Foreclosure Insights

Advice on Foreclosures & Fixer-Uppers

Found 21 blog entries about Foreclosure Insights.

I recently heard a story of one tough contractor.  He was apparently working off of a ladder in the home of a client, installing some framing at or near the wall and ceiling line.  As you might expect he was using his Paslode nailer to secure a 2x10 to the wall and the homeowner walks in.  It was at this split second that the nail left the Paslode gun and prior to entering the 2x10 entered the finger of the contractor; firmly securing his finger to the 2x10 and wall.  But this was one tough guy; he turns to the homeowner and listens to them while being nailed to the wall.  Once the homeowner finished talking the contractor removed his hammer and pulled the nail from the 2x10 and from his finger, and let a scream that could be heard from miles away.  This

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I am frequently asked by homeowners for suggestions on how to maintain their home or what they need to do as preparation to sell their home. I always recommend a pre-listing inspection because you don’t end up having to renegotiate the price after the buyer has an inspection done. However, in these tough economic times people’s budgets are tight so here is a checklist of some things to look at.

  • Clean the gutters and remove debris from the roof. Example: pine straw collecting in the valleys, small tree limbs.
  • Remove tree limbs overhanging the roof and or limbs with direct contact to the roof shingles.
  • Remove grade or pine straw/mulch from contact with siding. Provide a minimum 6” clearance between the ground and sill plate to prevent water
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We recently received a call from some dear friends suggesting that we contact the owner of this home.  It is located in Duluth, just inside the city limits, and only a short walk from downtown, a very desirable area.  Our friends, who are neighbors, wanted us to purchase this home to insure that the renovation was done correctly; resulting in improving the values in the neighborhood and hopefully providing a good neighbor in the process.  The home was known as “the yard that took over the neighborhood”.

Before & Afters Link- Check It Out

Although not a large home, it had about 1556sf; consisting of three

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One of the insights that I have been routinely reminded of over the last 34 years is that every real estate transaction has the story of people and families associated with it.  Each house contains the experiences, memories; crises and hopes of the families that have lived there.   I was vividly reminded of this recently as I was inspecting foreclosures prior to the Foreclosure Auction in Gwinnet County.

From the street it was obvious that the house had been neglected.  Yard and trees overgrown, siding falling off allowing the elements to enter the house, and unlocked for two years allowing anyone to have access.  Upon entering the house the depth of the chaos that existed while the family had lived there became very clear.  Each room was littered with

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In today’s tight inventory real estate market, finding good deals can be a challenge.  Once properties have been repossessed by the lender and then returned to the market you can expect higher price and lots of interest in the property. This normally means multiple offers.  In many cases once a property hits the open market they may actually sell for more than they should due to demand and low inventory.  This reoccurring theme can be very frustrating at the least and can result in over paying if not careful. 

Is There Another Option?

Depending on the amount of time one has and their source of funds, the county courthouse auctions can provide an opportunity to get on the front end of the deals. Although multiple buyers show up on  the first

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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

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After months of looking at homes in the Alpharetta and Johns Creek areas, our clients looked at a Fannie Mae foreclosure in Kimball Bridge Crossing off of Kimball Bridge Road in Alpharetta, and fell in love with the floor plan.  The problem was that it needed a lot of work.   

This Fannie Mae property had been under contract previously, but was terminated due to the buyer becoming aware of the amount of worked required after going under contract.  Once it returned to the market there were multiple offers received, and my client elected to make an offer above list price and was awarded a contract on the property.  

As we entered the Due Diligence period it became extremely important to estimate the cost of the improvements and the affect the

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With all of the foreclosures and great deals on the market having the right tools on hand when looking at a property can save you lots of time and money. By knowing the tools and by having them on hand, you will be able to properly evaluate a home on the first visit, resulting in being able to make an offer afterwards, without the assistance of an inspector or engineer, and without needing to return for a second or third visit prior to making an offer. This alone will allow you to make offers more quickly and will result in more deals going under contract.

The Basic Tools

A Flash Light
I can’t tell you the number of times would be buyers show up with a pin light on their key ring to look at property. A heavy duty flash will allow you to examine

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This is day 3 of the renovation on a foreclosure we bought in Roswell.  The roof is nearly complete and we are nearly finished with removing the synthetic stucco and making the necessary repairs.  Shingle should arrive today for the roof and we will be set to start installing the siding next week.  Once the repairs are made on the outside we will have our sheathing inspection done and afterwards will have our moisture barrier inspection.

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

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This is day 2 of the renovation on a foreclosure we bought in Roswell.  As you can see we are beginning to reconstruct the roof while at the same time we are removing the synthetic stucco front and making the necessary repairs as we encounter them.  Rather than removing the entire front at one time we removed section by section so that we could make repairs and cover the house back up as we go.  We are making good progress.  Check it out.

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

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