Foreclosure in 30319>Question Details

Sonia, Home Buyer in 30319

Interested in foreclosure property on windsor parkway

Asked by Sonia, 30319 Wed Jan 20, 2010

I found out that 1539 Windsor Pkwy NE, Atlanta GA 30319 is a forclosure property. Can I get more information about it and how much will be a good offer to place on such properties? can we offer 40-60% less than asking price?

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Hank Miller - Broker/Appraiser’s answer
I had a buyer make an offer on this home, we didn't get it done and they purchased a different one. I'm happy to speak with you about it, give me a call.

Hank - 678-428-8276
0 votes Thank Flag Link Sun Jan 24, 2010
BEST ANSWER
Good Evening Sonia,

The agent called me back this evening. If you use Suntrust for your mortgage they will pay up to 3% towardfs closing costs. However, you can use your Lender but the bank will not pay anything towards closing costs. I did a quick CMA of sold properties in The Park at Oglethorpe since July 2009. The average of six sold properties was $891,000. Of course, you can make any offer you want as a buyer. The best thing would be for you to visit this home ASAP (if not already) and visit the five active homes in the neighborhood. Hopefully, all this information put together will help you make your decision. I would also recomend if you become extremely serious about this house to have a Pre-Appraisal completed on the property .

Regards,

Rick Payne
Keller Williams Realty
0 votes Thank Flag Link Wed Jan 20, 2010
Are you wanting to be the low bidder or the high bidder?
1 vote Thank Flag Link Wed Jan 20, 2010
You can OFFER whatever amount you wish, but I think you would be more interested in knowing what amount you could hope to actually purchase this property for from the bank and what would be a fair price given the comps. One thing to keep in mind is that the bank generally will not pay or negotiate for any needed repairs which may be needed, so I would account for such in your initial offer knowing that such expenses will probably be paid from your own pocket.

I highly suggest you hire a Realtor to represent you in this transaction and rely on their opinion and advice after thoroughly researching comps in this area. Given the fact that this property is a reasonably recent foreclosure and that the bank's price reduction has been relatively small in comparison to it's list price, I would not count on being able to scarf up this property for $400 or $500K.....although foreclosures present a wonderful opportunity for many buyers, I do not believe the bank is going to just "give away" such a nice property as this one at this stage of the game. I would keep in mind that even a purchase at 20% less than its appraised value would still be an excellent long-term investment.
0 votes Thank Flag Link Wed Jan 20, 2010
Hi Sonia,
I actually work & live in Lynwood Park where this house is located.

It is 6 bedroom home with 5 fireplaces; 6 full baths & 1 half bath; it sits on a level .3935 acre & it has 2 kitchens with stainless steel high end appliances including a 6 burner stove top with griddle

Since 10/2009 4 - 5 bedroom homes have sold for an average of 839K with the average sales price to original list price coming in at around 82%.

Feel free to call or email me with additional questions or to schedule a showing.

Best, Susan
0 votes Thank Flag Link Wed Jan 20, 2010
Good Morning Sonia,

Yes, the property is active. The property was first offered at $1,000,000 on November 30th. The bank did a price reduction on December 28th to $949,900 which is the current list price. According to the tax record the Foreclosure recording date was November 9th and the bank bought the property back for $974,437. The actual Foreclosure date was Tuesday October 6th. There are some specific requests from the Seller 1). Minmum Earnest Money of $10,000 Certified Funds to Bank's Attorney 2). Must Pre-Qualify with Suntrust (however you can use your own lender to close) 3). Sold As Is 4). No Disclosure and Bank will Counter with needed Addendums. I did call the agent for additional information. She has not called me back yet.

Hopefully, I have supplied you with enough information to get you started. Please contact me at
678-427-5512 or email me at repayne7@bellsouth.net. To learn more about me as a Realtor please visit my website at http://www.rickpaynesold.com. Especially, preview the Tab on the left side " About Me ."

I look forward to hearing back from you in the near future.

Regards,

Rick Payne
Keller Williams Realty
0 votes Thank Flag Link Wed Jan 20, 2010
There was a home around the corner on Woodrow in The Park at Oglethorpre that sold for the low 700's in November; its too early to think about 40-60%; patience is the key to acquire a home like this; you will need to offer a reasonable amount, and be patient.
0 votes Thank Flag Link Wed Jan 20, 2010
Hey Sonia. The bank paid $975k for it and has already lowered it down from $1mm. I'd ask your Buyer's Agent their advice. If you don't have an Agent representing you, I'd be more than happy to help.

Julie Brittain
JEZEBEL Magazine “Realtor of Distinction” 2006 & 2009
Top 5 Individual Residential Agent 2001, 2002, 2003, 2007, 2008 & 2009
Top 5% of Keller Williams Realty Agents Nationwide Since 1999
#1 Team 2004 - 2005, #1 Individual Agent 2001 – 2003
Keller Williams Realty First Atlanta
Mobile: 404.966.3328

http://www.TeamBrittain.com
0 votes Thank Flag Link Wed Jan 20, 2010
Hey Sonia. The bank paid $975k for it and have already reduced it down to $975k from $1mm.

I'd ask your Buyer's Agent what you should offer. If you need assistance, I'd be more than happy to help you.

Julie Brittain
JEZEBEL Magazine “Realtor of Distinction” 2006 & 2009
Top 5 Individual Residential Agent 2001, 2002, 2003, 2007, 2008 & 2009
Top 5% of Keller Williams Realty Agents Nationwide Since 1999
#1 Team 2004 - 2005, #1 Individual Agent 2001 – 2003
Keller Williams Realty First Atlanta
Mobile: 404.966.3328

http://www.TeamBrittain.com
0 votes Thank Flag Link Wed Jan 20, 2010
That is a great home, Sonia. If you would like to get an e-flyer from FMLS, please forward me your email addy and I will send one over ASAP. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499
0 votes Thank Flag Link Wed Jan 20, 2010
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