I’m looking into trying to snag some good deals on single family homes right in the middle of Atlanta, because frankly.. there are alot of them! I mean there are newer homes that sold a year or two ago for up to $330K, and now they are being foreclosed on at around $50K. Yes, there is work required in each of these, but I want to know if anyone knows just exactly what else I’m missing here. It just seems absurd, so what’s the catch? They are bankowned at this point and listed by legit real estate companies. (and yes, I am sad for those that lost their homes, but these houses are now sitting empty and abandoned).
Thanks!
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Work required on empty and abandoned homes- yes they will require some work as they are probably vandalized and the bank wants out quick. Check the outstanding tax liability also. Professional real estate scavengers have probably already checked out the house and have offered 25,000.00 cash to bank and gave them a month to say sold- bank holding mortgage was not well informed about realestate and was greedy on mortgage security- now stuck and trying to unload for better than the realistic price offered. A competent bank realestate division would have had a management company securing and maintaining house after foreclosure and had it rented out at market rate – they didn’t and now have little better than a lot with trashed house that will need repairs and inspection-cost another $50,000. The bank may also be interested in your financial ability and try to make a high interest loan or pay extra transfer fees. Offer thenm 1/2 asking price for 2 weeks and show them cash for a house with a good roof at least.