Want a hot deal on a house? Georgia’s second-largest bank is in the mood to make one

Everyday, we hear a lot about how awful the housing market is... and every day someone unfortunately, loses their home to foreclosure. In another post, I'll write about what you can do to save your home if you're at risk (Check out a recent tweet: @brodysantiago Do you know someone who's behind on their mortgage? There is help - just ask for a "loan modification" http://ow.ly/j15O) but today, let's talk for a moment about a great opportunity to invest your real estate dollars in Real Estate Owned properties or REOs as they're known in the industry. These are properties owned by the bank that have been foreclosed upon. In metro Atlanta, this list continues to grow but in contrast to places like California or Nevada or the Florida condo market, we're not the land of foreclosures. There are many opportunities for the right investor here in metro Atlanta and I'm happy to assist.

Banks are pricing homes to move.

A recent AJC.com article reports:

Columbus-based Synovus is in the midst of a massive purge of
distressed property, mostly foreclosed homes and vacant lots.
Through auctions run by contractors, the banking company has sold thousands of
properties over the past four months as it works to cleanse a balance sheet
hammered by bad real estate bets, many in the troubled metro Atlanta
market. The sell-off continues this week and next as the bank plans to
auction off about 150 distressed properties through a combination of online and
live auctions. Properties on the block include homes from Carrollton to Canton
and vacant lots from Newnan to Austell.

Minimum bids at one auction hosted by Williams & Williams range from $10,000 for a 2-bedroom, 2-bath home in Cartersville to $50,000 for a 5-bedroom, 3-bath house in Woodstock.

Many banks are selling repossesed homes, but the numbers for Synovus are
eye-popping.
Keep reading...

Georgia is not feeling the greatest impact of the foreclosure crisis but I'm sure if you ask anyone who is living in a 1/2 empty condo building in Buckhead or a subdivision with overgrown lawns and vacant homes, they'd tell a different story. So if you're an investor or would like to evaluate if real estate investing is for you, let me know. There are some great deals in our market but the really good ones are going quick.