Buying A Foreclosure In Suwanee GA
While showing Suwanee homes for sale
the other day it dawned on me that most buyers do not "REALLY" know what to expect when shopping for a home for sale.Â The photos and the internet do such a poor job of preparing the buyer on what to look for and what to expect that it should be mandatory for an agent to describe what is coming.Â Here's a quick list of things to expect.
- Close on time - If you are a buyer you need to get your financing in order.Â Check with your lender on closing time frames.Â If you miss your closing date it could cost you $50 a day on average.
- Prepare for multiple offers - most homes that are priced well will have multiple offers in this market.Â Just be prepared to make your highest and best offer.Â
- Have a reserve/repair account - in most instance the seller (the bank) will not give you an allowance to fix the home, you'll have to come out of pocket to do this.
- Understand that the word, "FORECLOSURE" is incorrectly describing an REO property.Â Foreclosure is used to describe a home at auction while REO (Real Estate Owned) is property that is owned by the bank and then is being resold.Â
I hope these 4 quick tips help you as you look for foreclosures.