Dacula Foreclosure in Magruder Crossing = Exceptional Value
October 23rd, 2008 Categories: REO & Foreclosure
Looking for a deal? Take a look at Magruder Crossing in Dacula. It’s a foreclosure, but the lender has done repairs and upgrades making this a virtually new home. There’s brand new carpet throughout the whole house, all new flooring in the kitchen, laundry room, and bathrooms, the whole house has been painted, and the few items that needed attention have been repaired.
This is a great family home on a cul-de-sac. The lot is private and wooded. There are tons of young families here, and this house is waiting for you to make it home. You can also check out all the pictures and video by clicking on the widget.
Interested in seeing it? Please call Tom OMeara at 678.279.4703 or email me at Tom@DiamondDwellings.com.
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The ABCs For Buyers Of REOs
September 5th, 2008 Categories: REO & Foreclosure
The media tell us it’s a buyer’s market, that banks are giving away the houses because they’re not in the home-selling business, that this is the best time to buy, blah, blah, blah. There is truth to this, but the statement is too broad. It is a buyer’s market and it is a great time to buy (rates are low, inventory is high), but the banks are NOT giving the houses away. Buyers are often stunned when their low-ball offer comes back rejected.
For the buyer to win with REO, they need some schooling, and a good agent can make this a pleasant experience or a bad experience.
To start, the agent needs to set the expectations that this is not necessarily going to be quick, that there are multiple layers of complexity behind the scenes as lenders have multiple departments to handle various aspects of the transaction, and if the deal that was found is so great, you’re not the only one seeing it. This can turn into an eBay bidding situation when lenders are looking for a buyer’s highest and best offer when multiple offers come in.
To have the best chance to win, follow this plan:
A. Get a preapproval letter for financing (the seller will require this).
B. Know what you’re getting into (the good agent will educate you on the process).
C. Find some houses you like that you would make an offer on (if the goal is to get the deal, then don’t look for the perfect house). If you’re looking for the perfect house, expect your chances to get the deal to go down.
D. Once you find the house, determine how good the deal is as it’s listed, calculate what you may be able to get this home for, and then identify the bottom line price you’ll pay should this get into an eBay bidding war.
E. Have your agent prepare the offer for you to sign. Since it’s a bank-owned property, the agent must follow the offer instructions exactly. Too often, the offer goes in improperly and someone else gets the deal while you’re making corrections to your original offer.
F. Once your offer is accepted, get the home inspected. If there are problems, determine if the cost to repair problems exceeds the cost savings of your deal. If so, bail on the deal.
G. Prepare to wait, prepare to have limited information come your way during the process, but prepare to close with a great deal.
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Listing Syndication is a Major Key to Online Real Estate Marketing
June 14th, 2008 Categories: REO & Foreclosure
For the last year or two, most real estate brokerages have been working hard to figure out all the best ways to place their listings on as many websites as possible. “Listing syndication” is the name for the entire conversation about how to accomplish that mission. It’s easy to talk a good game about this in front of a customer, but how does it really work in practice? What we’ve found is that we have to baby sit our new listings through lots of hands on enhancements and tweaks on each site. That’s a time consuming process! Listing syndication is perhaps the #1 challenge for real estate brokers in today’s market. Is your brokerage doing the hard work to really understand the details? How are you doing at implementation?
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Seven Reasons to Buy Hamilton Mill - Atlanta Area Bank Owned Homes
April 16th, 2008 Categories: REO & Foreclosure
Bank-owned homes, also known as REO homes (real estate owned), offer advantages over foreclosures. What distinguishes the REO home is that it has gone through the foreclosure process where no one was successful in bidding on it for purchase.
Why REO?
1) REOs are usually listed on the FMLS/MLS, so they’re easily searchable
2) REOs often include the appliances
3) REOs will sometimes provide an allowance for certain repairs by the lending bank
4) REOs are ordinarily improved to at least a salable condition whereas a foreclosure can be all over the board
5) REO homes can be inspected prior to contract unlike foreclosures at auction
6) Banks that own the REO property will sometimes provide better financing deals than they would with traditional properties
7) REO homes will have all liens against it removed and the taxes will be paid
Remember, banks are not in the home buying and home selling business, so they want to get rid of them quickly. REO homes provide opportunity to the diligent buyer.
If you would like additional information or would like to see which homes currently on the market within Hamilton Mill are bank owned, please give me a call or drop me an email and I will get the information to you within 24 hours. 678.279.4703 or Tom@DiamondDwellings.com.
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Diamond Dwellings announces co-sponsorship of Atlanta’s REtechSouth Conference
March 10th, 2008 Categories: video
Agents, Brokers & Builders are all marking their schedules for March 27, 2008. RE Tech South is the “first-of-it’s-kind” event for Atlanta Real Estate. A web 2.0 technology conference that will bring together some of the best in the industry from across the southeast –and across the US.
Here’s a short video about the event.
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Diamond Dwellings Launches REODwellings.com
February 29th, 2008 Categories: REO & Foreclosure
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