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 We certainly have seen quite an uptick in the number of foreclosed homes in Atlanta as with the rest of the country. I'm seeing about every golf community having at least several homes. Are they deals? Sometimes yes, and certainly sometimes no. So much depends on who and how someone lived in the foreclosed home. Banks and mortgage companies typically sell these properties AS-IS, which means you typically have the right to have an inspection of the home, but the aren't going to do repairs. It's important to know what is wrong with a home, and also how much it will cost to repair. I've shown foreclosed homes where they are in great shape, and I've been in some that you are amazed that people lived that way (homes that were 500K and up!). I get asked this question a lot, "How low of an offer will the bank accept?" There are many factors that I see come into play. If the home is priced aggressively from the start, I see homes sell at or very close to full price. Other factors that come into play is how long and what condition a home is in. If a home needs a lot of work and has been on the market for a long time, I've seen some homes sell for 20-40% off the listed price. It's usually pretty rare, but it does happen. It's been sad to see, but one other group that has been hit hard are Builders, especially in the higher price ranges. I've been seeing new construction homes selling for huge discounts. Call or email me if you would like for me to email a sample of foreclosed homes to see. I'm here to help!!
--Ed Sams
January 28, 2009 01:14 PM
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