Buying a foreclosure can be very rewarding or total frustration. We have guided many clients thru the process of purchasing a foreclosure. In Georgia there is no right of redemption as there is in some states, so when you buy the property you are assured that it will remain yours as long as you pay for it.
Some properties are total disasters, others are in pristine condition, but most are some where in between. There are two basic types of foreclosure buyers. One the investor looking for a great deal, the other a person looking for a new residence at a good price or one they can invest some sweat equity to have a nice home at a good price.
If your the investor type there are no emotions involved. It is almost like a game, your in it to win which means buying the property at the lowest price possible.
If your a person looking for a new home there are emotions involved. Many times when you submit your offer, you get a notice back telling you that there are multiple offers on the property. You are asked to submit you highest and best offer. One of my clients said he hated this part because he felt like he was bidding against himself. That may be how you feel, but in reality you are bidding against other buyers.
What should be your highest and best offer? I always advise my clients to submit a number that is the most they would be comfortable paying for the property. We supply them with statistics on recent sales and what we believe to be the current value of the property, but it is ultimately up to the buyer to determine the highest and best number. Sometimes you win other times you loose. It can be a real emotional roller coaster. This is why it worthwhile to have a good agent you are working with that can help you thru this process.
If you are considering investing in a foreclosure or purchasing one for a new residence for yourself, call Mike and Melody your bridge to success in purchasing a foreclosure.
