April 18, 2010

Where Have All the Atlanta Foreclosures Gone?

Posted in Uncategorized tagged atlanta buyers agent, atlanta first time home buyer, atlanta foreclosure, Atlanta foreclosure auctions, atlanta foreclosures, atlanta homes, atlanta homes for sale, atlanta real estate, Atlanta real estate statistics, atlanta short sale, atlanta short sales, era, national association of realtors, winter baserva at 2:35 am by winterbaserva

Where Have All the Atlanta Foreclosures Gone?

Are you an agent who is constantly frustrated by showing a foreclosure only to find out within hours its gone under contract?

  Or, an Atlanta first time home buyer that needs to “think” about the purchase before putting in your offer to find out its been taken underneath you? Or, even the Atlanta investor, who gets how fast they move and put in offers sight unseen only to find out so did 20 other investors???Where have all the Atlanta Foreclosures gone?? We’ll according to the National Association of Realtors  buyers and sellers report, they are being BOUGHT, and bought very quickly. Did you know that in 2009, 47% of home buyers were first time home buyers with a median household income of $73,100?? And, that half of home sellers traded their current homes to a large size and higher priced home?? There’s a lot of buyers out there, and although the media continue to label us as in a ‘down market’, these statistics show anything but….                                                       

Here are the facts….the plethora of Atlanta buyers capitalizing on the first time home buyer tax credit addition to the Atlanta Short Sales and Atlanta Foreclosures are soaking up the inventory…Have you seen the GMAC sign that sits on 1-85? Homes that are currently for sale are DOWN! In record numbers. Despite that 1 out of 3 loans are being denied, with an average income of $73,100, your home sale could run 4 times a persons income. So, yes, there is still money out there for qualified buyers……And, the banks books are lightening, so despite that YES, we will see some more foreclosures hit the market, they will not be in record numbers like they were in 2008.

So, how DO you snag up a foreclosure, especially when they are fewer and farer in between?

•1)  Get yourself a good deal specialist One that understands the Atlanta Foreclosure and Atlanta short sale market and can help you find ALL types of properties–including the ones NOT currently on the market…..77 percent of buyers purchased a home through a real estate broker and real estate agents were viewed as a VERY USEFUL SOURCE OF INFORMATION by 81 percent of those buyers in 2009. That speaks VOLUMES to our abilities to protect and educate you.

•2)    Act first, think later. Put an offer in, tie up the property and then THINK LATER. Your due diligence period allows you 7-10 days to decide if you want to keep it. Don’t let the other Atlanta Vultures beat you to the punch. I’m an Atlanta real estate agent that specializes in good deals and selling homes for top dollar, but I’m also an investor. I wrote 45 offers to get the 7 homes I ended up buying. Good deals are a numbers game, thinking will slow it down.

•3)    Work with someone who “SPEAKS THE BANKS LANGUAGE” and knows how to structure your contract to protect you. Foreclosures and short sales CAN be good deals, but they don’t come without trials, you better be sure the agent you choose knows how to protect you.

•4)    Know that if it “sounds to good to be true”, it is and know what you consider a “good deal to be”. I get a lot of folks wanting to find a home for “50 cents on the dollar”…And, my question is “50 cents on WHAT DOLLAR?” The appraised value? The purchase price? The sale price? If you want a home worth $500,000 for $250,000, you are not going to find it. Deals like that just don’t exist and if they did, there would be something really wrong….Have you ever found a $50,000 car worth $25,000? Exactly.

•5)    Call the Atlanta Home Vultures team today and find out how we have successfully made over 24 good deals happen since the beginning of 2010 when your average agent only does 4 transactions….A YEAR!!!!

Permalink Leave a Comment