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Buying a Foreclosed Property is the Best Deal - Move 2 North Georgia

By Donna Yates

Real Estate Agent with BHGRE - Metro Brokers

April 30, 2011 08:00 AM

North Georgia Cabins and Land for Sale, Foreclosures, Short Sales, Resales, Buyer Representation

Buying a foreclosed property is the best deal. True or False ?

The general perception among the consumer looking to buy real estate thinks so. But is it really the best deal? North GEorgia Foreclosures The answer is sometimes true, sometimes false and usually more often than not, the answer is false.

The main thing for a consumer to remember is don't lose your common sense real estate logic by focusing only on price. Financial problems of a previous owner is not always the reason for the foreclosure. Some underlying problems with the property itself may be the cause. Oftentimes, buyers come to realize that a new or resale property is more desireable, more reliable and in the long run, more affordable.

Consider things like less than desireable location, crime rate, school district, how long has the property been on the market and are there lots of other foreclosures nearby. A buyer has an obligation to do his/her own due diligence; check out the neighborhood at different times of the day or week among other things. Select an agent who offers buyer representation to assist with protecting the buyer's best interest.

Foreclosed properties are usually sold under a limited warranty deed. Be sure you spend the extra money for a title search and owner's title insurance. An experienced Realtor® can advise you of other ways to protect youself when buying which may never even cross your mind if you practice DIY.

Georgia is a "Buyer Beware" state and I strongly recommend buyer representation which in most cases will be at no cost to the buyer. Contact me for a free Georgia document, "Protect Yourself When Buying".

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Donna Yates
Associate Broker, GRI
706-633-0644 Mobile
My Fax Toll Free: 866-859-5454
North Georgia Blue Ridge Mountains

www.move2northgeorgia.net
www.blueridgemountains.activerain.com

EMAIL DONNA

Coldwell Banker High Country Realty 706-632-7311

Donna Yates, Associate Broker, Move 2 North Georgia

The North Georgia market is a very opportunistic market for buyers and sellers. Here you will find affordable land and cabin packages and super buys for lake, river and creek front homes.

When do you think you will be making your next real estate move?

Call Donna Today ! 706-633-0644

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Karen Hurst

RICOASTALLIVING.COM - Warwick, RI

Rhode Island Waterfront!

Foreclosures can be very good deals and yet some are absolutely horrible. If it's an unbelieveable price, there is usually a reason...and if not then expect multiple bids. I have seen some very nice homes in nice neighborhoods with a minimal amount of work go for much less than they would have if they were standard market. But clients need to understand they cannot usually negotiate repairs.

May 07, 2011 10:36 AM

Donna Yates

BHGRE - Metro Brokers - Blue Ridge, GA

Blue Ridge Mountains

Not the deals most buyers are led to believe by the media but for sure, some good deals to be had. In my market area, those get away fairly quickly. But these days, resales and new construction are good deals too because prices have practically hit bottom here. We honestly do not anticipate prices going much lower in my market at this point.

May 10, 2011 06:10 AM

Steve and Jan Bachman

RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax - Herndon, VA

Realtors - Northern Virginia

Exactly right Donna. Folks sometimes get caught up with the idea of a great price (which is not a given in REOs) and forget that they still have to want to LIVE there!

May 20, 2011 09:13 AM

Some deals to be had for sure but the good ones get away fast. Buyer beware in Georgia so buyers need to look beyond price. Prices are so low now on resales until many of the buyers we see in my market area start out looking at foreclosures but only a small few actually buy one opting instead for a new or resale home.

May 22, 2011 06:50 AM

Buying a Foreclosed Property is the Best Deal - Move 2 North Georgia

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