Going Strong & Clean to win the Prize

So not all condo's are the same, nor the circumstances of a foreclosure, nor the agents that have the ability to represent you in negotiations.

Sometimes, you win a multiple offer situation with a foreclosure when you're not even the highest offer -- but you've presented the "strongest & cleanest" offer.  Banks aren't in the clean-up and coddle business, they're looking for swift & no-fuss transactions, even if that means it may not be the highest possible contract price.  Because the fact is not all contracts become closed sales - so if there's a shaky buyer asking for a lot of "little stuff" when it comes to foreclosures - i.e. a home warranty, all utilities to be on for inspection, an extended financing & appraisal period, all of their closing costs to be paid, etc. ---the bank is going to say "Next!" and keep it moving.

There's no doubt that buyers need to be protected in transactions and be given the opportunity to become aware of what it is they're truly buying (this happens during showings of the property & the inspection conducted by a profession inspector - hopefully ASHI certified), yet with an experienced agent who's familiar with the tell tale signs of certain foreclosures - Houses (HVAC gone, copper pipes, exposed wiring, termite tunnels, buckling roofs, etc. - you'll be able to eliminate the disasters and focus on the ones that meet your needs/goals - whether that's move-in ready or an FHA 203K renovation loan project) - or Condo's - age of complex, % owner-occupied, lease cap %, age of hot water heater & a/c, appliances, etc.)

Well, that was the case for one of my clients who just scooped up a great 1/1 at Inman Park Village Lofts for $125,000 -- the now lowest sale in the building & in the heart of the city!

We knew it wouldn't last more than a few days & presented a clean & strong offer with good earnest money, no seller paid closing costs (banks love this - it's not necessarily the amount of $$ - just the fact the buyer is strong enough/has liquid resources to close the transaction).  We minimized the special stipulations & yet protected him by adding a simple line -- "contingent on FHA spot approval & financing" - which doesn't scare asset managers with a certain # of days of financing/appraisal contingency period of say 14-21 days- but for those who are aware FHA appraisals guidelines run up through closing, so the Buyer was protected.

He has now moved into the former model condo unit with all of the bells & whistles of surround sound, tiled walls & backsplashes, etc. & he's done it for less than anyone else in the building.

When it comes to negotiating & ensuring a great value/deal on a foreclosure in the Atlanta market, you'll want Michael Neville & Associates of Keller Williams Realty Atlanta Midtown on your side.  We navigate the market on a daily basis so you can enjoy the place you ultimately call home.

You can reach Michael at 404-310-8364 or Mike@LiveInAtlantaGA.com