Home Buying in Stockbridge>Question Details

mizzmikad, Other/Just Looking in Stockbridge, GA

I am a first time buyer me and my husband. I wanted to know is it best to look at home in foreclosure or for sale? Thank you! Tamika and James.

Asked by mizzmikad, Stockbridge, GA Tue Dec 25, 2012

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Hello Tamika and James!

You can look at both, but it really depends on the moving time frame for you and your family. I am very familiar with Stockbridge, so if you need assistance and you're not working with another real estate professional, please don't hesitate to reach out to me.

Maryum Oliver-Felix
0 votes Thank Flag Link Fri Dec 28, 2012
Tamika, it depends on your goal. Keep your options open. The FHA 203k loan is great for renovation a home that is foreclosed and needs repair. You might save at the end of the day vs a home that is for sale and ready to move in. Consult a renovation specialist and you will be armed with insight as to which option is best for you.

Leonard Campbell of Wells Fargo is a Branch Manager and the renovation specialist in Columbia, Md.
Best, wishes.
0 votes Thank Flag Link Fri Dec 28, 2012
Hi Tamika and James,

Search for homes that are listed active.

Lee M. Hutchinson
Solid Source Realty
770-475-1130 ext. 9599
0 votes Thank Flag Link Fri Dec 28, 2012
Hi Tamika,
If by "in foreclosure", you mean short sale, then those do take longer to close. The seller's lender(s) must give approval to accept a lower amount than what is currently owed on the property. Depending on what stage the seller is in with the short sale process, that can often take several months to know anything. Up to six months is not uncommon. Some may even take much longer than that. The lender may not always give approval to the short sale, then you have to start over with a different property.

For a more normal closing time, you would want to select a regular resale or an REO property.

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

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

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 Wed Dec 26, 2012
As a first time buyer unless you have real experience repairing/renovating homes, or a family member who is a contractor/plumber/electrician etc or you have extra money to spend, I would strongly advise you not to look at foreclosures and instead focus on homes fro sale.

Foreclosures are rarely the deal buyers assume them to be and they are inherently more risky to buy. I'm not saying their a bad deal, (most are fair deals at the end of the day) but why assume more risk for a fair deal at best.

I have a lot of experience with foreclosure sales and have blogged about them in the past,. I've attached a link below to one of the more popular blogs I wrote on this subject and encourage you to read it before going out looking for a home to buy.

Best of luck and happy house hunting.
0 votes Thank Flag Link Wed Dec 26, 2012
You can purchase that first home employing several different strategies, Tamika and James, but considering properties Listed as Active, meaning currently for sale, is likely the best, most efficient way to proceed. Some people like one house so much that they will put a back-up offer on something already under contract, in hopes the original deal falls through, allowing them an opportunity. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond





0 votes Thank Flag Link Wed Dec 26, 2012
It depends on your goals. If you need to find something quick, regular sales or bank owned homes may be the way to go. They usually close faster than short sales/pre-foreclosures. If you have time to find a home, including short sales/pre-foreclosure homes may be a good idea.

Good luck.


Jose Dias, REALTOR
(623) 418-5700 | Jose@MyFirstHouseAZ.com | http://www.MyFirstHouseAZ.com
0 votes Thank Flag Link Tue Dec 25, 2012
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