I am a first time home buyer and I am looking to buy intown (Turner Field area). I found a forecloser, but I

Asked by Lisa Edwards, Atlanta, GA Tue May 6, 2008

cannot afford $10,000 for improvements. Any advice as where I can turn. Also, is this an okay area for a owner occupant, not investor.

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8
Chris Colvin, Other Pro, Marietta, GA
Thu Oct 14, 2010
If you are looking at a fixer-upper, even it is is a potential Streamline, don't forget to contact a HUD 203k Consultant. 10 minutes on the phone will give you an ocean of advice. A lot of 203k Consults that I do are with loans that started as a Streamline 203k - and then due to any number of decisions or reasons, went into a Full 203k. Often when that happens, a Borrower can feel overwhelmed at the learning curve between the two programs. The main culprit is frequently structural work (and how FHA defines that) surrounding a relatively small remodel.
Gather as much info as you can, as early as you can. This will pay off when you start working with loan officers, consultants, and contractors... as 203k is a very deadline based program.
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Greg H., Both Buyer And Seller, Atlanta, GA
Fri May 9, 2008
Hi Lisa,

In these areas you have to look street by street and do your homework. Spend some time driving through the areas at different times of day and of the week. There's lots of inventory available, but you will likely need to look through at a lot of houses to find your match. I found a small neighborhood - Capitol View Manor, that I like very much...Its a little farther south off University Ave, but it is unique in that it is positioned as a real neighborhood with only limited access...a lot of the more transitional areas have heavily traveled through streets. I'm not sure of your budget, but you should be able to find a nice house with little or no work needed for under $150K. I have one for sale in capitol view manor if you are interested.
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Pauline Moore, , Atlanta, GA
Thu May 8, 2008
There are many area's by Turner field that might not be right for you, but there are some area's that are really nice, so it really depends on your point of view. I have seen many foreclosed homes in that surrounding area, some with major repairs and some with not so much, the FHA 203 program is a great help if you can qualify for that program, it will help you with your repairs. It is best to turn to an agent that you feel has your best interest at heart and can inform you so you can make the best descission for you, especially if you're not sure about this area. Let me know if you would like more information, the ball is in your court and I will be happy to assist the best way I can. Good luck, http://www.morerealestatellc.com
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Lee Taylor, Agent, Decatur, GA
Wed May 7, 2008
Lisa,

Turner Field = Summerhill, Pittsburgh, Mechanicsville, Peoplestown, and Grant Park, correct?

In FMLS this morning, I found five single family houses listed between $175,000 and $225,000 that might meet your criteria. 5 nice bungalows that appear to be renovated to a nice quality level. 4 on the edges of Grant Park. The most expensive one is a sweet looking 4/3/1 in Peoplestown. All of the houses have updated kitchens and at least 2 bathrooms.

You ask - "any advice where I can turn?"

Of course, turn to a hyper local real estate specialist with an active practice in the area. Start interviewing now, unless you already have someone with the talent and the knowhow that you need working on your behalf.

Do you have cash or will you be financing a percentage of the sales price amount? If you are financing, who is your preferred lender?

Get your real estate on.
Web Reference:  http://intowninsider.com/
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Morriah Mcph…, , Atlanta, GA
Wed May 7, 2008
I have a great end-unit townhome that feels like a single family house in Grant Park wich is not far from Turner Field but much safer. You can move right in, no maintenance, plus a fenced yard! See the website below!
Web Reference:  http://www.grantcir310.com
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Bill Piper, , Atlanta, GA
Wed May 7, 2008
Diane & Shelby have already covered the 203 K program, which is an FHA loan. Many lenders also hav mortgages that can include repair money. The next question is do you have a contractor you can depend on to do the repairs? A major rehab can be full of surprises, if you dn't have any experience with this sort of thing. The good news is that there seem to be a lot more foreclosures out there that need little or no repairs. I'm seeing quite a few that only need paint and floorcoverings. The Turner Field area are older homes so, unless a previous owner had already started improvements, you can probably expect the repairs to be pretty extensive.
As far as whether the Turner Field area is OK for owner - occupants or not, well that's a decision you have to make after researching the area. What might be OK for a single male may not be OK for a family with small children. Most investors who buy homes to hold for rent want to purchase in an "OK" area also, because renters want a safe, comfortable area to live in too.
Since you're a 1st time buyer looking at foreclosures, I hope you're working with an agent that knows the area and the homes. Trying this on your own with no experience could cost you, and the Seller will pays for youe agent.
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Diane Menard, Agent, Marietta, GA
Tue May 6, 2008
Lisa,

My first question to you would be are you sure you want to purchase a foreclosed property being a first time home buyer. I know there are some great deals out there, but a lot of these foreclosed property are just beat. If you are working with an agent, make sure they ask for a warrranty for you, even though they say sold as-is you can still ask them for repairs as well. I have had great success with the banks even though they were not offering to pay for certain items. They will even pay closing costs most of the time,

Also, make sure you speak with a lender. The FHA 203K Streamline is a great product and you will be able to escrow your repairs.

If you like the area and feel comfortable with it, the yes it is an okay area for owner occupant.

If you would like to speak with a lender, you can call Kim King with SunTrust at 770-617-6694. She will answer all of your questions.

If you need additional services please let me know.

Good Luck!
0 votes
Shelby DiBia…, Agent, Glendale, AZ
Tue May 6, 2008
I am not familiar with Turner Field but I can say there is a loan out there called the FHA 203k . This program allows a buyer to have a certain percentage of the home held back in escrow for necessary repairs. It's a good time to buy in Arizona. If you are planning to live in the home for at least 8-10 years... you can't go wrong. Buying a home is still the best investment you can make!
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