Finding the cheapest homes in Georgia is of interest to people who are looking to find good deals on reduced sales prices, foreclosures and short sales. In the last few years the number of homes for sale in Georgia and other areas of the country have increased, leading to a buyer’s market. In a buyer’s market, prospective home buyers have the opportunity to take advantage of lower sales price and more options. When looking for the cheapest homes in Georgia, there are two primary areas to consider; foreclosures and short sales.
The number of foreclosed homes around the state has created lucrative opportunities for buyers to take advantage of discounted prices. Georgia is ranked in the top ten for the most lucrative real estate market in the country. As a result, there are ample buying opportunities for group investors, individual investors and first-time home buyers. No matter whether you are looking for a high-end luxury home or a middle-income single family residence, there are plenty of properties to choose from.
The Internet is an excellent tool for finding the cheapest homes in Georgia. The Internet will allow you to narrow down available options and provide the chance to view online listings. One popular option involves subscribing to a real estate service that will update you with properties that fit your specifications. You can also subscribe to real estate services that will alert you specifically regarding foreclosures in Georgia.
Georgia foreclosures provide the option to buy some of the best homes in Georgia at affordable prices. In fact, one might notice from checking the list of the properties in the Georgia foreclosure market that the prices are significantly reduced. Buyers who are on a budget can take advantage of the chance to purchase more home for their money.
When searching for the cheapest homes in Georgia in the foreclosure market, there are a few things to keep in mind:
Location is always an important factor when buying any home. The location must be suitable for your needs. Consider whether there are nearby available services and facilities. Think about how far away your employment is located. Finally, consider proximity to sources of entertainment and recreational facilities.
The specifications for the interior and exterior are also important. Does the home have the number of bedrooms and bathrooms you need? Will the needs of your family exceed the size of the home in the next few years? Does the home have all of the facilities you need such as a garage, patio, swimming pool, etc.?
Budget is an important consideration for most buyers. Foreclosures can make it easier to choose an appealing property that is within your budget. Even so, you need to make sure that the final purchase price and corresponding monthly payment will be affordable.
Finally, consider the upkeep and maintenance of the home. This is particularly important if you are a first-time home buyer. How much will utilities for the home cost? Will you need to pay homeowner’s association dues? What about taxes? Considering all of these expenses will ensure the home is affordable for your overall budget.
One thing to remember when considering the purchase of a foreclosure is the condition of the property. In some cases, a foreclosed home may not be in the best shape. This could be because the owners were not able to afford to maintain the home. If you are handy with home repair or you can afford to hire someone, a home foreclosure can be a good deal. The bank may allow for pricing based on the home’s condition when you purchase a foreclosure. If you are on the lookout for an investment property, a foreclosure can be a good idea. As a fixer-upper, the home could be ideal for repairing, holding for awhile as a rental and then reselling when the market improves.
Short sales have also created interest in the real estate market in Georgia. What is a short sale and how can it save you money? In short, a short sale occurs when a homeowner sells their home for less than the balance that is owed on it. In this case, the seller must obtain approval from the bank to complete such a transaction. The benefit for homebuyers is that a short sale can allow them to purchase a home for less than market value.
It is important to keep in mind that with a short sale the process can take longer because the bank must provide approval for the sale to take place. Every bank has its own procedures for considering short sales. Short sales are more common today than they were just a few years ago. While the process can be more time consuming, there are many advantages to a short sale, including:
You might ask yourself why a homeowner would consider a short sale. It is a good question. In a short sale, the homeowner typically receives nothing from the sale of the property. The bank often receives less than what they are owed on the property. The seller may even be responsible for the difference between the sales price and the mortgage balance. The driving reason behind why sellers choose a short sale is to avoid a foreclosure. A foreclosure can linger on a homeowner’s credit record for years. To avoid the difficulties associated with a foreclosure, many sellers would prefer to bite the bullet and attempt a short sale.
One of the benefits of buying a short sale, beyond the low price, is that you can obtain instant equity. While it does take longer to purchase a short sale home, the instantaneous equity is worth the wait. Working with a realtor can help to shorten the sales process. An experienced short sales realtor will understand how to submit a winning bit. In addition, they will be able to walk you through the process so you understand what to expect.
Another advantage to buying a short sale is that you often will not have as many repairs or remodeling expenses. When buying a foreclosure the reality is that sometimes the properties may not be in the best state of repair. This is typically not the case with short sale properties. The improved condition can save you time and money when you move in.
Right now is a good time look for foreclosures and short sales as well as reduced homes. This is because interest rates are low. If you qualify for an FHA loan you can take advantage of a low interest rate, low down payment option and low house payments.
Finally, be sure to consider homes that have had the price reduced. Many sellers have had to make the decision to reduce the price on their home when it sits on the market too long. The volume of inventory has forced many homeowners to make this decision. Just because a home has had the price reduced does not necessarily mean there is something wrong with it. Oftentimes, sellers will drastically reduce the price to sell the home faster. It’s simply a matter of the market being in the hands of the buyers. In a buyer’s market, sellers recognize they must be more flexible on terms and price. When a home has not sold in three months or more, the logical step is to reduce the price. In some cases, this can mean slashing the price by tens of thousands of dollars.
In addition, you may be able to negotiate concessions with the seller that will equate to further savings. For example, the seller may be willing to pay a portion or even all of the closing costs. As these are costs that typically are paid out of pocket for the buyer at the time of closing, such concessions can be beneficial. You might also be able to negotiate with the seller to have them leave appliances or other items in the home. The seller may be willing to pay for a home warranty for the first year after the home purchase. Another common negotiating tactic is to have the seller agree to pay for certain repairs or upgrades. In a buyer’s market, the sky can be the limit on the terms that can be negotiated in a buyer’s favor. All of these elements can create a reduced financial burden for the buyer.
Regardless of whether you are looking for a home for yourself or an investment property, the Georgia real estate market has plenty of options. Keeping the above mentioned strategies in mind can help you to find the cheapest homes in Georgia.