How much work is that Buckhead foreclosure deal in Atlanta GA? With just over 90 days to go with the $8,000 first time home buyers tax credit and the $6,500 repeat buyers tax credit, we expect a busy Atlanta Spring 2010 market. There's a great opportunity with foreclosures in metro Atlanta with even a good number available in Buckhead. Today's market activity shows for area 21 representing Buckhead between the I-75 and I-85 Interstates within the city of Atlanta just 25 homes Actively listed. The prices range from $225,000 to a high of $1,360,000.
Of these 25 Active homes, many are either old tear downs that the builders bought a couple years ago expecting to tear them down and build big McMansions on the properties or homes that were spec built by Atlanta builders when times were a bit better. So, should you choose to buy a home that was planned to be a tear down, a big challenge is the home has been unoccupied for a number of years without utilities turned on or anyone watching out for the property. Some obvious challenges are uninvited small animals living within the home to all kinds of damage sustained with no one watching out for the home. Water damage, the stress on the home of no utilities in freezing and hot temps are just a few, not to mention mold or termite infestation.
Along the other end of the higher priced foreclosures, there are Buckhead builder spec homes. These sound great, however, how was the builder doing financially when the home was being built? Is the home totally completed? If not, is it logically completed? We were in one foreclosure where the kitchen layout was so bad the dishwasher opening was eight feet away from where the sink plumbing had already been installed? That's a little farther than I like to travel with my dishes! That's a simple problem, but unfinished homes can be hard to determine what still needs to be done, not to mention how well the current work was done.
Whatever you do when you buy a home in Atlanta, in Buckhead or another area, get a full inspection and understand what you are getting yourself into! Take the time offered in our Georgia Real Estate contracts from GAR (Georgia Association of Realtors) for the due diligence period to determine what you really are getting yourself into.
Foreclosures in Atlanta, Buckhead and Sandy Springs GA can be an amazing opportunity, as long as you know what you are getting.
Do you know how much work that Buckhead Foreclosure deal in Atlanta GA is? If you need help, we're here. Please don't hesitate to call or e-mail us.
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