In 2009, one third of the homes sold in Metro Atlanta were foreclosures. The trend remained similar for the years since... until now. That means that tons of savvy buyers have had the opportunity to take advantage of a tremendous buyer's market and the incredible interest rates that have been available. Today, there are definitely still some great deals to be found in distressed properties, but with much of that market beginning to dry a bit, always remember to also look at non-distressed opportunities in the area too. Having to compete with foreclosures, many ordinary sellers are willing to market their properties competitively to match nearby deals. Finding a great deal on a non-distressed property often offers the best deal to buyers since a home purchased from a financially secure owner is often more well cared for and may need less attention after the sale by the new owner.
Working with an agent who has experience helping buyers find and purchase foreclosed homes is important. There are many hoops to jump through and by having great understanding of the process The AtlantaPros Team can help you avoid many of the pitfalls that may cause long delays, added expense or even no closing at all. There are many resources to find Atlanta's foreclosed properties and they cannot be found all in one place. The AtlantaPros Team can access those many resources for you to make sure you are seeing all the opportunities that are available to you in the current market - both distressed and not.
Another possible avenue for purchasing distressed properties is through "Short Sale." Short sales are homes where the owner is unable to sell their home because they've fallen behind on payments and/or the property has lost some of its value due to market conditions and it cannot be sold for a price that would cover the entire mortgage note. In this case the seller is "upside down" and needs to work with the lender in order to sell the property for less than what's owed. These can be very difficult transactions and the process is lengthy, often taking many months to complete. Short sales have also been known to fall apart even after the buyer has spent several months engaged in a contract on a particular home. Again, you can see that working with an agent experienced in distressed properties can be critical to save time, energy and unnecessary expense.
Let our experience work for you. We will make finding and purchasing one of Atlanta's terrific foreclosed homes a simple and rewarding process.