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.

Get off the Fence!

The Georgia Association of Realtors is encouraging folks take advantage of the home buying opportunities and tax breaks that are currently available.

Get off the fence – you’ll be glad you did! Already own a home? REALTORS® are your best resource to explore your options if you’re thinking about selling or refinancing.

The new site offers information on the following:

• The Georgia $1,800 tax credit
• The Federal $8,000 tax credit
• Home builders are offering lots of incentives to buyers

If you're on the fence about investing in your next home or your very first home, let's talk about it...

Do you want to move to Cobb County, GA?

Do you already live in Cobb County, Georgia? Do you want to own your own home?

from CobbLine Weekly Newsletter...

Home buying opportunities available with new program

The Neighborhood Stabilization Program will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. Cobb County will receive approximately $6.9 million from Housing and Urban Development and $1.7 million from the Georgia Department of Community Affairs to rehabilitate, resell or redevelop foreclosed residential real estate in the county's areas of greatest need. The goal is to stabilize neighborhoods and stem the decline of home values. Homebuyers may qualify for this program if they meet certain income criteria. For instance, a family of four can have an income of $85,450 and be eligible to participate. For additional information, please contact the program office at 770-528-7980 or visit buycobb.com

You can also contact me for information on living and buying a home in Cobb County - broderick@kellerknapp.com. You'll be surprised at the opportunities available!

Thinking about buying a new home?

And by "new" I mean "new to you" .... Now's a great time to consider buying a HUD home ... there are a lot of really good deals available in metro Atlanta.

The U.S. Department of Housing and Urban Development

The HomeSales.gov web site provides current information about single family homes for sale by the U.S. Federal Government. These previously owned homes are for sale by public auction or other method depending on the property. Anyone can buy a home for sale by the U.S. Government, but you must work with a real estate agent, broker or servicing representative to submit an offer or bid.

HUD's website also has several videos on home buying that you can watch

The internet has an overwhelming volume of new home buyer resources... here are a few that I like best:

1. Glossary of Terms - Learn the Lingo
   
2. A Dozen Ways to Get/ Find a Down Payment
3. Home buying Mistakes to Avoid
4. Not ready to buy yet, consider a Lease - Purchase
5. Federal Tax Credit Resources & Information

This video explains the new Federal Tax Credit for First Time Buyers. Let me know if you have questions. Did you know that the law defines a first-time home buyer as a buyer who has not owned a home during the past three years. If you've owned an investment property that was not your principle residence, you may still be eligible.