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Lucia Brooks

Associate Broker


Cartus & USAA
Certified
Relocation
Specialist

Luxury Property
Residential Property
Investment Property

 

Got a Question?

Text Lucia
 

Phone: 404-843-2500
Cell: 404-803-0483

Foreclosed Homes in Buford GA


Better Homes and Gardens Real Estate Metro Brokers. See all foreclosed
homes for sale in Buford GA today, see multiple photos, maps and more.

We have gathered a wealth of information here to help you with all of your
real estate needs – from all the latest Buford GA foreclosure listings to
great information for both home buyers and sellers.

All you have to do to get started is click on any of the links on this page.
Enjoy these tremendous online tools and remember that you can also
count on us to help you every step of the way.  Please contact us if there
is anything we can do to help.


Did you know?

That you may be able to purchase a home using a down payment assistance program that requires very little of your own money and a credit score of only 620?

It's true!

Call 404-803-0483 and find out all the details with a FREE, No Obligation, No Risk, private consultation today. 

You have nothing to lose and everything to gain.


Foreclosure Terminology

Here are some basic definitions of the terminology that you’ll see when dealing with foreclosed homes in Buford Ga, real estate agents, foreclosure attorneys, trustees, banks and so on.

Foreclosure: A foreclosure is a legal process whereby a creditor repossesses collateral for a loan that’s in default. In most cases, that means the bank or mortgage lender repossesses a house so that they can resell it to satisfy the debt.

Usually, they put the home up on auction, with a minimum or reserve bid equal to the amount of money they need to clear their debt and associated fees. This amount tends to be below market value, which is why you have the opportunity to get a good deal. However, the property is usually sold “as is” (and in most cases, buyers are unable to inspect the inside of the property).

This sale is referred to as the foreclosure auction.

Pre-foreclosure: This is the period before the property goes on sale at the foreclosure auction. The pre-foreclosure period allows time for you to research the property and possibly contact the homeowners with a deal.

For the homeowners, it’s also the period of time where they may be able to save their home from foreclosure, provided they can satisfy the debt and all fees. This period of time happens before the foreclosure auction and is referred to as the reinstatement period.

Redemption Period: In some states, there is a redemption period lasting from a few weeks to several months after the sale of a home at a foreclosure auction. If the original homeowner can satisfy the debt during this period, then they can reclaim (redeem) the property.

Real Estate Owned (REO): If no one bids the minimum amount at a foreclosure auction, then the bank owns the property. This property is listed as REO in their records. Since a bank is in the business of loaning money not holding onto real estate, the bank will try to move this property off their books.

Buying REO property tends to be a safer transaction (as opposed to buying at a foreclosure auction), since the bank often – but not always – makes repairs and ensures they give you a clear title. If that happens, then you can expect to pay more for the property to cover those additional expenses. Otherwise, if the bank doesn’t do these things, then you can usually buy the property for less than the opening bid at the original foreclosure auction.

Short Sale: A short sale occurs when the bank or other lender agrees to take less than the total amount owed on the loan to satisfy that debt.

One of the reasons a lender would agree to this is to avoid a foreclosure. Obviously, a short sale helps the borrower since they can avoid losing their home and further damaging their credit. But in some cases, it makes sense for the bank as well, since they won’t have to put the time and money into going through the foreclosure process.

Distressed Property: This refers to any real estate property that’s at risk of foreclosure or perhaps already in foreclosure.


Condition of the current foreclosure market...

Recently there has been more competition because the foreclosure inventory is growing. As the inventory grows, more people begin to take notice of the potential bargains. And that creates more potential buyers.

In addition, home construction has slowed in recent times in the United States. Partly this is because supply exceeds demand. But also, lenders are dropping their rates in an attempt to get the foreclosures off their books, which results in people being able to buy a home for less expense than they are able to build a home.

For example, in the current market in Florida you can find nearly identical homes in the same neighborhood on which the buyer can save $100,000 or more if they buy the foreclosed home vs. purchasing a new home that’s currently under construction. And if buyers can inspect the home and get a clean title, then that sort of savings opportunity becomes a “no-brainer.”

