Foreclosure in 30115>Question Details

Denise Finne…, Home Buyer in Canton, GA

What is the process of buying a foreclosure in Canton, Georgia?

Asked by Denise Finnegan, Canton, GA Tue Sep 25, 2012

When a foreclosure shows up listed in trulia, how can you find out where it is or how can you tour the location?

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Molly McGrory’s answer
Buying a foreclosure is a very easy process, you need to start with an experienced buyers agent, get either qualified by a lender, we csn recommend one, or if paying cash have proof of funds. Then we will start our search, I do suggest if you are an investor that you open your search to short sales too! If you share the area of town you are looking in, I own 4 REMAX offices and I will connect you with a top notch agent. Just let me know. http://www.mollymcgrory.com
0 votes Thank Flag Link Tue Sep 25, 2012
BEST ANSWER
Denise,

When the bank is finished with the foreclosure process they list it with a REO agent. The agent then enters it into the MLS system and those home can be veiwed with your agent. Sometime Trulia pulls info from other sources that list homes that are in the process of being forclosed on. Those homes are currently not on the market for sale. Your agent can alert you when they do go on the market.

Was there a home in particular that you were interested in?
0 votes Thank Flag Link Tue Sep 25, 2012
Yes, there are some homes on trulia in Harmony on the lakes. Since they are not on MLS, I am guessing they are not on the market yet.
Flag Tue Sep 25, 2012
Hi Denise,
The very first step in the home buying process is to get Pre-Qualified. After that has been completed, you would have your Buyer's Agent submit an offer to the Listing Agent. The Listing Agent then submits it to the seller for their consideration.

To get Pre-Qualified, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Tue Sep 25, 2012
What makes you think a foreclosure is the way to go? I'm a foreclosure appraiser and I will tell you that the bargains with foreclosures are over. Anything in decent markets is going near market, you can always get good prices where no one wants to be.....

I just posted about this - http://hankmillerteam.com/2012/09/04/foreclosure-and-bargain… it's worth a read.

Focus on the home, price and comps - not on whether or not it's a foreclosure. Complicating all of this is that many foreclosure listings on these public sites are completely inaccurate. If you want to quickly zero in on all of this, drop me a liine and we can focus you.

Hank
Web Reference: http://www.hmtatlanta.com
0 votes Thank Flag Link Tue Sep 25, 2012
If you’ve heard it once, you’ve heard it a hundred times - be prepared! Buying a house is a huge decision, probably the largest financial investment you will make. First things first: How much can you afford to spend on a house? Figure out what you can really afford, not just what you think you can afford. Nothing is more disappointing than finding the perfect house and then not getting the financing you need. You can limit this risk by working with a housing counselor or lender up-front to determine what kind of house and financing might be right for you. Homebuyers should look for all the financial help that’s available. Buying a home can require upfront cash – often more than people expect. Federal, state, and local governments, and many local and national non-profits, provide assistance to individuals and families looking to purchase a home (particularly first-time homebuyers).

Fannie Mae supports this and encourages homebuyers to seek financial help, if necessary. A qualified housing counselor is a great resource – he or she will be well versed in the kinds of programs available in your area. To find a qualified housing counselor, go to http://www.hud.gov.

Be smart, do your research! Unleash the power of the Internet to learn about neighborhoods, types of homes, prices, schools, shopping, and other information that will help you purchase a home that best meets your needs. A great place to start is http://www.homepath.com. It lists, in detail, all of Fannie Mae’s properties located in neighborhoods across the country.

You can even create a personalized search which lets you be among the first to know when a new property is coming on the market in your area. Click on “Advanced Search” and you’ll find a host of ways to search for information. Once you’ve found a home you like, http://www.homepath.com contact your realtor to make an appointment to see the property.

Your real estate agent is a great personal resource for getting answers to as many questions as you can think of. Homebuyer assistance programs: programs out there to assist homebuyers. Some of them are listed on homepath.com under “Special Offers”

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Tue Sep 25, 2012
Hi Denise,

First determine if you are talking a pre-foreclosure,short sale,auction,or an actual foreclosure property.

If foreclosure what the seller will and won't do will depend on if you are dealing with a local,regional,or national bank,Fannie Mae,Freddie mac,HUD home,etc.

These sellers are view disposing of their properties differently.Also you have to look at if you are buying cash at the courthouse steps and also defining in you are buying to rehab and resell (flip),rent out and hold,or live in it yourself as a homeowner.

Best thing is to find a qualified local real estate broker who is familiar with these types of properties.You must have financing lined up and if you don't when the deal comes out you will lose to someone else.

Many less foreclosures these days as banks are doing more short sales.It gives the seller a better way out for credit and also a non-hostile disposal of the property to a new buyer.The banks avoid the bad press of foreclosure as well.
0 votes Thank Flag Link Tue Sep 25, 2012
The best thing to do is call your favorite Realtor to take a tour and find out more about the property and it's market value. Of course, I would be happy to help you with that process. Give me a call when you can and I can also fill you in on the government websites you can look at to see foreclosures. On those sites you will need a Realtor to put in a bid for you if you like a property. Best of luck!

Rick Musto
Managing Broker
Buckhead Home Reatly
770-480-7699
http://www.searchinnorthatlantaga.com
Serving the Metro Atlanta Area
0 votes Thank Flag Link Tue Sep 25, 2012
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