Featured Properties
Buy a Foreclosure
A foreclosure, commonly referred to as REO (Real Estate Owned), is property that has had a legal proceeding, in order to remove ownership/title from the homeowner and convey it to the lender. The lender then becomes the owner/seller of the property. Foreclosures have been a popular target for many Atlanta real estate buyers and investors over the past few years, and often represent a good value because the low price can offset the risks involved in a foreclosure transaction.
In Atlanta's real estate market, it is not uncommon to find a "great deal" that is either a bank-owned REO or a "Short Sale". These sales, however, bring a myriad of paperwork and complex negotiations. That's why hiring a Realtor, with REO experience and one who is a Certified Distress Property Expert (CDPE), will significantly increase your chances of getting to the closing table. Nancy Aroneck is a Realtor with experience in both buying and selling these two kinds of transactions.
The Pros and Cons of Buying Foreclosures
- It is common for a foreclosed property to be in sub-standard condition because the previous owner could not afford to make needed repairs and maintain the property. Many lenders are not willing to put money into the repairs; therefore, buyers must accept the property "as-is".
- The purchase agreements (contracts) used in a foreclosure transaction can be complex with numerous addendums to protect the bank's interests. These addendums are written in favor of the lender.
- Buyers rarely receive a general warranty deed, but a lesser assurance of clean title (i.e. a limited warranty deed). In addition, lenders try to force a buyer to use their in-house loan officers, title company and closing attorney.
- With these risks, however, comes a great advantage: price. Bank-owned REO's are often priced well-below the market to get them "off the bank's books". The risks can be overtaken with precautions, and in certain cases, eliminated altogether.
Buy a Short Sale
Short Sales are becoming one of the best values in the marketplace. The most important person on your Short Sale-team will be your designated CDPE Realtor – to get you through the complex paperwork and fierce negotiations. However, when a Short Sale is handled correctly, it can be a win-win situation for the buyer, seller and lender.
The Pros and Cons of Buying a Short Sale
- It is not always the case that the home will be sold "as is", even if the Short Sale property is in disrepair.
- Standardized purchase agreements (contracts) are used.
- Buyers receive a General Warranty Deed, the highest form of secure ownership.
- Prices of short sales are highly competitive and in line with comparable REO/foreclosed property; this creates excellent value for the buyer.
Ready to Buy?
Whether you are buying your first home or building your investment portfolio, today's conditions are ideal for you to jump into the Atlanta real estate market! Contact us to help you locate the best values, negotiate the right property for the right price and inform you of the risks involved in Atlanta's complex real estate transactions.
We currently have a number of foreclosure and qualified Short Sale properties. If you are looking for an incredible "value" in a real estate purchase, contact us today!