Real estate blog entries tagged with foreclosure by Tim Maitski, Truth, Excellence and a Good Deal (Atlanta Communities Real Estate Brokerage)

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foreclosure: Average Bid/list price for HUD Foreclosures is 114% - 03/12/13 12:02 AM

I received a call from a buyer who was interested in having me submit a bid for her on a HUD foreclosure.
It was listed at $37,000 and she wanted to offer $25,000.
If you aren't involved daily in real estate right now, I can see how you might think that it's still a buyer's market. If you look at a price chart for this area, Clayton County, you can see how far prices have fallen and they seem to have been pretty flat for the past three years.

But my direct experience with helping buyers get homes tells me … (1 comments)

foreclosure: Many Foreclosures in Atlanta Going for Over List Price - 04/05/12 01:16 AM

I've been working with an investor this past year over in the Gwinnett County area.
It seems like it has become a very competitive market over the past few months. We keep coming upon homes that we'd like to buy but there seems to be a lot of multiple offer situations.
As a recent example, there was a home that came on the market at $83,000. My investors have another property in the same neighborhood and knew that it was a pretty good price. So when we got the mutiple offer notification we went up to $88,000. Unfortunately, that wasn't high … (4 comments)

foreclosure: Good Things Happen When You Put the Ball in Play - 09/09/10 09:29 AM

Yesterday I decided to do another video tour of a HUD foreclosure. In Georgia, any agent can market the HUD properties pretty much as if they were their own listings. So I've been doing some quick and simple video tours to see if I could drum up any business.
I was in the middle of doing my video when I noticed that someone had pulled up the driveway. I was thinking that I just wanted to make the stupid video and get out of there and now someone was going to interrupt. I just hate when that happens :)
I went … (0 comments)

foreclosure: HUD Foreclosure, Woodstock GA. Bid Deadline Midnight September 19, 2010 - 09/09/10 08:50 AM

Here's my HUD Foreclosure video tour of the week.
It's up in the Fairways off of Town Lake Parkway in Woodstock Georgia.
I provided all the information you need in the links below.
516 Fairway Drive, Woodstock, GA 30189 $218,000
HUD #105-279857Property Condition Report
Comps. for The Fairways
Detail sheets for Comps.
To learn more about HUD foreclosures in Georgia and placing bids on them.

… (0 comments)

foreclosure: Banks Slow to Foreclose. Defaulting Borrowers Staying 469 Days After Last Payment. - 08/30/10 03:38 PM

Can you believe these stats:
Defaulted borrowers were spending an average of 469 days in their home after ceasing to make payments as of July 31,
That's over 15 months of no payments. Even though seriously delinquent mortgages have increased over the last two years, the number of default notices that the banks are sending out have gone down.
Freddie says a good 14% of homes that are seriously delinquent are vacant. In such circumstances, eventual recovery values rapidly deteriorate
Why wouldn't banks foreclose on all of those vacant homes. Nothing good is going to come from a house sitting vacant. If … (9 comments)

foreclosure: What Is a Short Sale? The Difference Between a Foreclosure vs a Short Sale - 08/27/10 04:03 PM

I know. I know. Not another post about short sales.
If you are an agent, just click on by. Nothing new to see here.
If you are a person who has never bought a home or if you haven't bought a home in a few years, you might not know what a short sale is. I didn't know about short sales until a few years ago.
"Short sale" is an oxymoron. It takes a long time to get through a short sale transaction. Three to six months is the norm. I've heard of some taking over a year.
But a short sale … (3 comments)

foreclosure: Video Tour of My Pick of the HUD Foreclosure of the Week - 08/13/10 02:39 PM

I'm picking a HUD foreclosure home every week and doing a video home tour of it.
This week I toured a home up in the Kennesaw area.
Go to my main website to get more information about buying a HUD foreclosure in Atlanta Georgia.
I'm a registered agent with HUD so I have the special HUD key to get you into any of the homes and I can submit a bid for you on their special online bidding platform.

