If you are trying to buy one of the College Park, Georgia foreclosures, you will find that you have a huge inventory to choose from. Residents in that area are facing a lot of job losses and can no longer afford the mortgages that they took out years ago. Some may have refinanced to adjustable mortgages that came into effect and increased their interest rates and monthly mortgage payments.
There are some important things you need to know, though, before you purchase any of these homes. A lot of these homes were built in the 1970’s and have not seen much repair in subsequent years so there may be a lot of repairs to be done. However, besides that, there are some really good deals in that area of the real estate markets because some people may have lived there since the early 1970’s and have paid down considerably on their mortgages.
You can make an offer to the distressed homeowner, but you have to be compassionate and tread a fine line between being aggressive and being friendly. These people are hurting and selling their home is the last thing on their minds. They were planning to probably retire there. They raised their children in that home. Sentiments are attached to the home and foreclosure process is tearing them apart.
If you are unfamiliar with College Park, Georgia foreclosures and don’t know the area that well, you can seek the help of a real estate broker to get comparison home values and other information that will help you to make the sale possible. You also need to know how much the person owes the bank on the home.
You have to be ready to buy this home immediately because they will be eager to get out of there so that it will save them the embarrassment that foreclosure offers. You may not have time to do extensive research so be prepared to see the obvious.
If you need to close on the deal fast, a private hard money lender will be the ideal option because a bank loan will take some time to be approved. Your interest rate will be much higher, but if you can get out of that loan within six months, you will profit from the sale.
Go knock on doors of College Park, Georgia foreclosures so that you can meet the homeowners personally and they can see that you are not just a vulture wanting to take them out of their homes, but a normal person who wants to help them.