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Here are some basic definitions of the terminology that you’ll see when dealing with foreclosed homes in Dacula 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.

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!

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

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