How to Buy a Foreclosure
Buying foreclosure real estate in Georgia is a unique process. You are best served by working with a seasoned foreclosure real estate agent. Foreclosure agents are trained experts with accreditation and are experts at helping you get the best price from the financial institution or trustee who owns the foreclosed property. Below we have provided the basic steps in locating, evaluating and bidding on foreclosed homes and properties in Atlanta.
Step 1 - Finding Foreclosure Properties
Court House Steps. The first Tuesday of each month, on the county courthouse steps, is the first example of where you can locate an REO property. These properties are advertised in local newspapers the month prior to the sale. You may purchase a great deal, but there are many negatives with these sales that you should be aware of. First, these sales require cash only. A person purchasing one of these properties is not granted any inspection period, or even the right to view the home. Without a chance to inspect the property you don't know what you may be purchasing. You will be bidding against seasoned investors, not to mention the lending institution generally has a reserve price that is not lower than the outstanding debt, arrears and foreclosure costs.
Auctions. You can often get the jump on the auction by putting your bid in prior to the auction. We will take you through the process with one of our experts in this field.
FHA and HUD Homes. Paramount REO can provide you with a list of these foreclosure properties. We have HUD specialists on staff waiting to help you with your HUD purchase.
Step 2: Contact Paramount REO
Pick up the phone and call us so we can prepare a list of suitable properties that match your search criteria and then take you out to view the inside of the properties.
Step 3: Financing
We can assist you in finding the right mortgage company that specializes in foreclosed home financing. We have numerous financing institutions ready to qualify your transaction, including these reputable lenders.
Henry Gonzales
1000 Mansell Exchange West
Suite 270
Alpharetta, GA 30022
(O) 678-495-2830
(F) 404-921-9666
(C) 404-210-7849
NMLS#203954
Henry@henrygonzales.com
Eric S. Hoffner
Mortgage Loan Officer
900 Circle 75 Parkway #760
Atlanta, GA 30339
D 770.690.2822
C 770.652.9574
F 1.866.342.0472
www.erichoffner.com
Step 4: Analyze
When selection is down to the short list we will assist you with a market analysis of each property enabling you to see what other similar properties have sold for, so that you will be knowledgeable about the value of your final property selection.
Step 5: Negotiate
After you have selected the right property for you, we will commence negotiations and get the property at the price and terms acceptable to you. This is where our expert negotiators will earn your trust and complete the transaction to your satisfaction.
Step 6: Inspection
After the contract negotiations are complete, the Inspection contingency process begins; we will advise and assist you in the home inspection with an inspector of your choice from our referral list. This is usually a 5 to 10 day period after the contract is accepted. Inspection contingency allows you to have the property inspected to determine its condition while allowing you to withdraw your offer if the condition of the property is not acceptable to you.
Step 7: Closing
Our agent will accompany you to closing and walk you through the numerous documents you will be required to endorse, protecting your interests all the while.