1. Are you buying a deal or buying a home? If your buying a home then look for a home and handle the seller's situation as it comes. The best deals are not always distressed.
2. If you're buying a deal, then you better sharpen your pencil and set your expectations. Despite the CNN 10 second headlines and infomercials, most lenders are not giving homes away. Many will require an ivestment in repairs before being decent. At the end of the day, you need to SELL FOR A PROFIT or this will have been an exercise in futility. So remind me again, where are the buyers clammering and clawing to get to Suwanee? Five years from now are they coming?
3. As Deryk and others have pointed out, this process is convoluted - lenders are not cooperative, the process is broken and the folks in the decision making process are detached from the use of logic. Each home is given a ratio to sell within and it typically sits until that minimum is hit. I and many of these agents can share personal stories of rock solid deals being ignored.
4. You also better hire outstanding inspectors, I appraise foreclosed homes for Fannie Mae and some of what goes on as sellers leave is sick and twisted. Since they're typically sold as is with minimal restoration, that's on you to find and fix.
5. If you do hire a contractor(s) you better know your stuff - many contractors are making nice cash working with novice "investors" and buyers looking to do just this....after those buyers bought the wonderful "get rich video series" sold by some hack on TV.
6. You also better have your financing totally squared away - FHA and conventional loans are restrictive on what condition the home can be sold in. The idea of rolling repair costs into a loan is all but gone, those programs out there can be tricky. Have you considered what kind of cash/CCard expenses you might incur?
7. Tied to the exit strategy....what's the home worth after you sink blood and money into it? Do you know what the area track record has been over the last 3-5 years? Will you be able to sell it 30 days after you finish fixing it up and make a profit...or even come up even after agent fees? Planning to refi and pull "equity" out after sinking money in? Best of luck with that.
I know I'm a downer - I get that way being in these homes and areas on a daily basis. So many people operated with reckless abandon and look to assign blame when they hit the wall. Data suggests that Suwanne still has a way's to go given the standing inventory (so much new) and diminished pool of buyers; values have been sliding and the data suggests that will continue. As a busy first time buyer market, the end of the incentives in April will pull the training wheels off and we'll see how things stand in a "normal" environment. Rates will go up later this summer/fall further reducing the pool of buyers.....
So Suwanee Buyer, if you've looked at these variables and the myriad of others that I didn't even touch on and you have answers....you'll do well. If not, you'll be another "didn't think of that" owner headed into the wall at 100mph.
One thing you must understand is that the agent, whether working for buyer or seller, cannot do anything about response time, repairs, misinformation, etc, and are just as much at the mercy of the banks as you are. We do our best, but in the end, our expertise is in Georgia Real Estate law, negotiations, and contracts, not repairs, or predicting the future of the housing market. So whoever you plan to go with, understand they are limited in what they can do. Going outside that carries some stiff penalties that most of us are not willing to risk.
Would you want your hairdresser writing up a real estate contract? Go with someone who has the knowledge to refer you to the correct expert, not someone who pretends to know everything.
Best of luck!
I work with buyers in the Suwanee area but only if they agree to prequalify with a preferred lender. I would be happy to provide you with 3 or 4 mortgage providers from Bank of America to mortgage brokers that can be trusted to know what they are doing and will get it done for the buyer with no surprises.
If you don't have a strong preapproval letter from a reputable lender in hand when you make an offer in this market, you are wasting time.
Let me know if you would like to get started. I'm all about driving the bus from start to finish - achieving your goals helps me achieve mine.
You can call me directly at 404-457-8089 or email me to start the process at email@example.com.
Once you speak with them you will realize that I would be an excellent choice for your particular needs.
I've attached a link to one of our HUD foreclosure listings in Suwanee you may be interested in. It's currently on a daily bid which means you have a better opportunity of getting a better deal on this property at this time.
Feel free to contact me through my Trulia profile for a list of references and additional information.
Just like every other agent answering your question, I am also interviewing online with you. Perhaps this article on my blog will help: http://www.mackperryhomes.com/atlanta-short-sale-foreclosure
Please feel free to contact me, I will be happy to interview with you in person at my Suwanee Office. I look forward to hearing from you.
