Just bought a Buckhead foreclosure

I’ve written a lot on this blog about all of the great Buckhead real estate deals, especially the foreclosures and short-sales. Not only do I work with buyers in finding Atlanta GA real estate value, but I also recently became a foreclosure buyer. So when I tell my clients to have a lot of patience, and I mean lots of patience, when working with bank foreclosures, it comes with empathy.

Negotiating real estate can be difficult, because of the highly personal nature of home ownership. Many owners view their homes, at least on a subconscious level, as a testament to their style and taste. Naturally, it can be nerve-wracking as potential buyers come through a home and offer feedback, through their agents, on their likes and dislikes. Then, of course, the almighty offer quantifies the emotion and anxiety into a single number.

Foreclosures are the exact opposite. It’s completely impersonal. More than likely the owner / bank, hasn’t stepped foot in the state of Georgia, much less the home. Add the unprecedented level of foreclosures, which has overwhelmed the REO departments, and instead of getting emotion from the seller; you’ll get what seems like indifference.

We made an offer on our new home and didn’t hear back for over two months. To be honest, we had basically given up and were shocked when the listing agent called and said our offer was accepted. The listing agent will know very little about the inner workings of the bank they are representing and will be unable to give you much feedback on your offer. Keep in mind, the mega-bank probably has thousands of foreclosures and simply doesn’t have time to update individual agents on offer statuses.

We later learned getting the offer accepted was only the beginning. I’ll save the rest for another post, but it was a stressful experience. I believe we got a very good deal, but it’s not without hard work.

Here is a picture of the home:

We have some work ahead of us, but it’s in a great location and the previous owners added a lot of upgrades. We’ve decided to embrace the French look, and are going to try to give the mansard roof more character. My immediate thoughts are to add a “flair-out” at the bottom of the roof so it won’t be quite as boxy.

I’d like to make it more like this roof:
I really like the slate and the curve, but also have to be reasonable about the costs. I have a tendency to go overboard with upgrades, which can be disproportionate to the overall value of the home. If anyone has ideas, I would like to hear them. Here is another picture of an Atlanta home with a mansard roof and shake shingles. At a minimum, the mansard roofs with character seem to “flair-out” at the bottom. I’ll probably post about efforts to add curb appeal on this blog.

There is a lot of Metro Atlanta real estate for sale, due to the downturn in the housing market. If you would like to look for some properties, please feel free to contact me, I’d love to hear from you.

Related posts:

1. Buckhead Foreclosure Homes
2. The best foreclosure deals
3. Pre-Foreclosure
4. Buckhead and Atlanta REOs
5. Update on Buckhead foreclosure