The under 100K market in Atlanta is a clear seller's one; the 100K-200K is fast moving in that direction. We're seeing much more investor activity, multiple offers are common and the potential for financial disaster with novice investors is growing. This is a perfect rookie trap.

This Atlanta foreclosure is a duplex with a truly split personality, each has an identical floor plan but conditions couldn’t be more opposite. The unit in the video is now bank owned and requires a complete remodel down to the moldy studs. This Atlanta foreclosure appears to have been impacted by a fire in the front unit (in this video) and it likely started in the bed. On top of that is a major black mold issue and significant deterioration of several walls and framing members.

If you’re an investor or first time buyer in Atlanta interested in buying foreclosures you cannot be too careful. Homebuyers in Atlanta that think foreclosures are such a fantastic bargain are generally misguided; the days of major deals are over. Much of the Atlanta real estate market less than 200K has moved from a buyer’s market to a seller’s market; multiple offers, highest and best contracts and over list price sales are common.

The takeaway is simple: do not walk into any real estate transaction without first doing your homework. This is especially true when selecting an Atlanta real estate agent and a mortgage broker. If you fail to do proper and extensive due diligence when selecting your representation, you will pay the price. Don’t be a deer in the headlights investor wearing a bullseye, Atlanta is littered with broke “investors”.

Enjoy more videos that give you an idea of what foreclosures look like before they hit the market.