Looking to purchase in 30022/30076 for around 250k. None of the houses listed on the GA MLS or FMLS seem interesting to us. We are pre-approved fora

Asked by Tiredofrenting, Alpharetta, GA Sun Jan 17, 2010

loan much higher than $250k, but my wife and I are targeting a specific mortgage payment. We can close in 30 days or less as we work for BOA. Are there properties that are owned by banks, etc that I am not seeing on the FMLS or GAMLS in this area.

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9
Hank Miller, Agent, Alpharetta, GA
Sun Jan 24, 2010
FMLS and MLS are going to pick up the majority of listings, distressed ones included. I appraise a significant amount of Fannie Mae and lender owned homes that wind up listed. Most go directly from the "system" to the MLS, these guys don't want to handle the sale of these homes. I keep an eye on many of the "lender" and asset disposition company sites that list properties - almost all are already on the MLS.

You seem better focused than many on here but you might also just have an unsupported opinion of the market. Many areas are going to continue to lose value, most in fact around Atlanta will. I see pockets - small micro markets where values are holding. Parts of Alpharetta are, much of it is not but sellers are either unable or unwilling to recognize that. I have many buyers that feel the same way..."Why won't they take....".

Shoot me the specific areas that you're looking at, I can run stats rather easily through my appraisal resources. You might be better renting.....

Hank
0 votes
Van Purser, Agent, Roswell, GA
Mon Jan 18, 2010
Your perspectives on the current and future conditions of the market suggest a comprehensive view of the market. I like that; if properly applied it will yield a purchase that should provide you a greater value.

As for identifying agents that are the most active REO agents; it would be necessary to have the search capabilities to do so. As a broker and Investor having purchased, renovated and resold hundreds of houses since 1981 I tend to incorporate unique skills to insure that I get the best deals for me and my clients. I doubt that you have those capabilities with any of the consumer oriented sites.

Please let me know if I can be of additional assistance.

Van S. Purser - Managing Broker & Investor
Van Purser & Associates LLC
Providing Real Estate Solutions Since 1981
Office: 770-623-3313 Cell: 404-863-2340
Fax: 770-623-0531
Email: MailTo:VanPurser@VanPurser.com
Web Reference:  http://VanPurser.com
0 votes
Tiredofrenti…, Home Buyer, Alpharetta, GA
Mon Jan 18, 2010
Thanks to everyone for their advice on this subject matter.

Van,

I don't think I have the stomach (too much risk) for purchasing a home via auction. I have previously looked at bid sites, such as bidselect. It is not for us!


In regards to what is missing in the current house inventory, I can honestly say it is hard to put a finger on it. The few homes that we have liked seem to be priced more than we fill they are worth. A fair amount of people are claiming that this is the best time to purchase a home because the market is at the floor and interest rates are extremly low. I do believe that interest rates are very attractive right and will only rise by year end, but I don't believe that we are at the floor of the RE market. As rates rise, consumer's purchasing power will decrease cause property values to suffer. If we are looking to purchase a home for a period greater than 10 years, then it wouldn't be a problem. But I am not so sure we are looking at being in GA for a 10-year period. My wife and I have a newborn son and we would be commuting to Midtown everyday. We have friends in the Alpharetta area that make the commute everyday so we know what we are getting into. :) Since the school situation is 5 years out I really don't know if picking a specific school district should way heavily into our decision. I don't know how often go through school zoning. Easy access to 400 (between exit 7-9) could prove to be a big plus as it would could cut 5-10 min off the commute. We are planning on having another child in the next 2-3 years, so a 3 w/loft or 4br is a must. A sticking point for the wife is granite countertops in the kitchen and a somewhat updated bathroom. Maybe at the end of the day we are being unreasonable in our expectations even though this is a buyer's market.

Your mention of getting in direct contact with the most active REO agents has peaked my interest. How would I know which agents are most active in REOs--through interviewing several agents?

Thanks a bunch,

Tireofrenting
0 votes
Bill Schade, , Alpharetta, GA
Mon Jan 18, 2010
BOA actually has a good supply of foreclosures and you may be able to find out homes not on the market yet that you would like through a contact there. Also, homes are coming on the market all the time and I will be glad to set you up on an automatic feed to send you listings that meet your criteria. I specialize in foreclosures and work with wholesalers to find additional homes not listed. I would be glad to help you in your search. I can be reached at 678-234-8371.
0 votes
Van Purser, Agent, Roswell, GA
Sun Jan 17, 2010
Additionially you may want to view auction sites such as http://www.hudsonandmarshall.com/default.aspx. In case this is an option you use; please make sure you are well equipped.


Van S. Purser - Managing Broker & Investor
Van Purser & Associates LLC
Providing Real Estate Solutions Since 1981
Office: 770-623-3313 Cell: 404-863-2340
Fax: 770-623-0531
Email: MailTo:VanPurser@VanPurser.com
Web Site: http://www.VanPurser.com
Advice on real estate, foreclosures, financing & fixer uppers.
Web Reference:  http://www.VanPurser.com
0 votes
Lisa Allen,…, Agent, Roswell, GA
Sun Jan 17, 2010
Hi,

There are additional homes for you to view. Mostly they are HUD homes through Pemco (you can view these on my website as I have a link there). I also have lists of home that are scheduled to come on the market...they are foreclosures that are waiting for pricing. Gamls and fmls are the most current and up to date listings of homes in Alpharetta/Roswell areas. Don't get discouraged...there are soooo many new homes that come on the market daily. I just had a Bank of America employee that I represented close on a home that took quite awhile to find. I had him set up on a notification system that notified him and his fiancee when new listings and reduced listings came on the market. That may be something you should do so that you can look at the home as soon as it becomes available!

Good Luck,

Lisa Allen, REALTOR
404-925-8261
Prudential Georgia Realty
LisasListings@att.net

http://www.LisasHomeListings.com
0 votes
Brittany Ovb…, , Alpharetta, GA
Sun Jan 17, 2010
Some banks will list properties on their website that are not yet listed on FMLS or GAMLS. These properties are in what is called 'Pre-Marketing' stage and they have been assigned to an agent and he/she is in the process of getting the property ready for sale. The disadvantage is that there won't be a listing price yet, but you will see the new inventory that is going to be listed soon.

For example, to access Wells Fargo's properties, go to http://www.pasreo.com and search for your zip codes. If you see a property that has a price of TBD, this is a home that is not listed in FMLS/GAMLS but is soon to hit the market. It gives you the property address so you can research which neighborhood it is in and determine if it's in your price range.

Hope this helps!

Brittany Ovbey
RE/Max Greater Atlanta
770-410-0327 Office
TheOvbeyTeam@bellsouth.net
http://www.AtlantaForeclosureRelief.com
0 votes
Van Purser, Agent, Roswell, GA
Sun Jan 17, 2010
What are you looking for that you are not finding in the homes that are listed?

You may also want to consider the HUD and VA sites as well as direct contact with the most active REO agents for yet to be listed homes.

Van Purser
Van Purser & Associates, LLC
770-623-3313
0 votes
Michael Hamm…, Agent, Suwanee, GA
Sun Jan 17, 2010
Sure there are, Tired. Some homes can be found through BidSelect or at FSBO sites that are not listed on GA MLS or FMLS. Call or email if you need more information. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499
0 votes
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