Melissa Morgan

Aimee,  It means this:  No Disclosure: The seller is not in a position to "disclose" facts or details about the condition or history of the property.  Seen mostly in foreclosure-related properties, but can also be seen with estate homes, or other homes that are being sold for the lot.  "As-Is": The seller is not interested in making the repairs to the house to bring it up to par with a comparable property.  This description is also mostly related to foreclosures, but the elderly are also selling their homes with this attached if their home needs updating or something.   "No Termite Letter" is also not uncommon.  In 2008 in the State of Georgia, the onus is now on the buyer (their lender) to protect themselves from termites through a termite bond and letter.  It's also normal to see in foreclosures.  "Buyer Beware" is your first thought, but be prepared to take it a step further in order to understand why a home is being sold "AS-IS" "No Disclosure" and the like . . . If you're thinking of buying, don't forget that Buyer Representation doesn't cost you a thing. - Thu Mar 20 2008, 14:27

Ludmila,
If you are looking at homes built in the 80's and 90's you'll want to be aware of whether or not the house has LP Siding and/or Polybutelene Pipes. Both items are part of class action lawsuits worth millions of dollars. Be sure to speak with your Realtor about these items as anything is fixable, but you need to be informed of costs and opportunities to delay those costs. Also, keep in mind, some of the best houses and some of the best builders used these two building materials, so it's common and fixable and shouldn't deter you from finding a new home.

Best wishes. - Thu Mar 20 2008, 14:11

J,
You might want to check out Windward. There are a variety of styles of homes and prices and it's a "plug-in" community for you and your family. It's a short commute, less than 20 minutes, to Holcomb Bridge area. The schools there are FABULOUS and there are also a variety of daycare choices.
We're here to help . . .

Melissa Morgan
Keller Williams Premier Atlanta
404.444.5263 - Mon Mar 10 2008, 19:36

Jess,
All good information here. I've worked with several banks over the last couple of months and each was unique in their willingness to negotiate the price. My most recent negotiation was a great experience, for me an my client. My client is closing on a house he is getting for $45k below market price, that's after we negotiated a sales price, then went back to ask for closing costs, and then went back again and asked for a price reduction based on the extent of the repairs needed to the home (none being cosmetic). Why was this successful? I think first, it worked because my I advised my client against "lowballing" the bank (you can't get something for nothing), and second, because we made every effort to give the bank what it wants, too, which is a SALE.

Get educated on what's fair market value for a foreclosure you're interested in, make a good contact (through your agent) at the bank/reo company, follow up your offer by doing all your inspections and sharing what you've learned. And after all is said and done, be sure you have a way out of the contract should you not get what you need. - Sun Mar 9 2008, 11:50

Hi Marty,
I just wanted to let you know that RealtyTrac is not necessarily always the most accurate search place either. I was looking for a specific property on realtytrac that I KNEW was a foreclosure and it did not register on their site until 3 weeks had passed.
I have found that it is currently more and more difficult to keep track of foreclosures for several reasons. First, an "announcement" of a pending foreclosure is just that, an announcement that one might be coming. If the owner is able to make good on the past due notes, the property does not foreclose, but may be counted as a foreclosure for up to 30 days. Second, a foreclosure must be advertised in the local paper for several weeks ( a total of 120 days) until it is eligible for a transfer of ownership, another reason numbers may end up skewed. And third, it is true that not all foreclosures are listed in the MLS systems accurately or before that 120 days is expired. - Sun Mar 9 2008, 11:39