Places To Love: HOPE SPRINGS MANOR

Foreclosure, foreclosure, foreclosure!  That seems to be the new mantra attempting to replace location, location, location but in many cases if you have one, the other is excluded.  But what if you can get both?  There are still great real estate foreclosure deals available in some of the most prominent areas of Metro Atlanta.  One such great deal (if townhomes suit your fancy) are the units at Hope Springs Manor that have now been lender foreclosed. 

Real Estate Market Update

Things are looking up in parts of Metro Atlanta’s real estate.  Whether you are selling or buying, you maybe  curious as to how things are selling in Metro Atlanta’s Sandy Springs area for different reasons of course.  As a buyer, you are interested in what type of deals you can buy while as a seller, you are hoping to see a turn around in the market so you can sell your home without taking too much of a loss.  Fortunately, I have good news for both.

“Is This A Good Real Estate Deal?”

In this real estate market, there seems to be no end to low-priced homes, whether foreclosures, REOs, short sales, owner financed, etc., but how do you know if it truly is a good deal?  I can see many purchasers salivating over the low prices in this real estate market but don’t pack up and move just yet.  Avoid getting caught in the hype of something being low-priced.  Here are several strategic factors beyond price to consider to help insure your real estate purchase will be a sound investment.

How to Get Discounts On Your Home Purchase

Many people ask, “The home listing mention that HomePath Financing is available - what is that?”   HomePath, Fannie Mae’s REO program, maybe a great financing program to take advantage of if you see it offered for a particular sales listing.  For Fannie Mae homes, HomePath Financing offers owner-occupant buyers 3% of the sales price down with no mortgage insurance and no appraisal fees - this is even better than FHA, which offers 3.5% down with an additional mortgage insurance fee that buyers have to pay at closing and each month.

Don’t Get Tricked When Looking for a Foreclosure Treat

HGTV’s real estate Web site Frontdoor.com has identified what it calls the “tricks and treats” of buying a foreclosure:

Tricks to avoid:
**Just because a foreclosure has a low price tag doesn’t mean it’s a bargain. Many need lots of expensive repairs.

READY TO BUY? REOs Expected to Flood Market

Mortgage lenders are likely to put their growing supply of repossessed homes up for sale in the months to come.

According to the Mortgage Bankers Association, 10 percent of home loans was either delinquent or in the foreclosure process at the end of September. Plus, Fannie Mae and Freddie Mac saw repossessions grow nearly 25 percent to 15,196 homes from the second quarter to the third quarter of 2008.

BUYING FORECLOSURES - Tips in this Market

1. Be willing to drive various neighborhoods before involving a real estate agent

You will get the most benefit out of the relationship with your agent if you have already driven various communities and have pinpointed what neighborhood you desire to live or invest in.  In this market, there are thousands of foreclosures available (unfortunately for the previous owners) so one of the best ways to narrow your prospects and save your time is to determine first what neighborhood you desire to purchase in.