Competition for Foreclosures..
As you have heard this past year represented a reversal in housing trends. As the number of foreclosures began to decline and institutional investors became involved in the market, prices began to rise very quickly. The results were almost a buying frenzy, motivated by the desire to get in before prices returned to pre-crash levels.
It was not uncommon for a property to receive multiple offers. In fact we recently made an offer on a home in Alpharetta that had 31 offers and sold for 127% of asking price.
This video is what a typical day at the auction looks like. Organized chaos!!
Trying to Get Ahead of the Competition
In an effort to get ahead of the game we decided to work the foreclosure market for a couple of months, with the intention of buying property at the Fulton County Courthouse steps. This sounds simple, but it requires a great deal of work to ensure that you know what you are buying and are prepared for any surprises that may come up.
On this particular month we had actually driven by and evaluated approximately eighty homes in the N Fulton area. We ended up with a short list of approximately 40 homes that we were going to bid on. We were hopeful that we would buy 2-3 properties depending on their prices.
The Day of the Sale
On the first Tuesday of the month we arrived at the courthouse with certified funds, prepared to buy 2-3 properties. Slowly the properties that we had targeted were auctioned off. I was amazed at what they were selling for. There was one off of HWY 92 in Roswell that a hedge fund purchased for market value, without even seeing it. Afterwards he asked us if it was a good deal.
There was actually a company out of Arizona by the name of EZ Bidder that has developed an on line platform similar to EBAY for real time bidding on properties being auctioned at the courthouse. They bought 80 houses in the greater Atlanta area on this particular Tuesday.
Van Purser is a licensed real estate broker in Georgia. Since1981 he has successfully purchased and renovated over 400 homes. His expertise is in the area of foreclosures, rehabs and fixer uppers. Additionally, he has represented hundreds of clients over the years as a broker with Metro Brokers, RE/Max and now with his own firm. He and his wife, Jeanne, who is also a broker, have been married since 1977. For follow up on this article you may email Van at VanPurser@VanPurser.com
Van Purser and his wife Jeanne are a licensed Real Estate Brokers in Georgia. Since1984 they successfully purchased and renovated over 400 homes. Their expertise is in representing Buyers or Sellers as an advocate; which means always ensuring their best interest. Additionally, they represented hundreds of clients over the years as an Associate Broker with Metro Brokers, RE/Max and now with his own firm. He and his wife, Jeanne, have been married since 1977. Van or Jeanne can be reached at 770-623-3313, or by email at firstname.lastname@example.org or email@example.com.