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Foreclosures: The Upside of Down

By
Real Estate Agent with Century 21 In the Mountains

Gone are the days when the word 'foreclosure' conjured up images of dilapidated homes with broken windows and boarded-up doors. 

Meet the new face of foreclosure.

ForeclosureMy client just closed on this spectacular 5-bedroom, 4-1/2 bath home on Wednesday. Nestled on five wooded acres in a desirable gated community in Ellijay, this home was built with no expense spared: two fireplaces; granite kitchen; two enormous master suites; a full-finished basement with media center; library; slate, tile, and wood floors throughout; top-of-the-line bathroom fixtures; butler's pantry. You get the drift...

Before the original owner lost the home, he had it on the market for $899,000. That was definitely wishful thinking on his part -- a price closer to $6Kitchen50,000 would have been more like it. Needless to say, the house did not sell at that inflated price, and the owner eventually lost it in foreclosure. When the bank first listed it, they priced it at $474,900, eventually dropping the price to $399,900. Knowing that my client would be interested in the house at this price, I took him to look at it. He loved it and made an offer of $330,000, which the bank accepted. Almost as amazing as the price, was the fact that we were able to close on the house within two weeks of the offer. 

Finding foreclosures is easier than ever. Gone are the days of poring over the legal notices in the local paper or visiting the courthouse to check through the default notices. Buyers can now access sites like RealtyTrac.com and ForeclosurePoint.com for foreclosure listings with maps and satellite images. 

Remember that foreclosures are not always a bargain, and they can be frustrating to deal with if you are an out-of-town buyer trying to navigate the process, which many of our buyers are, being that the North Georgia mountains are primarily a second-home market. Working with a real estate agent familiar with the inventory of foreclosed property in an area, which ones of those truly are bargains, and experienced at dealing with the foreclosure process can help ensure that buying a bank-owned property is as hassle-free as possible, and most importantly, that you are truly getting a great deal. 

 

Comments (5)

Vanessa V. Simmons
Real Living HER - Columbus, OH
Realtor

I totally agree I have been able to find some true deals.  Thanks for highlighting the silver lining.

Feb 20, 2009 12:48 AM
Debbie Malone
Londeree's Real Estate & Property Management - Lynchburg, VA
From Lynchburg To The Lake (434) 546-0369

Kim, this is an excellent example of the forclosure market. What an amazing deal and I'm sure your clients will be thanking you for life for staying on top of real estate in your market. Congratulations on the sale.

Feb 20, 2009 01:42 AM
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

Vanessa: There is always a silver lining...sometimes you just have to look a little harder for it! 

Debbie: Thanks! This is the third time I've worked with this client...who has become a dear friend. I love this business!

Thanks to you both for stopping by!

 

 

Feb 20, 2009 04:24 AM
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

We have quite a few foreclosures here that really need work and are "trashed". But these days, they are not the only ones on the market, some of them are really nice houses.

Feb 20, 2009 04:32 AM
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

JL: We have our share of the stereotypical foreclosures, too, but man oh man, there are some killer deals out there right now!

Thanks for stopping by!

Feb 20, 2009 04:49 AM