That means people who are looking to buy homes will be buying existing homes, rather building new homes. And since there are more foreclosure homes on the market than we’ve seen in many years, home buyers will naturally consider buying these foreclosure properties alongside the more traditional real estate.

Yes, this means that you’ll have more competition, both from private home buyers and from other investors compared to years past. That doesn’t, however, mean that you’ll be unable to secure any good bargains for yourself. There is now such a great selection to choose from, and foreclosed homes are in much better shape than they were just a couple of years ago. Those two key points more than make up for the additional buyers in the market.

In fact, I would say that while there are so many foreclosures out there – and more coming, remember – that potential buyers will find themselves in fewer bidding wars than they would have just two or three years ago. And that’s with many, many more buyers out there now.

I would also like to emphasize here that it’s important to work with the right real estate agent when buying a foreclosure property. If you are concerned at all about competing against other potential buyers, then the smart thing to do is make sure you have the right help in your corner!

Call me at 404-803-0483 and get the right help in your corner today!


FREE BOOK! Foreclosure Home Buying Secrets

 


This 99 page book is available online to web site visitors for FREE!

In this book you will learn:

  • How the Foreclosure Process Works
  • How to Avoid Hidden Costs When Buying a Foreclosed Home
  • How to Identify the BEST Foreclosed Homes on the Market
  • How You Can Benefit by Understanding Current Market Trends
  • And Much, Much More...

You can now instantly download this FREE book by clicking the link below:

Foreclosure Home Buying Secrets


A few deals I helped my clients find and buy!


Foreclosure Home in Buford, GA, that I helped a client purchase for $350,000 which was $110,000 BELOW the assessed value!

Foreclosure Home in Roswell, GA, that I helped a client purchase for $50,000 which was $47,400 BELOW the assessed value!

Foreclosure Home in Sugar Hill, GA, that I helped a client purchase for $70,800 which was $94,800 BELOW the assessed value!

Foreclosure Home in Lilburn, GA, that I helped a client purchase for $104,000 which was $62,700 BELOW the assessed value!

Foreclosure Home in Dacula, GA, that I helped a client purchase for $105,311 which was $103,289 BELOW the assessed value!

Foreclosure Home in Lawrenceville, GA, that I helped a client purchase for $235,000 which was $124,400 BELOW the assessed value!

Foreclosure Home in Douglasville, GA, that I helped a client purchase for $152,000 which was $174,025 BELOW the assessed value!

Foreclosure Home in Lawrenceville, GA, that I helped a client purchase for $115,500 which was $56,500 BELOW the assessed value!

Foreclosure Home in Dacula, GA, that I helped a client purchase for $167,000 which was $57,000 BELOW the assessed value!

Foreclosure Home in Lawrenceville, GA, that I helped a client purchase for $136,000 which was $40,300 BELOW the assessed value!

Foreclosure Home in Sugar Hill, GA, that I helped a client purchase for $185,000 which was $70,400 BELOW the assessed value!

Foreclosure Home in Buford, GA, that I helped a client purchase for $379,000 which was $211,300 BELOW the assessed value!!

Foreclosure Home in Grayson, GA that I helped a client purchase for $347,500 which was $71,800 BELOW the assessed value!

 

"Welcome to
Buford Georgia!"

           Metro Mike


 


Meet Some Clients!



Mr. and Mrs. Shultz found my website while looking for homes in Grayson, Ga. They were moving here from Florida to be closer to their family. I helped them find a great home and made sure they were able to close the deal and move in on time.

This is a clip of what Mr. Shultz had to say about me at the closing...

Let me know if you would like to speak with Mr. or Mrs. Schultz yourself about how well they liked my real estate services. Like Mr. Schultz said, I have his number!

 



Noel found my website while searching for homes on the internet. I was able to help her find just the right home and take all the steps necessary to close the deal and get moved in on time!

This is a short video of Noel expressing how she felt about the real estate service she received from me.

Let me know if you would like to speak with Noel yourself about my real estate services, I would be happy to put you in touch with her.

Meet Some More Clients! 

 

 
Lucia Brooks

Associate Broker

Certified
Relocation
Specialist

 

Residential Property
Investment Property
Rental Property

 

Got a Question?

Text Lucia
 

Phone: 404-843-2500
Cell: 404-803-0483

 

 




   

 

 

 



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