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Georgia Real Estate Foreclosures

Foreclosures 101

All you hear about these days is foreclosures, foreclosures, foreclosures! (and Short Sales, but that’s a different page) You see people on TV buying foreclosures and flipping them for huge profits all in under an hour. Well I hate to be the one to burst your bubble, but it is simply not that easy. Don’t get me wrong there is value to be had out there in the bank owned market (Notice I said bank owned) and with the right guidance…Hint, Hint…It is possible to find a great deal either as your new home or an investment!

If we are going to talk about how to find deals on Georgia Real Estate Foreclosures, then we absolutely have to start by understanding what all these terms mean.

In Laymen’s terms:

Foreclosure – The bank or lender is repossessing or selling a piece of property because the owners have defaulted on payment.

Please notice the “repossessing or selling” part of my definition. If you are looking to buy a foreclosure you will have to do so at auction! You will be combing the newspapers, and going to the courthouse to find out which houses are headed for foreclosure (Please never pay anyone for this info, it is all public domain, most sites that want to charge you are a rip-off) Then you are headed to the courthouse steps to bid on your new home.

Bank Owned or REO – This is probably what you are looking for. The foreclosed property was not purchased at auction, and ownership has reverted back to the bank. They have now listed it with a real estate broker and it is available for sale.

Unless you are prepared to pay a lot of cash, Bank owned or REO (Real Estate Owned) is what most Joe Q Homebuyer’s are looking for. These homes are easy to find, all you have to do is ask me. I can easily send you a custom web page that will list these homes as soon as they come on the market, and best of all its absolutely free. Email info@RelyOnRob.com or give me a call at 770-363-4528 and I will get right on it.

But enough of that shameless advertising, back to class.

There are many misconceptions about purchasing these Georgia real estate foreclosures, and Georgia bank owned homes, so let’s try to clear up a few.

Myth – Every single foreclosure, bank owned home/REO is a great deal. It is easy to find and buy one at a great value

Reality – Yes, there are great deals out there. No, it is not that easy. Banks don’t like losing money; the negotiations can be drawn out and complicated. You will have to deal large companies and corporations who in many cases have never seen the home in person.

Myth – If a house is $20,000 less than comparable homes it has to be a great deal right!

Reality – Well not if it needs $25,000 in repairs! The harsh truth is that sometimes these homes can be pretty beat up. People find out they are losing the house, long before the sheriff arrives to ease their transition, some people rip out anything they can to take with them, there are also instances of random destruction, and I have even seen some things to vulgar to list here. The point is it takes some work to find a Bank Owned or REO property that is truly a good value!

Myth – It is no different than buying any other home that isn’t new construction.

Reality – Very Wrong! Foreclosures, Bank Owned Homes/REO’s are AS-IS purchases. To spell it out, the bank is not required to fix anything! Not before the closing and especially not after! The buyer is responsible to have any and all inspections they want done prior to closing and at their own expense. If you do not have the inspections done, or you miss something and 2 weeks after closing your bed falls through the kitchen ceiling due to termite damage don’t bother calling anyone, it’s your problem.

If only you had a great agent, who could use his home inspector training to help you make sure you get the right inspections, and who was such a strong negotiator he could possibly have the bank offset the cost of needed repairs by lowering the price, that would be great! The best part of the whole thing is that this great agent costs you nothing! The same bank that he has just hammered to get you the best deal has to pay his commission!

In case you didn’t pick up on it, the agent in the paragraph above is me. I hope this very basic introduction to Georgia foreclosures, Georgia Bank Owned Properties and Georgia REO has been helpful! If you would like more in depth information please feel free to call or email us anytime and Myself, or a member of my team would be happy to speak with you.  

Cherokee County Foreclosures

As of January, 1st 2009 there are over 200 Cherokee County Foreclosures available for sale. These foreclosed homes are spread throughout Cherokee County, all over the cities of Canton, Woodstock, Holly Springs and Waleska.

If you are interested in looking into a Cherokee County Foreclosure please feel free to give me a call anytime or email me at info@RelyOnRob.com and I would be happy to help you with your search.

East Cobb Foreclosures