Synovus, headquartered in Columbus, is aggressively unloading its repossessed homes throughout the Metro Atlanta area. I believe this will add pressure on the other Georgia banks that continue to carry a lot of home inventory on their books. There are still great foreclosure deals in Buckhead and the North Metro area. I’ve been advising my clients to make aggressive offers, if the home is owned by a bank and has been on their books for a while.
Here is an excerpt from the AJC article on this subject:
Some smaller banks grumble, worrying that the property dumps by the big players causes housing prices to tumble even further.
“It’s definitely going to have an impact on those banks that do have toxic assets they are trying to get rid of,” said Carolyn Brown, president of the Community Bankers Association of Georgia. “They all are trying to get the best dollar they can obtain.”
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