Anyone Purchased a Foreclosure (Atlanta, Acworth: sale, foreclosures, condo)

[trish74]

I am wondering if anyone has purchased a foreclosure before not to turn around and sell but to live in around Atlanta? We are looking at one in the Acworth area and it would be a good buy. Any advice or things to watch out for? I know to check liens and public records to make sure there are not more loans and also to do an inspection, anything else? Also, can you offer less than the bank is listing or if its REO can you offer less?

Not sure if we should go this route so just wanted any concrete feedback. Thanks so much!!!

[moving123]

I have found working with the banks is a long drawn out procedure. Takes at least six weeks to get an answer in most cases. If you're in a hurry, not the route to go. The amount the bank will take is all over the board. Sometimes will not drop below asking price, sometimes they will go down 5% or so. I have had to offer more than the asking price. It just depends on the amount of the lien against the property. No sure fire answer. However, be sure to get a home inspection, survey, and termite letter. They are some good buys, but be patient and do lots of homework...

[noah]

We are under contract to buy a condo in midtown which is a foreclosure. It was a long process getting the bank to sign off on and its a full price offer but we feel a really great value. Many foreclosures need a little work. For instance our unit has no appliances and a window that needs replacing. The upside made it worthwhile in our case - Lots of money/work the previous owner put into the place (high end bathrooms, kitchen etc) Buying from the bank as opposed to a foreclosure earlier on in the process has much less risk as you can do your due diligence just like any other property.

[Yeorwned]

It's generally the best deal you can get if you work your angles right. I wouldn't recommend it if you are financially stretched, however, due to the potential repairs you may have to make.

[Clayton resident]

We bought our home as a foreclosure, altho we bought during the so-called housing boom so the process may have been easier than it is today.

We got lucky in that there was little wrong with our home or that needed fixing, and we had everything checked out that first year and did an inspection prior to the sale which gave us an idea of what we'd need to do & how soon.

The entire process took maybe 6 weeks tops, from contract to closing. No more than that. Went to contract in late December, inspected on NYE & closed 3rd week of Jan.

When we first saw the listing it was about 13k more than we actually paid for it. The day we saw it & the realtor called the bank, they had just dropped the price by another $9k from the listing price. We offered $3k less than that. Found out the next day the offer was accepted.

Again all this happened during the housing boom & things are probably much stricter now given the current economy & housing market. Good luck!