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Suwanee Office
790 Peachtree Industrial Blvd.
Suite 100
Suwanee, GA 30024
(800)424-0722
(678)318-7900
Fax: (678)318-7950

Braselton Office
2095 Highway 211 NW, Suite 6C
Braselton, GA 30517
(770)307-4000
Fax: (770)307-4500

Foreclosures

Thinking of Buying Foreclosure or Bank-Owned Property in the Atlanta Metro Area? We Can Help.

House hunting can be a very daunting experience, especially in today's foreclosure real estate market. Both investors and homebuyers have been priced out of the market by escalating costs, and good real estate deals are increasingly difficult to find.

With interest rates ticking up and ARMs adjusting upward, experts predict an increase in the number of foreclosure properties on the market.

Here are a few tips to help you when considering purchasing a foreclosure property.

  1. Learn about the different types of foreclosure properties and the foreclosure process. There are three basic types of foreclosure properties, representing different stages in the foreclosure process: notice-of-default (NOD) and notice of trustee sale (NTS), which are both pre-foreclosure properties; and real-estate-owned (REO), a foreclosure property which has been re-purchased by the bank.

    2. Secure financing early. It's important for a buyer to be pre-qualified before engaging in discussions with a seller. This ensures that the buyer is in a financial position to purchase the property, and is in the strongest possible position to negotiate. It's best to work with a lender who understands the foreclosure process, and can guide the buyer through certain steps, such as ensuring that a property is FHA-compliant. Another reason to consider pre-qualification is that not all lenders finance foreclosure properties. Having approved financing in-hand makes negotiations with both the seller and the lender easier, and may even make it possible for the buyer to simply cure the default and take over the existing loan to reduce loan processing fees.

    3. Engage a Coldwell Banker Buyer Agent as your representative. Buyer's representatives have the home buyer's and investors' interests at heart, and are charged with finding the right property and negotiating the best price for their clients. Picking the right real estate agent will make a buyer's life much easier. There are agents who specialize in the foreclosure market, with specific experience in REO properties. These agents within Coldwell Banker have foreclosure transaction experience, as well as knowledge of local, regional and state laws. We also have extensive knowledge of the area; the ability to close a deal; and the ability to access other professionals (attorneys, lenders, mortgage and title professionals) to ensure that the buyer is in good hands.

 

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