This morning our brokerage went to witness the foreclosure sales and tax lien sales taking place on the steps of the Forsyth County Courthouse in an area of Atlanta which has been booming. Our ears perked up when we heard there were to be 267 foreclosures. What was equally surprising was how many bidders/buyers there were for the properties (seemingly a lot less than 267)! A law firm hosted us and held a class right then and there on the courthouse lawn while the sales were taking place, providing us with lots of useful information. There are an awful lot of things to consider when considering buying a forclosure or tax lien; hiring an attorney to do the preliminaries and get you started is cheap and highly advisable!
The number of commercial forclosures seems to be climbing quickly, if property listing databases are any indication. Many commercial property owners have 5 year loans with balloons and are having trouble refinancing, even with interest rates still low. With rates seemingly about to start climbing, it will only get more intense for them. The situation with commercial will likely take considerable time to get to the bottom, but that presents a grand opportunity for anyone with money, or access to funds, to prepare their game plan and take their time searching for a commercial investment property.
Glenn Sweeney, Associate Broker, 678-665-7857 (Cell), View My Website
Crye-Leike Realtors, 13190 Hwy 92, Woodstock, GA 30188 770-517-2272 (Office)
Glenn is an associate real estate broker, and also develops business intelligence software (SQL Server BI, SSAS, SSIS, SSRS, C#), software applications, and websites for business enterprises.
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