Home Buying in 30269>Question Details

Steven, Home Buyer in 30269

where can i find bank owned property?

Asked by Steven, 30269 Sat Jul 3, 2010

Help the community by answering this question:


Steven: most of the bank properties are listed when they are available. They can sit for months in limbo before they are available. There is virtually no way to make an offer on a property until the bank actually lists with an agent and offers the property for sale. Most people find this hard to believe, but that is typically how it works. There is a house in my own neighborhood that has been empty for over a year. The bank had a cover installed on the pool and they are having it maintained, but there is no sign and it is not listed for sale yet - go figure. Any agent in your area will be able to zero in on your price range and other criteria to include foreclosure listings.
Good luck.
1 vote Thank Flag Link Sat Jul 3, 2010
Hi Steven,

If you have ALL CASH ( in your hands) you can bid at the foreclosure auctions at the courthouse. Most of the properties do not have any equity but some of the lenders will allow properties to sell at auction below the amount owed.

You have to do a lot of homework before bidding because not only will you not be able to inspect for serious issues with the property, but you may also get liens that stay with the mortgage. 2nd mortgages and other lienholders bringing a foreclosure will not extinguish a first mortgage so you need to do a lot of homework before trying this.

Otherwise if you're the typical "retail" buyer that needs to get a mortgage, you will pay close to "retail" prices.

And as mentioned earlier, banks do not sell directly to buyers--unless you're buying 20 properties for ALL CASH, then the asset manager may deal directly with investors. Buying an individual property,, forget it, you have to wait until the asset manager eventually lists the property for sale and bid against the other many bargain hunters looking for a "steal". So if you don't have an ALL CASH offer, find a competent Realtor that can help you make your offer almost as valuable as ALL CASH. There are certain tips and tricks that I personally employ and have been very successful with banks accepting my client's offer over others.

Good luck!
0 votes Thank Flag Link Mon Sep 19, 2011

Most are listed. Some do sit in limbo for long periods of time before they are ever listed. On my website, I allow for anyone to look at all the properties listed. So feel free to browse around and if you have any questions, just ask.

Christian Swann, SRES, GREEN, REALTOR
Keller Williams Atl. Partners
0 votes Thank Flag Link Sun Sep 18, 2011

Better Homes & Gardens Real Estate Metro Brokers has just added a "foreclosure" tab on their web site for just this reason.
You can search for foreclosures anywhere in the Metro Atlanta area, including Peachtree City, from this site.
There is a new 4BR 3BA foreclosure just listed in my own subdivision, Robinson Woods Estates.
MLS# 02979397
Check it out at: http://www.metrobrokers.com
I can also set up your own personal search site.

I would be happy to assist you in finding a home in Peachtree City.
0 votes Thank Flag Link Thu Dec 2, 2010
Check out my website:

0 votes Thank Flag Link Wed Oct 13, 2010
I have free foreclosure searches on my website at http://www.bestgeorgiahomesearch.com/BuyingForeclosures/REO's

I'll be happy to work with you when and if you decide to buy a property; meanwhile, you are welcome to use the search engines without any hassle.

Jackie Campbell
The Campbell Team at RE/MAX Results
0 votes Thank Flag Link Sun Jul 4, 2010

Most local realtors have access to foreclosed / bank owned properties. I recommend you contact more than one and ask lots of questions. I am an Accredited Buyer Representative and Short Sale Foreclosure Resourse and would be happy to answer any quesitons you may have. Feel free to contact me anytime I can me of assistance. Visit my website for additional information.

Mike Jones, Realtor, ABR, SFR. SRS
Prudential Georgia Realty
770-827-6097 Cell Phone
770-914-9400 Office
website: http://www.mikjones.prudentialgeorgia.com
e-mail: mikejones@prudentialgeorgia.com
Whether Buying, Selling, leasing, investing, or just curious to learn more I am here to assist!
0 votes Thank Flag Link Sat Jul 3, 2010
Hi, Steven

Bank owned property can be found just about every where. There are few communities ,unfortunately, that do not or have not had them. I would be glad to help you. Just contact me any time by way of my contact info and we'll start the ball rolling.

Joyce Small
RE/MAX Around Atrlanta All Stars
719 W. Lanier Ave. Suite A
Fayetteville, GA 30214
Office: 770-460-3300 x310
Cell: 404-557-6776
0 votes Thank Flag Link Sat Jul 3, 2010
I can help you find REO or bank owned property. I live in the area and would be glad to help you. You can contact either by phone or e-mail. No pressure.

Brent Sullenberger
Prudential Georgia Realty
Cell- (404) 993-4437
E-Mail: bsullenberger@prudentialgeorgia.com
0 votes Thank Flag Link Sat Jul 3, 2010
Everywhere you look.

The best question is: Do you want a bank owned property or the best deal? To get the best deal get the best realtor for finding the best deal.

If you just want bank owned homes, our search tool will let you single them out.
0 votes Thank Flag Link Sat Jul 3, 2010
Joshua Jarvis, Real Estate Pro in Duluth, GA
When interested in any bank owned property-- for accurate information-- consider working with an agent--your agent can answer any questions, give you information needed, keep you updated as to new properties reaching the market, schedule showings, etc.
0 votes Thank Flag Link Sat Jul 3, 2010
Contact a local Realtor. If you can get a recommendation from family or friends or find an Endorsed Local Provider with http://www.DaveRamsey.com. Or... find a Realtor who contributes to Trulia and read their answers to get a feel for their competency.

Good luck!
0 votes Thank Flag Link Sat Jul 3, 2010
Talk to a real estate agent in your area. Banks now have a group of agents they market their properties thru. They don't deal direct anymore unless you're buying in bulk to the tune of at least $5 million or more. They have way to many properties to do that.

An agent is always your best bet. And as a buyer they will look out for your best interest. Don't buy from the listing agent as their client is the bank, not you. They won't give you a better deal, can't disclose anything they know about the property or what the asset manager might have told them.
0 votes Thank Flag Link Sat Jul 3, 2010
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