… (4 comments)

foreclosure: Foreclosure Deal in Sugarloaf Country Club Snapped Up. - 07/05/10 06:32 AM

I was looking over some foreclosure deals that closed this past week to examine the particulars. It's always good to figure out what it took to get a good foreclosure deal.
Some buyers who just started the game might think that they are in the driver's seat and banks will take whatever they offer. But the banks aren't the issue. It's other competitive buyers. What are others willing to bid on some of these foreclosures?
A beautiful foreclosed home in Sugarloaf Country club was listed:
List price June 9th: $799,900Tax assessment value: $1,364,100Sold in 2003 for $1,325,000
It sold and closed in 23 … (0 comments)

foreclosure: Bankruptcy Is Probably a Much Too Extreme Measure to Use in Order to Protect Yourself from a Possible Deficiency Judgement - 06/17/10 03:48 PM

Here's a pearl of wisdom I picked up at a CDPE class I took today.
In some short sale negotiations, it's sometimes not possible to get the bank to waive their right to pursue you for a deficiency. This freaks many people out because they have to live in fear of the bank coming after them again. Some bankruptcy attorneys market to this fear and get people to take the bankruptcy route in order to put a final end to it all.
Before you take the bankruptcy route, make sure you know how that will affect all aspects of your life. A bankruptcy … (8 comments)

foreclosure: Home Buyers Bailing Out of Bubble Markets and Moving to Cheaper Markets - 12/18/09 12:58 PM

I received a call yesterday from a person in another state where he experienced a big run up in house prices and now a huge decrease in values.
He bought his current home 10 years ago for $125,000. At the peak of the market he refinanced for $325,000 and did a major renovation. At the time he said his home was then worth $725,000. Now he says he'd be lucky to get $200,000. So he's upside down by $125,000.
(Video version of this post)

He runs his own business and things have slowed down. He can't make his $3200/month payment. … (6 comments)

foreclosure: About a Third of Atlanta Foreclosures Selling at or Above List Price - 06/04/09 04:40 AM

I'm seeing a lot of foreclosures being priced very aggressively. It's creating multiple offer situations. I am working with a buyer right now who has been beat out of a foreclosure deal by someone else four times over the past few months.
He tells me that if it's a "buyer's market" why should he have to pay any where near asking price. It has been very frustrating. I began wondering if it was just bad luck on my part that just about every "great deal" that I find for my buyers is getting competing offers.
So I did a small analysis. I … (5 comments)

foreclosure: Free Source of Foreclosure Listings in Atlanta. Don't Pay for Outdated Information - 02/05/09 02:04 PM

I had a client who gave me a list of 20 homes that he got from a foreclosure site that he was paying for. When I looked them up in the MLS, about half had already been sold several months ago. I would never pay for such out dated information.
Just about every bank foreclosure is going to get listed by a real estate agent who will put it in the MLS. You can use my site, HomeAtlanta.com, to search for these foreclosures.
Go to the "advanced searach" tab and you'll see that there is a keyword search function. Just search for foreclosure, … (0 comments)

foreclosure: Do You Trust Your Agent? Do Ya Feel Lucky, Punk. Well Do Ya? - 02/01/09 03:28 AM

There are some great deals coming onto the market everyday. I've seen a few first hand and sometimes I want to scream out loud for someone to come and get the deal of the year.
Unfortunately, no matter what I say to a buyer, if they don't trust me and my experience they won't feel comfortable pulling the buying trigger and snagging a great deal.
Unless you are in the game and looking at homes and getting a good feel for value, you probably aren't going to trust me when I tell you that you are going to get a … (6 comments)

foreclosure: The $1000 Gamble to Turn on Utilities for a Foreclosure Home Inspection - 07/03/08 02:22 PM

I've been experiencing the joys of helping people try to buy foreclosure deals. Having utilities on for inspections has never been a big deal. I've never really had to bother too much about it. The sellers just took care of it and I never really got involved.
This week I learned that when the power is turned off for an extended length of time, it can be complicated and costly to get the power back on in order to do an inspection.
I'm seeing more and more bank foreclosures state upfront in their special addendum that they will not be responsible for … (6 comments)

foreclosure: Do Banks Really Want to Sell Their REO Homes? - 02/07/07 10:31 PM

Many buyers are looking for a deal. Georgia is third in the nation in foreclosures so you would think that banks would do their best to get their REO homes sold. You would also think that banks would demand the best services from real estate agents in order to maximize the amount they can salvage from a bad situation. They are professional business people, aren't they?
My typical experience with helping buyers pursue foreclosures is usually one of frustration. In my city, there are maybe 4 agents who get most of the bank foreclosures to list. They are REO listing specialists. From the few closings that … (48 comments)

foreclosure: Short Sales, Is It a Niche Worth Pursueing? - 12/18/06 11:47 PM

I've been studying up on short sales thinking that it might be a nice market niche without much competition. Up until a year ago I had never heard much about them. But they seem to be coming up more and more as banks are willing to make a deal instead of taking a home back in foreclosure.
For those of you who haven't heard of the term, it is pretty simple. A bank is sometimes willing to take less than the total payoff of the mortgage and call it even. In the last few years there has been a lot of 100% … (8 comments)

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