Foreclosures in the Atlanta Market - Where the Deals Are…

February 26, 2008

After 22 years in the real estate business I can tell you that the foreclosures are offering opportunity like we have not seen since I have been selling property. Atlanta narrowly missed being on the top ten list for the highest foreclosure rate in the country in 2007. According to the Atlanta Business Chronicle, 2.5% of Atlanta homeowners were in the foreclosure process in 2007. In every price range, in every neighborhood, we can see the stark reminders of those poor folks who reached too high, didn’t pay enough attention, or had the unfortunate luck to get an expensive illness without insurance. Many of these houses were simply vehicles for loan fraud. Whatever the story, there are so many that it is really pretty amazing. Many are beaten and bruised and will take a lot of elbow grease too bring them back to life. On the other hand, there are some still have tracks in the carpet where someone vacuumed and cleaned, they still have their appliances and window treatments and are ready for their new homeowners. 

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Posted by danconnolly | Filed Under Foreclosures 

$100 Down Payment for HUD Homes

December 3, 2007

HUD homes continue to be a bargain for owner occupants with the $100 down payment option available on all properties beginning with the extended listings on October 5 2007. Then the properties listed on the General List (Owner Occupant preference) after October 10, 2007 are also eligible. This applies to the insured properties and the uninsured IF the buyer is using the FHA 203K loan to purchase! This is a program available to Georgia residents, and they must be owner occupants. One restriction on the program  is that if the homeowner bids over the appraised value, then they must bring the "overbid" amount to the closing.

 If you want to see what HUD homes are on the market look at my Atlanta Foreclosure page and you will see a link to HUD homes near the bottom of the page. While HUD homes are listed by Realtors and are in the lists of foreclosures that you can search by neighborhood, the only way to get an up to the minute accurate look at what is available is to go to the HUD site. Properties will still show active on the MLS when they are actually under contract. If it is on the HUD list, they are available!

If you find a home you want to see or bid on call me. You must have a registered HUD broker to make a bid and if you forget my phone number just call 770-HUD-HOME and you will find me! 

Posted by danconnolly | Filed Under Foreclosures 

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