Tips To Successfully Navigate The Purchase Of A Foreclosed Home
Tips To Successfully Navigate The Purchase Of A Foreclosed Home Guest post by Marc Rasmussen – Longboat Key condos In this market, prospective home buyers are likely to encounter foreclosed homes as they tour potential properties. When considering the purchase of a bank owned home, potential homeowners often want to know what steps they should take to protect themselves and ensure that the property is a good investment. Avoiding buyer’s remorse when purchasing a foreclosed home does require a homeowner to take on the responsibility of due diligence to avoid unwanted surprises. By...
Read MoreSynovus Boldy Unloading Foreclosed Homes
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...
Read MoreZombie Subdivisions
As I’ve mentioned before, the outlying Atlanta suburbs have really been hit hard by the housing slowdown. The subdivisions that seemed to sprout-up overnight in Forsyth and Fayette county, are now being referred to as “zombie” subdivisions, where only a few homeowners sit among acres of vacant, bank-owned lots. Hopefully, the bankd won’t be changing any of the subdivision names to “Dawn of the Dead.” While there might be small examples of the “zombie” phenomena in the immediate Atlanta suburbs, like Dunwoody and Sandy Springs, it’s more...
Read MoreThe Perils of Short-Sales
I’ve written about short-sales on this blog in the past. A short-sale can be a good alternative for all parties involved, but keep in mind, it can be a very frustrating experience. As a buyer, you are now negotiating with two (or more) parties; the homeowner and the lender(s). The lenders can be very difficult to work with. During this unprecedented real estate market, the lenders are overworked and lack experience in short sales. Here is an excerpt from a recent USA Today article on the perils of short-sales. But many short sales are faltering, largely because some lenders may...
Read MoreIf you want a good deal, be prepared to act quickly
I work with some investors looking for high-end homes in Buckhead. There are some really good deals on premium, builder spec homes in Buckhead. There are also come great foreclosure deals. Frankly it’s because in the current market, few investors can secure financing on upper-level homes, so buying competition has been reduced. Every once in a while I’ll see a home come on the market that I just know will go under contract quickly. I sent emails stating that both of the following properties were great deals early last week. This week they both went under contract. In...
Read MoreShort Sale Primer
I’ve written about short sales fairly extensively on this blog and have actually dealt with short sales and foreclosures more than a lot of my colleagues in Buckhead, Sandy Springs and Dunwoody. I have worked with clients in Buckhead and Sandy Springs who have tried to buy pre-forecosure and REO properties. I’ve seen some very good deals on Buckhead luxury properties. Although I’ve had some experience with short sales, the whole concept is still a fairly recent phenomenon that requires any Atlanta agent to continually search for more information. I found a great article by...
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