Foreclosure Facts For Home Buyers

Helpful information for buyers interested in purchasing foreclosures. Is this email not displaying correctly? View it in your browser. Must Know Info Before Buying A Foreclosure   This property is a distressed sale. The prior owner could not make the payments perhaps for as long as several months, so assume that the proper home maintenance was not performed. This could be an issue in obtaining new financing, as the property must meet certain minimum requirements for  financing. If you are a foreclosure homebuyer in Georgia, you need to have representation from a Buyer's Agent (Priscilla Hammond) in the transaction that represents YOU as a client, not the listing (Seller's) agent. Be advised that while you may believe you are getting a great “deal”, it is the LENDER (not the seller or realtor) who determines the condition and value that will establish the terms of the new loan. This property may be sold “As-Is”, Where-Is”. If this is the case, know that this means the seller (bank, mortgage company) makes no representation as to the condition or habitability of the property. Serious conditions, such as visible or invisible black mold, wiring defects or missing wiring, etc. may exist which could affect the habitability of the home and may even have been an issue in the foreclosure. Even if these conditions may be known to the listing Realtor, they will not be disclosed to you or your Agent. There is no “seller’s disclosure” as required by the standard Realtor purchase contract (G.A.R) in any non-foreclosure sale. This disclosure holds the seller responsible for defects that are known or should have been known by a reasonable homeowner that are not disclosed to you at the time of contract. Your earnest money deposit may be non-refundable for any reason. Unlike standard contract sales, foreclosure sellers typically will require a higher amount of earnest money, and will not refund it even if serious problems are discovered with the house and/or it does not appraise for the sales price. Sellers (usually bank) may attempt to assess a daily penalty (up to $100 a day is common) if you do not close on the contract specified date due to delays that are not seller related. Many factors are involved in the processing and approval of your loan request: documentation analysis, appraisal, legal/title work, etc: delays do occur and all fees are the responsibility of the buyer. This could result in you paying higher closing costs. The seller will require that you use their pre-selected attorney. While the attorney in a real estate closing represents the lender and not the seller or the buyer, we may be able to accommodate the request if the fees are similar to other real estate attorneys that are on the lender approved list. The seller will only deliver a “Limited” Warranty Deed at closing, vs. a “General Warranty Deed. This will require that you purchase “owner’s title” insurance, increasing your closing costs but protecting you from any possible future title claims. It is strongly recommended that you have an inspection done (costs between $250-$550) depending on the size of the home. Appraisals are usually ordered after the inspection period has passed. Be aware that the home inspection is an opinion and not a guarantee or warranty from the inspector. Problems arising after the closing, regardless of severity are the responsibility of the buyer to repair. Your home inspector can recommend additional inspections such as mold, HVAC, plumbing, etc., if unusual conditions exist. These are the buyers’ responsibility as well. Homes sold at an auction: You should avoid purchasing a home at an auction. Credit Restoration Services Our service specialists will help you with a wide range of services to help protect you from identity theft, setting a reasonable budget, disputing items on your credit report and more!! Home Buying Services Our Buyer's Agents will prove to be your best choice in Metro Atlanta Real Estate with professional, friendly and thorough service. Preventing Foreclosure & Selling Your Home We provide the best marketing resources to get your home sold and to try to prevent foreclosure.  follow on Twitter | friend on Facebook | forward to a friend  DISCLAIMER The content provided is presented or compiled for your convenience and is provided for informational purposes only. The information provided on this blog should not be construed as offering legal, financial or other advice to be relied on by the reader to make or refrain from making any decision or to take any action. The investment, mortgage or financial services or strategies mentioned in and throughout this email may not be suitable for you. Nothing in this email should be construed as a solicitation of properties currently under contract with another broker.   view email in browser

JUST SOLD I85/JIMMY CARTER BLVD IN NORCROSS GWINNETT COUNTY GEORGIA

THIS IS A MARKET TRENDS REPORT FROM ONE OF MY RECENT SALES.
THE CONDO HAS 2 BEDROOMS 2 FULL BATHS AND 1 HALF BATH WITH A ROOMMATE FLOOR PLAN
IT'S LOCATED IN A GREAT AREA OF GWINNETT COUNTY CLOSE TO PARKS AND SHOPPING CENTERS.
THE ORIGINAL LIST PRICE WAS $47,500 AND I NEGOTIATED MY BUYER A STEAL OF A DEAL AT $24,000, I'M PROUD & EXCITED TO SAY THAT WAS THE LOWEST SALES PRICE FOR A UNIT IN THAT COMPLEX FOR THE LAST 6 MONTHS, THE NEXT LOWEST WAS $29,900
IT WAS A FORECLOSURE.
IT WAS A CASH SALE THAT CLOSED IN 30 DAYS.
CURRENT MARKET VALUE IS $55,476 AND THE VALUE RANGE IS $45,490-$65,462
MEDIAN HOME VALUE FOR THE ZIP CODE 30093 IS $105,000
THE PERCENTAGE OF FORECLOSURES FOR THE ZIP CODE 30093 WAS 5.5% IN DECEMBER 2010 AND DOWN TO 4% IN NOVEMBER 2011
THE AREA HAS 76% RENTERS AND 24% OWNERS
THIS BLOG POST IS PROVIDED FOR INFORMATION TO HOMEOWNERS IN NORCROSS GEORGIA AND FOR FUTURE HOME BUYERS
TO SEARCH FOR YOUR OWN CONDO/TOWNHOME IN GWINNETT COUNTY GEORGIA CLICK HERE

IF YOU NEED CREDIT RESTORATION OR THE BEST REAL ESTATE AGENT SERVICES, PLEASE CALL
PRISCILLA HAMMOND

404.503.6562