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Atlanta Foreclosures - How To Avoid Buying The Wrong Foreclosed Home
REO Contractors Atlanta Gwinnett Buckhead Cumming
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GWINNETT COUNTY - There are quality foreclosures out there, and there are foreclosed properties that require a lot more work than it takes to sell quickly, safely and profitably. The distinction is easier than one thinks - but it's not simply to have the home inspected. Home inspectors typically won't tell you what you really need to hear. They're more in the business of telling you what you want to hear. That makes home inspectors popular which helps them to grow and assures them more business in the future.
Quality home inspections are best performed by REO Contractors. REO Contractors are companies that lenders use to determine a home's real value once the mandatory repairs are made. Sometimes lenders will sell foreclosures without making these repairs to house flippers. Instead of making these mandatory repairs, house flippers will spread some new paint and carpeting around and sell the property as a foreclosure at a great profit.
Once the buyer purchases the foreclosed home, sooner or later they find out for themselves about the expensive repairs that should have been made. By then it's too late.
How could this homeowner have avoided this expensive mistake? Homebuyers should enlist the services of the same inspectors that lenders use - REO Contractors. And when repairs are to be made to a home, once again - they should be made by the same contractors lenders use - REO Contractors.
How to get the best pricing and highest quality on affordable home repairs...
Thousands in Atlanta getting burned buying distressed foreclosures or foreclosed homes
ATLANTA - Thousands of homebuyers throughout the Greater Atlanta or the North Georgia area are ending up spending far more than they should on foreclosed homes. In many cases, these homes are being returned to their original lenders in "cash for keys" programs or being foreclosed on again leaving families or investors empty handed.
Purchasers of foreclosed homes are winding up losing their investments, ending up in bankruptcy courts, moving back in with relatives, living in hotels or worse. These disheartened individuals and families are asking themselves "What went wrong?"
At a time when our economy seems to be in a state of recovery, as many are returning to work and many more seem to be getting close to being back on their feet again - why are so many finding themselves back where they were not so long ago?
It turns out that the foreclosure homes they purchased at what looked like incredible discounts at the time - turned out to be not so great a deal today. Unless these foreclosure homes went through "REO Companies," then the homes never went through a legitimate process of being refurbished or repared the correct way. These homes were originally built with all builder's grade materials, they were sloppily thrown together in a rush by unskilled, undocumented labor during an overly extended housing boom. They were then neglected by first time homeowners who never legitimately qualified for their mortgage to begin with. These homes were then occupied for a couple of more years by abusive, resentful individuals who knew they were soon losing the home through foreclosure. The houses then sat empty for a year or two more, waiting to be off loaded onto unsuspecting homebuyers looking for a good deal on a foreclosure property.
When the foreclosure purchasers bought them, the houses were only discounted from their original sales price which only covered the recent devaluation in real estate values. In fact, the houses continue to dive in value by significant amounts and are expected do so for quite some time. The extremely costly repairs were never performed which are vital to the home's habitability and the new home buyers are finding that out the hard way.
Included in these deficiencies are roofs that need to be replaced, mold issues, defective siding and window issues, worn out or missing HVAC units, pest infestations, diving neighborhood conditions and many more conditions. The costs of these repairs more often than not far exceed a total price of over $50,000. Adding insult to injury are the facts that most of these problems must be remedied immediately before the property is occupied, plus the fact that these problems were NEVER budgeted in the buyers' purchase price of the house..
So, what exactly did go wrong and how can it be prevented? The answer is quite simple and extremely safe as well. If those seeking great savings in their purchasing of a home by targeting foreclosures, these buyers simply need to learn as much as they can about the "REO" companies in their desired area and select their next purchase from homes that have been inspected, repaired, and documented by an well established REO company with a solid reputation.
It's important to keep in mind that ANY company can claim to be an REO company and anyone selling a property can claim that a house has been inspected and repaired by an REO company - but that's simply not good enough. Home buyers MUST do their homework in finding an REO company they can trust, and internet search engines are a great place to start. It's vitally important for those looking to buy a home to select ONLY homes that have been repaired or renovated correctly by reputable REO companies. Homebuyers may try to request something from the REO company stating that the home is in decent working condition. It's not imperative that the REO company provide a warranty or extended warranty. A simple written statement on their company letterhead that the home is in working condition. In fact, having they REO company do a professional written inspection on the property might be the safest way to go. You have to have the home inspected anyway, so why not have the company that made the repairs do the inspection. Imagine the recouse leverage that will exist at that point.
In short, if home buyers would have purchased only through reputable REO companies - these home buyers would not be in the trouble they're in today!
1. Most people have been burned too often by choosing those links and end up with unqualified laborers. Many of those links are just advertisers who simply refer business to the companies who actually do the work. Who do you think ultimately pays THEIR middleman fees?
2. Even though you only click a link and give your information once, you end up being contacted by 10 to 20 different contractors who are all fighting for you money. They're very aggressive and their pricing is very often extremely high. They have an "All it takes is one" mentality. And forget about quality work.
3. Companies that participate in the very expensive "pay-per-click" programs have a very low closure rate, so they have to recoup their investment plus add profit to the few deals they are able to close. They also tend to have very short life spans so support after the sale is nearly non-existent.
The company you're looking for is one that's been around at least a few years, and one that is active in the REO industry. When they come out to give you a quote - you'll usually know right away if that company is the one you want to use now and in the future. You'll be so pleased that you'll end up recommending this company to many of your friends, family members and neighbors.
So take your time, do your homework on choosing the right home inspector and then the right foreclosed home to purchase. And when repairs are necessary, insist on REO contractors so you can enjoy a healthy home for years to come.