3 Things All Buyers Should Expect In GA
After discussing a few issues with my team and explaining what makes us successful on the short sale side, it turns out the same skills on the short sale side apply to the buying side as well. When helping a seller through a short sale, it’s very stressful for them. So preparing them what to expect such as how the bank will react to offers, how to postpone the foreclosure, will the bank come after, what about taxes and how soon do they need to move are all questions we as a team have to answer. For a buyer we found it’s very similar, most buyer need to know a few things. I thought it would be good to cover the 3 key expectations for you:
- Expect Multiple Offers on homes under $150,000 – This is pretty much true of all of metro Atlanta except Clayton County. Take a look at the median price point, whatever below that is selling and selling very fast. In Gwinnett County, homes under 150K are selling in 2 weeks if priced appropriately.
- Expect to have your financing in order – If you are planning on making offers on short sales or foreclosures, then you need rock-solid financing options. This doesn’t have ANYTHING to do with your credit score but rather that you got with a lender. If you are approved to buy a home, it doesn’t matter what your score is, you’re approved, period. However, without the approval, you’re not even able to play the game for 99% of the homes. It doesn’t matter whether you’re offering on a $50,000 fixer upper or a Sugarloaf Country Club mansion.
- Expect to jump through a few hoops – In today’s market if you are wanting to buy a foreclosure or short sale you need to be willing to “bend” a little. With foreclosure properties you’ll likely have to sign contracts based on their terms and live with their attorney, per diem charges for missing a closing date and even getting pre-qualled by their preferred person. In short sales, you can expect delays, and even expect not getting the home due to the seller messing the deal up or the listing agent or the bank!
Believe it or not this was written a few years ago and it still holds true!
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