Home Buying in McDonough>Question Details

Sarah, Both Buyer and Seller in 31064

How do I find out a list of builders who are facing foreclosure or bankruptcy. That are willing to negotiate

Asked by Sarah, 31064 Wed May 7, 2008

considerably on their new homes? (McDonough, GA area) Thanks!

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Most builders are negotiating considerably... some have already reduced their prices considerably. The incentives are incredible also such as closing cost and moving expenses paid for example.

I would highly recommend that you have representation when working with builders as guidance is needed more in this market than previous markets. Make the wrong move and your deal will turn into a nightmare.

Most builders can no longer build a spec home so we are going to a pre-sale market once the standing inventory is bought. Since the best deals are spec homes it would lead one to think that pre-sales will be higher priced with less negotiations.

The deals are there for you to grab. If you need a great agent in McDonough, I have a fabulous referral for you.... and best of all represenation will cost you nothing but will save you thousands not to mention all the hassle.

Happy Negotiations!
Web Reference: http://www.HomesByLorie.com
0 votes Thank Flag Link Wed May 7, 2008
A builder does not need to be facing bankruptcy in order for you to get a good deal. A builder who has a solid balance sheet, but has inventory which is draining them may be willing to sell that inventory at prices very attractive to a buyer.

Solid builders may stay solid by getting rid of stale inventory before it impacts their financial solvency.

Shop any and all builders for attractive buys. Buyer agents can give you good insight into which builders are flexible with options, upgrades and pricing.
1 vote Thank Flag Link Thu May 8, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Just remember that there are many Issues to consider when Buying Foreclosures. Properties in foreclosure are possibly damaged goods. When people go into default on their homes, some may tend not to care for the property. They may not maintain the property and could damage the property deliberately.

Remember the term "As is." In a normal transaction, there are seller's disclosures. Sellers are liable for fraud if they lie, but that due diligence doesn't exist in foreclosures because there is no contract with the seller. Title issues may arise. You get a title search in a normal purchase after your offer is accepted. In foreclosures, you are responsible for your own title search before your bid is accepted. If you don't have a title search, you may prevail at the auction but be subject to superior liens like tax liens or contractor liens that will stay attached to the property.

Auctions are designed to get you excited. Some people are not mentally prepared to an auction in the right way and get caught in a bidding war. The auction could take place on the courthouse steps or in a courtroom, but the pace of the bidding matters. If it's fast-paced, don't get caught up in the excitement or you could overbid.
0 votes Thank Flag Link Tue May 27, 2008
I have worked mainly with New home builders and had one large one go under last year, I can tell you it is not fun, you won't get your warranty that you would with a builder still doing good.
You always have minor hick ups when you move in and it's nice to be able to call someone and get it done.
I also live in the McDonough area and can definatly tell you that the foreclosures has slowed down here, there are not that many coming on the market new as it did last year. If you need help,. I be happy to show you some that have incredible deals as well as some that are being sold by banks now.
Visit my web-site or e-mail me with any specifics you are looking for like # of bed and baths, size yard, etc, no obligations. Good luck, it is a great place to stay, Pauline
0 votes Thank Flag Link Sat May 24, 2008
Sarah,

If they are facing foreclosure enough for them to have received the letter, then that's public information.

Otherwise, this information is private and you'll want an Realtor who knows the area well and can give you the inside "scoop."
0 votes Thank Flag Link Thu May 8, 2008
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
Contact
Sarah,

There's not really a list of distressed builders.. They are all distressed! Most any builder will entertain offers right now if you are well qualified and can close quickly.
0 votes Thank Flag Link Wed May 7, 2008
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