Foreclosure in 30523>Question Details

Thomas, Home Buyer in Jonesboro North, Atl...

Advice on timing

Asked by Thomas, Jonesboro North, Atlanta, GA Wed Jan 28, 2009

The is a house that I am interested in (247 Grant Street Clarkesville, GA 30523). I found out yesterday that it is in Pre-foreclosure. I have been told that the house probably needs some foundation repairs and that the siding is asbestos. Should I wait until after the auction to inquire about the house(auction is next week)? Or, should I talk to someone before? I was thinking that if I waited until it was aquired by the bank they may be willing to take a hit on the foundation repairs.
Thanks for any help.

Help the community by answering this question:


When you get to the auction you're on your own - do everything prior and go in with your eyes wide open

0 votes Thank Flag Link Thu Jan 29, 2009

If you purchase the home from the bank or pre-foreclosure it will be an "AS IS" purchase. I would not count on anyone making the foundation repairs. Plan to budget that into your own repair account
0 votes Thank Flag Link Wed Jan 28, 2009
Talk to someone BEFORE you make any bid on the property. It's going to be an "as-is" sale, ESPECIALLY if you buy it on the courthouse steps, so your best bet is to work the costs of any repairs into your OFFER.

Please consider getting an agent to represent you in this! Ask around to see who has experience representing buyers who purchase foreclosed / distress sale properties, because it is important they know their way around all of the contract language that is specific to these types of sales.

Good luck.
0 votes Thank Flag Link Wed Jan 28, 2009
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