Although we are certified foreclosure experts in the entire Atlanta Metro area, we specialize in foreclosure sales in the Buford GA, Lawrenceville, Lake Lanier, and nearby areas.
If you've decided to invest in a foreclosure home, condo, or townhome, it's important that you know the types of foreclosures and how they work. Purchasing a foreclosed home at a county auction can end up being your worst nightmare. Most of the homes at these auctions are extremely distressed and can cost thousands of dollars to repair. There are often problems with second mortgages and similar claims to the property that you can inherit without knowing until it is to late.
We handle REO's, or bank-owned foreclosures, which are not trouble-free, but in most all cases the legal issues surrounding the sale have been satisfied. A buyer needs to be prepared to move quickly, be sensible with your offer, and be patient, as many of these properties will be under a multiple-offer situation.
Bank owned foreclosures occur when the mortgage holder decides to buy the auctioned home back themselves. The bank feels they can get more for these properties and reduce the loss. These properties will be in better condition and more marketable than a property that is selling on the court house steps. They then put them up for sale by local Realtors - usually those Realtors that are certified and work with the banks most often. These properties are listed on the MLS like any other real estate, but are discounted rather steeply. The ones that are true "deals" are sold quickly and won't remain on the market long enough to give the buyer much time to think about it. So be prepared to make an offer close to the asking price, and have your money or your lending letter on hand to back up the offer when you make it.
Lake Lanier foreclosures will not be discounted in price as much as other foreclosures, but still offer some great savings for those looking to live on the lake or for the perfect vacation lake home.
Remember, there are more buyers making offers on these REO properties than on other real estate sales. In most cases you will lose if you try to negotiate on the asking price.
