Atlanta foreclosures – search for distressed properties – metro atlanta gas works park fireworks

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The use of the word Foreclosure in the description in any way is enough to get the property on my list. If the agent uses the term pre-foreclosure you will see it on my list. If the terms bank and owned are there you will see it on the list. I have added the search parameter for “Special Addendums” to help find some of the investment opportunities that may be “falling through the cracks”. Some agents and Seller’s when selling foreclosures do not describe them with those words but virtually every one asks for special addendums. Once again there may be some listings on my list that use the words “special addendums” for something else, like a corporate transfer. Again, there will be some errors on the list, but there will be some hidden gems as well! Read the descriptions and you will find many foreclosures and a few corporate relo’s! To my way of thinking, anything that requires special addendums has the potential for being an investment opportunity.

The Process There are no hard and fast rules about how offers are handled in the purchase and sale of foreclosures in the Atlanta market. In general after the properties are listed the Buyer’s agent prepares a contract on the GAR forms and submits an offer. Most of the Brokers that deal with foreclosures require some kind of proof of funds for all cash offers and pre-qualification letters for the the Buyers who will be getting loans for the purchase. The Listing agent will then present this offer to the Seller (the Assett manager). The Seller responds typically, only to an offer that they are taking, and will come back with a set of special addendums that must be filled out that are much more involved than the original contract. If there are multiple offers the Broker will usually give all Bidders a time to prepare their “highest and best” offer and will then respond only to the offer with the best terms.

Financing Contingency Most offers on foreclosures are contingent on financing and typically the Seller will allow 14-21 days to get loan approval. If the property is damaged and requires major repair, the Sellers will typically require cash offers or consider financing contingencies only if the purchaser is getting financing with a rehab loan.

As-Is The properties are typically sold “as-is” and the Sellers will not provide a termite letter. As-is offers (with no inspection requested) tend to be taken much more seriously than offers contingent on inspection. Sometimes an offer for less money will win the bid if it is as-is.

Inspection The Sellers are generally are open to the Purchaser doing a normal home inspection and will sometimes provide utilities for that purpose. If they don’t, the Purchaser will have to turn the utilities on in his own name. The properties are sold as is and the buyer can cancel if the inspection turns up major issues. The addendum will frequently state that the seller will have the right repair an item if they choose, but they do not generally do any repair. Sometimes they will renegotiate the price with the buyer. If the sale falls through and if the If the assett manager believes that the repair is beyond the scope of normal loans then they may then only consider cash purchases.

Closing Date The closing date is important and the seven day extension that is standard in normal purchase and sale contracts, does not exist with most foreclosure addendums. The sellers require a fee for each day the contract is extended from the contracted closing date. This is called “per diem” and is normally between $50 and $100 per day and must be paid in advance to get an extension. So time is of the essence in getting the loan documents to the lender!