Some important information regarding foreclosures: the good ones go fast!

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers

 

Coweta County foreclosures come in all styles and price ranges.Seventy-five percent or more of the calls I field each week are from buyers seeking a great deal on a foreclosed property.

And don’t get me wrong … there are plenty of them out there. The Coweta County Georgia area gets more than its share of bank-owned houses. And many of these REO properties languish on the market for a long time due to a variety of salability issues.

However, the houses that are in good condition that are priced aggressively move VERY quickly. The majority of buyers are seeking the move-in ready foreclosure in the best location.

So it is extremely important to have financing already in place and to be prepared to move quickly. There better-than-usual foreclosures can generate multiple offers the FIRST day that they’re on the market, so a buyer must be alert, diligent, and totally prepared to take the plunge and write an offer.

If there are multiple offers, the institutional owner may choose to deal with the best one. Never assume that the owner will call for “highest and best,” so make certain that your initial offer is the most that you are willing to pay

A real estate agent that is experienced in foreclosure sales can be very helpful and can provide guidance and advice based on experience, and that can lead to a successful transaction!

There are plenty of foreclosures on the market, but only a few of them are “keepers!”

So it is essential to be correctly poised and ready to take the leap!

 

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Patrick White 09/20/2010 09:22 AM
  2. Marzena Melby 09/20/2010 09:56 AM
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Rainmaker
418,263
Marcy Moyer
CDPE
Keller Williams Realty Palo Alto Probate & Trust Specialist

Foreclosured or not, in te Silicon Valley homes that are priced agressviely will often get multiple offers so be prepared and know your values.

September 20, 2010 07:48 PM
Rainmaker
351,904
Scott Hayes
Realty Austin, Broker Associate
(512) 786-8300

Richard- Great point about the bank not always looking for the highest offer. Ability to close, cash v financing and other factors come in to play

September 20, 2010 11:31 PM
Rainmaker
591,182
Laura Giannotta
Your Realtor Down the Shore!
Keller Williams Realty - Atlantic Shore

Richard, on well priced REO's if you snooze you loose.  Good advice, in multiple offers the bank might not come back with a call for highest and best.

September 21, 2010 06:30 AM
Rainmaker
1,686,216
Gabe Sanders
Stuart Florida Real Estate
Martin County Residential Homes, Condos and Land Sales

Richard, our foreclosure inventory is very slim for anything but very distressed properties.  The good ones tend to go under contract immediately.  Buyers, especially unrepresented buyers are very frustrated and just don't seem to understand how the process works.

September 21, 2010 07:59 AM
Rainer
35,754
Manuel Monserrate

Best points to me were having financing ready and offering the right price first.  A lot of buyers think they're the only ones out there looking for deals, and they will be very disappointed when learning the truth, dealing with both other buyers and investors.

September 22, 2010 01:26 PM
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Richard Weisser

Richard Weisser Coweta Newnan Homes for Sale
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Additional Information

Author Bio: Richard Weisser is a Georgia real estate broker, licensed auctioneer, and has been writing about Georgia Real Estate since 1999.

Coweta Fayette Real Estate offers opinions and helpful information to consumers and real estate professionals in the Coweta County Georgia area.

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