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Joshua Jarvis - Georgia Realtor's Blog

By Joshua Jarvis | Agent in Duluth, GA

Buying A Foreclosure In Suwanee GA

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.  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.  Here's a quick list of things to expect.

  1. Close on time - If you are a buyer you need to get your financing in order.  Check with your lender on closing time frames.  If you miss your closing date it could cost you $50 a day on average.
  2. Prepare for multiple offers - most homes that are priced well will have multiple offers in this market.  Just be prepared to make your highest and best offer. 
  3. 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.
  4. Understand that the word, "FORECLOSURE" is incorrectly describing an REO property.  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. 

I hope these 4 quick tips help you as you look for foreclosures.

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