If you are thinking of buying a foreclosure home in Atlanta, don't do it without an Atlanta Buyer's Agent! There was a news story the other day in the Atlanta area where loads of buyers that went directly to a builder to save the other side of the commission, and waived the right to have a buyers agent are in deep trouble. It seems as if they bought investment properties from troubled Atlanta builders while dealing only with the builders representative. The builder representative by Georgia law does not represent the buyer! They only represent the builder. First of all the buyers made several mistakes, waiving the right to inspect on a new home is not smart. In fact it is the single most important time to find building mistakes. It is rather important when you consider a lot of these builders distressed properties are being sold as is without disclosure! The other mistake the buyers made is that they waived the right to buy title insurance! They did not buy buyer's title insurance! A really stupid mistake! Because when the builders were going under, they neglected to pay a lot of their sub contractors! So what is showing up now? Liens, big mechanic liens! In fact most of the homes are loaded with major liens and it is my understanding some are over 50 and 60K! The problem is that the leins flow with the land, and now the responsibility of the new owner.
The biggest mistake a buyer can make is assume that they are saving the commission of the buyers agent by not having representation, they are not. They are losing the right to have representation, negotiate, and protect their own interest.
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