Alpharetta Cumming Lake Lanier Real Estate Blog

In today's real estate market there are a lot of good deals out there, but the process can be complicated. Between pre-foreclosures and short sales, sheriffs' sales and post-foreclosures it is difficult to know how, and oftentimes risky to purchase one of these properties.

A home goes into pre-foreclosure when a borrower has fallen behind on the payments, but the house has yet to be auctioned off. Many owners are open to doing a short sale in this type of situation. A short sale is when a buyer pays less for a house than the mortgage that is owed on it. Lenders must agree to a short sale, and will then forgive the rest of the debt.

In the next stage of foreclosure, homes in default are auctioned off on the county courthouse steps. These homes can be real bargains, but the process is incredibly risky. Bidders can't inspect the property, so there's no telling how much work it needs. There could also be liens against the home, due to unpaid taxes and so forth, which can also increase the cost of these homes. Additionally, buyers need to come with cash, ready to put 10%-20% down on the spot, and be able to fund the rest within a few days.

Post-foreclosures are when a lender has taken back a house and the property goes back on the market as what's called an REO (real estate owned) property. These are treated like ordinary sales and listed with a broker. Typically, bargains are not as sharp, but the process is a lot easier and neater. You have the right to make an offer with a right to inspect and walk away if anything too severe is discovered. The title will generally be clear and the property is delivered vacant.

If you are not a pro, but are looking to find a good deal in a great market for Buyer's & Investors, contact us today. Mike & Melody with Vanderhoff Real Estate have been in the real estate business for years. Let them share their experience with you, and help you navigate the complicated process of buying your next home at a great price.

Also check out our new "Foreclosure" link on our website which will show you all available foreclosures listed in the area. Call us today, and let us be your bridge to success in your next real estate transaction.

Labels: auction, bank owned, courthouse, foreclosure, sheriffs sale, short sale, vanderhoff real estate

Just Sold: 3855 Bishops Walk, Cumming 30041 in Adam's Landing. This foreclosure was priced well below market value for a quick sale - 5 bedrooms, 5 baths, full finished basement with media room and 2nd kitchen, hardwoods, Cherry Cabinets in Kitchen with Granite countertops & 3 car garage. Adams Landing Subdivision is located off GA 400 and Exit 16.

Listed at only $289,000 - this home sold for $395,000 in 2005.

Click on the property address above to view more information and photos of this property. If you would like to see other foreclosures or bank owned properties at a great price, contact us today. Our team at Vanderhoff Real Estate would like to help you find your next home or investment property. Also check out our new "Foreclosure" link on our website which will show you all available foreclosures in the area.

Labels: adams landing, bank owned, cumming, foreclosure, investment properties, pilgrim mill, vanderhoff real estate

Just Listed! Bank owned foreclosure in highly sought after Alpharetta location. This townhome is located at 3536 Spring View Ct, Alpharetta 30004 in the neighborhood of Spring Valley. Great schools include Manning Oaks Elementary, Hopewell Middle & Alpharetta High.

This 2 story townhome was built in 2002 and has 4 bedrooms, 3 baths and a single car garage. It features an open floorplan with a lot of space. The kitchen open to the family room with a fireplace. There is a guest bedroom on the main level with a full bath. Large Master bedroom and 2 additional bedrooms upstairs. Private patio area in the back. This home is listed for $145,000.

Click on the property address above to view more information and photos about this home. If you would like to see this property, or need assistance finding your next home or investment property, contact us today. Our team at Vanderhoff Real Estate would like to help you find your next home at a great price. Also check out our new "Foreclosure" link on our website which will show you all available foreclosures in the area.

Labels: Alpharetta, alpharetta high, bank owned, foreclosure, hopewell middle, manning oaks, short sale, spring valley, townhome, vanderhoff real estate

Vanderhoff Real Estate makes the search for short sales, foreclosures and bank owned properties in the Cumming, Alpharetta & Dawsonville areas even easier. Due to the high volume and increased demand for these properties, Vanderhoff Real Estate has created a new search page on our website that exclusively features properties that are bank owned, foreclosures or subject to short sale. This will make it easier for many of you to limit your search to properties that fall into these special circumstances. You can access this web page through our main website at www.VanderhoffRealEstate.com.

Please feel free to use our website to search all available listings in the area. Our website is specifically designed so that you may search available homes without signing onto our site. We know many of our buyers and sellers like to remain anonymous and do their research before contacting an agent, and we thank you for choosing our site. We just ask that once you are ready to move forward with your next real estate transaction, that you consider giving us the opportunity to be your bridge to success.

Labels: Alpharetta, bank owned, cumming, dawsonville, foreclosure, short sale

The White House temporarily suspends a rule that imposes a 90-day waiting period before foreclosed homes can be sold to receive government loans.

WASHINGTON (AP) -- The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties.

For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans.
The policy was put in place in 2003 to deter property "flipping" schemes, in which buyers are overcharged for foreclosures or other distressed properties. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern.

"A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community's recovery," FHA commissioner Brian Montgomery said in a prepared statement.

The new policy "will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes," Montgomery said.
Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48% from the same month last year, and up 7% from April, foreclosure listing company RealtyTrac Inc. said Friday.

Labels: 90 day waiting period, bank owned, foreclosure, government loan