Beating the other buyers to the best pre foreclosure homes in Atlanta require some skills. Although it is important that you have a tool like a foreclosure listing to help you in your search, it is not enough. You must be able to make an offer that the seller cannot refuse.
Pre Foreclosure Background
Properties that have yet to be repossessed by the banks due to mortgage default are said to be in the pre foreclosure stage. The owners of these homes are actually pushed into a corner, with no alternative but to put the property up for sale to avoid the trauma of going through a foreclosure. The situation creates the perfect opportunity for home buyers looking to enjoy the savings and profit potential of these distressed properties.
Making an Offer
Right now, market conditions are generally favoring buyers. This means that sellers are having a rather difficult time considering the many other pre foreclosure homes in Atlanta for sale. Of course, you can expect some of these homes to generate more than the usual share of buyers because of reasons like location, condition of the property and selling price.
In order to come up with an offer that will surely be accepted by the seller, you must do the following:
Study the Local Market ? find out how much the other pre foreclosures in the immediate were sold. Look for a property that is similar to the one you are interested in, in terms of amenities, lot size, condition, etc. This will give you an idea if the offer you have in mind is too low or too high.
Prepare Your Finances ? buyers who have all the right financial documents with them are often taken more seriously than the others. Find a lender who will pre approve you and provide the seller a copy of that pre approval letter.
Check the Competition ? try to know who the other buyers are. Cash buyers usually have the advantage so you have to be ready to increase your offer to an amount that is manageable for you and at the same time, appealing to the seller of these pre foreclosure homes in Atlanta.
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