Bank Owned Homes in Atlanta
While it is very unfortunate that there are so many homes that have become foreclosed property because of people’s lack of ability to handle the financial aspect of such a big purchase this makes buying bank owned homes a good option for other buyers. Regardless of where or whom you are buying from is important to make sure that you are well organized before you begin the process.
While some people choose to go through the process on their own in most cases, it’s in your best interest to get yourself a real estate broker or agent to help you ensure that you are getting the best possible deal. Once you have decided whether or not you will move ahead alone or with some assistance you will then have to ensure that you have the proper finances to offer any deals.
Not getting pre-approved for finances to make your purchase can cost you a lot of money in the end because if an offer you put out there is accepted and you do not have the money to back it up you might in fact not be able to get any down payments back. So before you begin looking around be sure you have visited your local bank or financial institution and find out how much you are able to pay for new home.
As with any home purchase always make sure the home has been checked by a licensed home inspector. They can check for imperfections in the home and tell you what must be fixed. This will also help you judge whether or not the home is actually worth what is being asking for it.
If you find one that suits your needs then place an offer but do think about what it is you want written into your contract. In some cases some people choose to ask some cost to be paid by the owner which in this case would be the bank. For example, some people ask to have the closing costs paid for as part of the contract. If you are unsure how to approach the situation or what you need to include in an offer make sure that you seek assistance from a professional.
It is important always to be careful to ensure that you include every detail into the contract because anything that is left behind may not be considered by the bank and they will no longer be required to follow your request if you have not put it in writing. This should also include the date in which you and your family expect to move into the home. Many homeowners also include a clause in the contract which states if any repairs have not been seen to before the contract has been signed then they must be at the cost of the seller not the new homeowners. This is not always an acceptable clause to banks however, it is something to consider in order to protect yourself.
Always make sure that you read every detail of a contract. If at any time you are not sure exactly what is being said make sure you ask somebody. It is very important not to sign a contract before all parties are completely clear as to what is being expected.
Just like any large purchase such as this there is a risk associated with entering into a contract to purchase bank owned homes so, make sure you have taken the time to carefully consider everything before you sign a contract. With a little patience and organization you may just find the perfect home for you and your family.
What Sets Mark Teytel Apart?
- Broker-Owner Since 1998
- NRBA, NAMAR and NAR Member
- Real Estate Professional Since 1994
- John Marshall Law School Graduate
- Annually, Manage and Sell Over 300 homes
- Gwinnett Daily Questions and Answers Columnists
- West Law Award Recipient For Business Excellence
- Phoenix Award Recipient - Top Real Estate Producer
- Radio Show Host and Guest Expert for WSB and WGST
- Five Star Institute, Equator, Resnet Certified REO and Short Sale Expert