Atlanta Housing Source at
Solid Source Realty, Inc.
To answer Carol's question, if there are other great deals to be had even if not an REO or distressed property, we would absolutely be interested. We already anticipate that some repairs/ upgrades will be needed, but we're not wanting to do a major remodeling job as some of these distressed properties probably require.
I will be happy to help you. I am an Accredited Buyer Representative and I offer my Buyer clients FREE Representation, access to ANY listing and GUARANTEED savings of up to $20,000 on their home purchase. You can visit my website at http://www.HollyNormanSells.com to view testimonials from past clients. I am quite familiar with the foreclosure process and even am under contract on a foreclosed property for my own family.
Please let me know if I can help.
The opportunities to purchase REOâ€™s, foreclosures and bank owned property have never been better. Currently approximately 45% of all home sales are in some stage of foreclosure. At Van Purser & Associates we have been involved in hundreds of foreclosure transactions both as brokers for our clients and as principals. We understand the challenges and opportunities associated with buying these types of property, and our experience will insure that you get the best value possible while avoiding the many pitfalls.
Rehabs & Renovations on Fixer-Uppers & 203k
Through our affiliate General Contracting company we are able to offer our clients the same high quality general contracting services that we have used to renovate the hundreds of houses that we have bought and sold since 1981. From pre-listing and post purchase inspection issues to major improvements or repairs needed on your current home or new purchase we will save you time, money and hassles. From roofing, siding, gutters, painting, HVAC, garage doors, kitchen & bath renovations and porch enclosures to structural items; they are equipped to handle the entire process so you donâ€™t have to.
Please contact me directly.
Van S. Purser - Managing Broker & Investor
Van Purser & Associates LLC
Providing Real Estate Solutions Since 1981
Office: 770-623-3313 Cell: 404-863-2340
Member Worldwide ERC
400 North Board Circle of Excellence
Keller Williams Realty Atlanta Partners
I would be happy to help you find a great deal on a home. I have been serving my clients in Gwinnett County since 1984. Call, text, or email me at your earliest convenience so we can discuss your real estate needs and desires.
Chuck Green, Realtor
Keller Williams Realty
"Lifetime Million Dollar Club Member"
We live and work here in Alpharetta and Suwanee is definitely in our market area. I have worked successfully with Buyer's in purchasing foreclosures, short sales and corporate listings. They are definitely three distinct types of sales and the process can vary significantly between the three. We currently have a short sale listing, a short sale offer in on a property for a Buyer and I am showing foreclosures to a Buyer client this afternoon in Cumming.
Corporate sales are probably the easiest of the three with foreclosures running a close 2nd as long as they are listed with a company that knows what they are doing. Short sales, on the other hand, can often be a huge pain and take much longer to get a response on offers than the other two. We have had offers get responses anywhere from 2 days, very rare, to 2 months. 30 to 45 days for responses and closing within 30 to 60 days after accepted contract is a good average on short sales with good lenders. It depends very much on whether there is more than one mortgage and who has the mortgages. Some banks are very quick to respond to short sale offer and some seem to take forever.
We have worked with some of the top foreclosure listing agents in this area such as Greg Kurzner, Barry Britt, Cindy Simpson and are very familiar with their procedures and know what to expect when bidding on their listings. With the right agent and listing you can get a great deal on a foreclosure and close it in 30 to 45 days.
We have also worked with most all of the larger corporate/relocation companies in buying and selling their listings. They each have a standard protocol and usually their own documents and amendments to add to the process. We know what to look for in those documents to make sure that we protect our Buyer's interests. I have had great luck in getting some really good sales prices on corporate contracts.
If you are interested in discussing this more we would love to hear from you. Give me a call at 770-722-6922 and I can get to know you and your needs, answer any questions and see if we might be a good fit for each other. You are also welcome to email me at firstname.lastname@example.org if you prefer.
Key Locations Property Management LLC
Keller Williams Realty North Atlanta
5780 Windward Parkway
Alpharetta, GA 30005