Buying Atlanta Foreclosures

Buying Atlanta Foreclosures - The following are basics that a metro Atlanta home buyer should know about buying a foreclosure.

• There won't be a Seller's disclosure. The bank has never occupied the property and they don't know the history of the house.
  
• Foreclosure homes are sold "as is". That doesn't mean that they are in terrible condition. I showed 2 beautiful condition foreclosure homes today. It just means the bank is not in the repair business and doesn't intend to do any repairs.
  
• Atlanta Foreclosure properties are selling within less than 1% of the list price. How does this happen? The banks know what their bottom line price is and list very close to that. Most of them are already at amazing prices. Banks aren't in the business of holding onto real estate which is why most are priced to sell.
  
• Many foreclosure properties have had the plumbing winterized. Be sure to review the contract to see who will be responsible for de-winterizing the property for the inspection.
  
• While we‘re on the topic of inspections, be sure to get one. Even though foreclosures are sold as is, it doesn't mean you shouldn't get an inspection to know what you are getting. If the inspection reveals something you can't live with, if it's within your due diligence period you can still terminate and get your earnest money back.

• Are the utilities on? Once again, read the contract to see who is responsible for turning them on for your inspections.
  
• Be sure to get Owner's Title Insurance. Sometimes things show up after closing that didn't get noticed during the title search.
  
• Be sure to have Buyer Representation. A buyer's agent costs the buyer nothing. (We are paid by the seller.) A buyer's agent can make sure you are protected along the way and be an extra set of very experienced eyes that can often pick up things that a home buyer doesn't.
  
• There will typically be several extra pages of addendums from the bank. They are pretty standard. Ask your real estate agent to explain anything you don't understand.
  
• Don't limit your search to just foreclosures or short sales if you are looking for a deal. Really, who isn't looking for a deal anyway? Often, the non-distressed homes for sale are just as good and sometimes a better deal.

If you are thinking of buying or selling a home in metro Atlanta, call Jen Bowman, Broker Associate with Keller Williams Realty Atlanta Partners at 404-456-5024

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