paw Creek, Pineville, Salisbury, Stallings, Statesville, Waxhaw, Weddington

South Carolina Cities:
Fort Mill, Rock Hill, Lancaster, Lake Wylie, York, Tega Cay

Mecklenburg, Cabarrus, Union, Iredell, Rowan, Gaston, Lincoln

Zip Codes:
28001, 28006, 28012, 28023, 28025, 28027, 28031, 28032, 28034, 28035, 28036, 28037, 28052, 28054, 28056, 28075, 28078, 28079, 28080, 28081, 28082, 28083, 28088, 28092, 28097, 28098, 28101, 28103, 28104, 28105, 28107, 28108, 28110, 28112, 28115, 28117, 28120, 28124, 28129, 28134, 28144, 28146, 28147, 28163, 28164, 28173, 28174, 28202, 28203, 28204, 28205, 28206, 28207, 28208, 28209, 28210, 28211, 28212, 28213, 28214, 28215, 28216, 28217, 28218, 28219, 28220, 28221, 28222, 28223, 28224, 28226, 28227, 28228, 28229, 28244, 28246, 28254, 28262, 28269, 28270, 28271, 28272, 28273, 28274, 28275, 28277, 28278, 28280, 28281, 28282, 28284, 28285, 28287, 28650, 28673, 28682, 29704, 29707, 29708, 29710, 29715, 29720, 29722, 29728, 29730, 29732, 29733, 29734
Occupancy Same day occupancy checks, weekly reporting CFK (Cash-for-keys) Aggressive negotiation with occupants in effort to save the Client from having to evict Eviction Cooperation & coordination with Sheriffs' Departments of all counties serviced Loss Mitigation Mortgagor negotiation and deed-in-lieu assistance Rekey Coordination of contractor using client-specific key codes & LB combos Secure Assuring that all properties are secured with no possibility of entry other than a keyed entry. BPO
Drive-bys and interiors performed quickly and efficiently by our dedicated BPO department for Listings.

Timely marketing reports for up-to-date information on new comparables and showing feedback

All offers negotiated using client-directed offer communication method

Closing Coordination
Pending transactions thoroughly managed for timely closings

Auction Coordination
Oversight, coordination, and attendance (if necessary)

Management and inspection

Oversight of all lawn maintenance and landscaping per Client guideline

Services include winterization, snow removal, weatherproofing

Repairs and Rehabs
Extensive contractor database with 5-day turnaround for Bids. Management during repair process; Inspection upon completion

State-of-the-art technology for up-to-the-minute Client needs

Customer Base
Large pools of buyers, agents, and investors - comprehensive oversight of buyers' lender and attorney

Dedicated Departments
Pre-marketing, listing coordination, offer negotiation, closing, 3rd Party BPOs

Information Technology
Customized online system developed specifically for REO management & sales

Monitoring of buyer agent feedback with online reporting

  1. Our Reputation: Peters & Associates is well known and respected in the Charlotte metro real estate community.
  2. Agents & Roles: Miriam Peters (your main contact), Broker In-Charge/Owner, overseas daily operation. Nicholas Peters, Broker/Realtor, marketing and training.
  3. Compensation of Brokers: We pay our agents on a commission split NOT hourly.
  4. Staff Training: We require all of our REO brokers to have a minimum of 5 years worth of REO experience and completion of 200+ BPO’s. Miriam and I conduct weekly training to keep agents abreast of current market conditions. We attend REO conferences and training classes on a regular basis and share the information with our brokers.
  5. Dual Agency/Designated Agent: We feel it is important that all in-house buyers work with a buyers agent, not a listing agent.
  6. Buyers: Peters & Associates, Inc has an large investor/buyer database that we email hot-sheets (new listings) on a weekly basis.
  7. Our Process: When a new listing is assigned your point of contact is Miriam Peters.
  8. Sales Price: Our average list vs sales price is 98%.
  9. Marketing: Nicholas Peters (marketing director) “I believe with proper marketing we should receive a minimum of 3 clients from every listing”. Every listing is featured in a minimum of 2 print publications monthly & over 300 websites.
  10. Doing our Homework: During the pre-marketing period, we do our due diligence to learn everything we can about the properties we list. For Examples easements/encroachments, lot issues, permits, dead and title issues, professional measurements, material facts that can effect the value.
  11. BPO/MSR: Miriam Peters reviews ALL BPO & MSR reports completed by our brokers.
  12. Licensed Contractor: We work with a licensed contractor that will inspect all new properties prior to listing, so we are aware of all major issues.