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Are you looking to buy a new
home in the Atlanta metro area? Are you
thinking that now's a great time to find
bargains? Before you make an offer, it pays
to know a little about the seller's
situation.
If you are interested in purchasing
a quality home at a great price, you might
want to consider exploring Atlanta area
foreclosed homes. While it is certainly
unfortunate that the current state of the
economy is leaving so many good people in
dire financial straits, buying
Atlanta area foreclosed homes
is the perfect answer for many who are
looking for a new home.
In fact, there are many benefits to
purchasing Atlanta area foreclosed homes.
These include…
- Saving a substantial amount of money
on the purchase price of the home
- The seller is often quite
accommodating, particularly if the home
is in pre-foreclosure
- You may be able to obtain a loan
more easily if you obtain your loan
through the bank that currently owns the
home
Of course, the financial savings is the
most appealing aspect of purchasing
Atlanta area foreclosed homes.
At the same time, if this is your first
purchase, or if you have never bought a
foreclosed home before, you may feel a bit
nervous about the process.
With my help, however, the process of
purchasing a foreclosed home in Atlanta will
be made much easier. This is because my
mission is to provide each of my clients
with the highest quality service without
compromising integrity.
Take a moment and start performing
your own Atlanta, Georgia free MLS search
If a home is
being sold for below what the current seller
owes on the property—and the seller does not
have other funds to make up the difference
at closing—the sale is considered a short
sale. Many more Georgia area metro area home
owners are finding themselves in this
situation due to a number of factors,
including job losses, aggressive borrowing
against their home in the days of easy
credit, and declining home values in a
slower real estate market.
A Georgia short sale is different from a
foreclosure, which is when the seller's
lender has taken title of the home and is
selling it directly. Homeowners often try to
accomplish a short sale in order to avoid
foreclosure. But a short sale holds many
potential pitfalls for buyers. Know the
risks before you pursue a short-sale
purchase.
You're a good candidate for a short-sale
purchase if:
* You're very patient. Even after
you come to agreement with the seller to buy
a short-sale property, the seller’s lender
(or lenders, if there is more than one
mortgage) has to approve the sale before you
can close. When there is only one mortgage,
short-sale experts say lender approval
typically takes about two months. If there
is more than one mortgage with different
lenders, it can take four months or longer
for the lenders to approve the sale.
* Your financing is in order. Lenders like
cash offers. But even if you can’t pay all
cash for a short-sale property, it’s
important to show you are well qualified and
your financing is set. If you're
preapproved, have a large down payment, and
can close at any time, your offer will be
viewed more favorably than that of a buyer
whose financing is less secure.
* You don’t have any contingencies. If you
have a home to sell before you can close on
the purchase of the short-sale property—or
you need to be in your new home by a certain
time—a short sale may not be for you.
Lenders like no-contingency offers and
flexible closing terms.
If you're serious about purchasing a
short-sale property, it's important for you
to have expert assistance. Here are some
people you want to work with:
* Experienced real estate attorney. Only
about two out of five short sales are
approved by lenders. But a good real
estate agent who's knowledgeable about the
short-sale process will increase your
chances getting an approved contract.
Also, if you want any provisions or very
specialized language written into the
purchase contract, a real estate attorney is
essential throughout the negotiation.
* A qualified Atlanta GA short sale
real estate professional.* You may have
a close friend or relative in real estate,
but if that person doesn’t know anything
about short sales, working with him or her
may hurt your chances of a successful
closing. Interview a few practitioners and
ask them how many buyers they've represented
in a short sale and, of those, how many have
successfully closed. A qualified real estate
professional will be able to show you
short-sale homes, help negotiate the
purchase when you find the property you want
to buy, and smooth communications with the
lender. (All MLSs permit, and some now
require, special notations to indicate that
a listing is a short sale. There also are
certain phrases you can watch for, such as
“lender approval required.”)
* Title officer. It’s a good idea to
have a title officer do an initial title
search on a short-sale property to see all
the liens attached to the property. If there
are multiple lien holders (e.g., second or
third mortgage or lines of credit, real
estate tax lien, mechanic’s lien, homeowners
association lien, etc.), it's much tougher
to get that short sale contract to the
closing table. Any of the lien holders could
put a kink in the process even after you’ve
waited for months for lender approval. If
you don’t know a title officer, your real
estate attorney or real estate professional
should be able to recommend a few.
Some of the other risks faced by buyers
of Atlanta-metro area short-sale properties
include:
* Potential for rejection. Lenders want to
minimize their losses as much as possible.
If you make an offer tremendously lower than
the fair market value of the home, chances
are that your offer will be rejected and
you’ll have wasted months. Or the lender
could make a counteroffer, which will
lengthen the process.
* Bad terms. Even when a lender approves a
short sale, it could require that the
sellers sign a promissory note to repay the
deficient amount of the loan, which may not
be acceptable to some financially desperate
sellers. In that case, the sellers may
refuse to go through with the short sale.
Lenders also can change any of the terms of
the contract that you’ve already negotiated,
which may not be agreeable to you.
* No repairs or repair credits. You will
most likely be asked to take the property
“as is.” Lenders are already taking a loss
on the property and may not agree to
requests for repair credits.
The risks of a Atlanta metro short sale
are considerable. But if you have the time,
patience, and iron will to see it through, a
short sale can be a win-win for you and the
sellers.
* Not all real estate practitioners are
REALTORS®. A REALTOR® is a member of the
NATIONAL ASSOCIATION OF REALTORS® and is
bound by NAR’s strict code of ethics.
Note: This article provides general
information only. Information is not
provided as advice for a specific matter.
Laws vary from state to state. For advice on
a specific matter, consult your attorney or
CPA. Source Realtor.org
Alpharetta
Atlanta GA
Roswell GA
Golf Community Homes
Fulton
Cobb
East Cobb
Perimeter/Sandy Springs/Dunwoody
Smyrna/Vinings
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Why waste time with an GA real
estate agent that doesn't keep your needs in
mind when searching through Alpharetta, GA homes
for sale? Not only do I take pride in providing
world-class customer service to all of my
clients, I also work exclusively with homes that
are move-in ready. Is it any wonder why 94% of
my business comes from referrals?
If you are ready to work
with a broker who strives to provide the highest
quality of service without compromising
integrity, contact John Walsh Homes today
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John Walsh
Associate Broker
North Fulton
1580 Holcomb Bridge Road
Suite 26
Roswell 30076
john.walsh@metrobrokers.com
Office: 404-843-2500
Cell: 678-570-2411
Toll Free: 800-340-4186
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