While there are many different ways to find great foreclosure deals in Atlanta, one of my favorite places to look are builder spec homes. When buying a foreclosure you still have to rely on the most basic adage in real estate: location. I would be hesitant to buy a home in a development that has a lot of foreclosures, as it will probably take a while to recover. The current market allows buyers to find deals in desirable locations, you just have to be patient, but be able to act quickly when the opportunity arises.
Of the high-end communities in Atlanta; Buckhead, Dunwoody and Sandy Springs have some great deals on “builder” homes. Keep in mind, whether the builder is in a short-sale scenario or the bank has already taken possession of the property as an REO, the negotiating process can be different from a traditional real estate deal. It can be a little nerve-wracking as there are inevitable delays and changes, but if you have the patience, there are come great values in the North Atlanta real estate marketplace.
I recently helped a client purchase a builder-owned, short sale property for 68% of their $2.5 million asking price. At times the negotiations were a little tense, but in the end, I feel confident my clients received a great deal. As a matter of fact, once the sale became public record, I had a number of my fellow Buckhead, luxury home agents comment on the low selling price and great value. I heard the comment, “If my clients knew it was going to sell for that price they would have made an offer on the property” from more than one Buckhead real estate agent.
If you’re interested in a short sale or foreclosure property, please feel free to contact me.
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