Tips for Buying Foreclosure Homes | Georgia Foreclosures | How to Buy Foreclosure Homes |Foreclosure Helpful Tips | North Atlanta Foreclosure Advice

Multiple offers on Foreclosures

Lots of Buyers are out there searching for foreclosure properties. What is now becoming a common theme is getting into a situation with multiple offers on these foreclosures.

All buyers should be advised that if you are making an offer on a foreclosure property - be prepared for a multiple offer scenario. When this occurs, the bank will call for "highest and best" offers to be presented. In several instances, I've represented buyers making full price offers and the bank still does not accept their offer. The Buyers walk away feeling like it was some sort of a game. They feel that the home was barely worth what it was listed at (due to much needed repairs, cosmetic and miscellaneous).

Quick Tips for buying a foreclosure property:

1) Make sure to check the comps first so you do not end up spending more than you should!

2) If possible, bring your handy-man along so you will know exactly how much you will have to spend in the home to make it "livable."

3) Make sure you are not going to over update the home. Last thing you want to do is buy a home and put too many upgrades in the home so it is over-valued for the subdivision (especially if you plan on selling in the near future)

4) Check the roof! There are lots of homes with hail damage from storms a few months ago...repairing a roof is not an inexpensive job

Also remember that there are good deals out there on homes that are not in foreclosure. We know the area and the "good deals" out there. Let us know how we can help. You deserve to get a good deal on the purchase of your new home - with our help!