Plenty of Georgia Foreclosure Homes in Need of Tlc

Where are the buyers for all the Georgia foreclosure homes? Real estate teams in the Atlanta metro area have reported a pick up in sales over the last two months, but noticeably in the higher priced home market. Low priced one bedroom units sales have languished. And yet the demand for affordable rental units is very great. Wary investors are not yet attempting to realise the bargains that could be had by buying from swollen stocks of bank and other lender owned property. With evictions so much on the rise where are the unfortunate to be housed?

Georgia has been particularly hard hit by delinquent home loans this year. As well as recording foreclosure filings rates among the highest in the United States, the Peach State now records the highest Chapter 13 bankruptcy filings rate. Georgians are forced to file for bankruptcy to try to avoid losing their homes to foreclosure when, unable to refinance, they face not only a cold seller’s market but also a swift foreclosure timeline; the out of court process can end in a sale in two months.

The Georgia real estate market includes a little of every style, price bracket and lifestyle choice, from historic homes in Savannah to basic starter homes in the dormitory urban areas of Atlanta. Foreclosures are found throughout the state but Fulton (Atlanta) and Dekalb counties lead the state in filings numbers. Chosen astutely and bought well, they represent a solid investment for the home buyer prepared to stay in the home for the next 5 to 7 years, by which time most predictions are that prices will be rising and markets warm once more. The buyer prepared to put in the time and determination required to research and analyse the pre foreclosure listings and auction sale notices, the total value of the liens against each property and the level of equity either existing or to be obtained by negotiating with lien holders will be rewarded well for that effort. The greatest reward is most likely now as the housing slump nears the bottom of the curve; the buyer is in pole position. And if the time to auction is too short for him, there is always that opportunity to make a canny all cash offer to the lender immediately after the auction sale when bidding has not reached the reserve price. Expect bank foreclosures in Georgia to become more attractive as a field to weed!