The Question Everyone Is Asking...

How Can I Buy A Foreclosure?

Foreclosures are on the increase just about everywhere. You have probably heard fascinating stories of people getting an unbelievable deal on a foreclosure. However, there are some things to keep in mind if you are determined to "cash in" on the opportunity.

Remember that there is no guarantee that buying a foreclosure will save money compared to buying the traditional way. Discounts vary tremendously depending on where you live. In fact, many foreclosed properties are priced higher than their true value. And in many areas, property values have declined to the point that people are selling their homes at such reduced prices, it can rival a foreclosure property that could be just around the corner.

Another thing to remember is that even if the price is right, you need to be prepared for all the hassles. Buying a foreclosure involves doing alot of homework. If you are buying at auction, be prepared to pay cash. You may face a long waiting period to actually take possession of the property and move in. The property could require extensive repairs, and purchases must be "as is" and cannot be contingent upon inspections. I have even seen cases where the owners stripped the home right down to the inner workings of the air conditioning unit. You also should be prepared for the possibility of judgements, liens, and more than one note or deed than the one being foreclosed on. Accurate information is hard to come by, and if you take the risk, you could lose in the end.

Still game? Your best option is to find an agent who specializes in foreclosures. An experienced agent can locate properties and establish value for you, which could be very different than the asking price. Most foreclosed homes belong to the bank. The banks have many of these real estate owned (REO) properties in their portfolio's and are actively trying to sell them through agents. And unlike buying at auction, you can usually get a traditional mortgage for an REO. Unfortunately, lenders usually list these properties at or near market value to recover the outstanding loan balance and legal fees. In this case, an experienced foreclosure agent can deal aggressively with the bank, especially if the home has been on the market for a long period of time.

contact Kimberly Wilson, Your Dawsonville Real Estate Specialist

My Favorite Time Of The Year!

Springtime! The trees are green, the flowers are blooming, and the dark days of winter have passed.

It's a PERFECT season to market your home for sale. And in our current market where there are many homes to choose from, your home must be at it's BEST!

From the second a potential buyer pulls up to your home they have to be enticed. Creating a great impression can make the difference between finding the right buyer and losing the sale. It doesn’t cost a fortune to make your home "buyer ready".

Step back and look at your home through a buyer’s eyes. Often as a homeowner we fail to notice the flaws in our own property. We get used to the dripping faucet, the scuffed paint, or the dirty carpet. But by looking objectively at your property, you can decide which improvements need to be made to make the best first impression. Sometimes the smallest repairs can make the most impact in a potential buyer’s perception of your home.

Curb appeal the way to get buyers out of their car and up to your door. Make sure the yard is green and mowed, and the bushes trimmed. Plant flowers! The color will make an enormous impact. Don't have plant beds? Get 2 large pots, and fill them with flowers and place them on each side of the entrance to your home. And speaking of the entrance, make sure your door has a fresh coat of paint (if needed) and get a new doormat.

And here's a very important tip! If your home has been on the market through the winter, chances are the photos of your home being advertised on the Internet and other publications where your agent may place them are dreary, and lack pizazz. After a weekend of sprucing up the curb appeal of your home, make sure to have your agent come and take new photos and get them published accordingly. With potential buyers lurking the Internet, make sure the first impression they get of your home, is the best one! You know how the saying goes, "You only get one chance to make a good first impression!"

contact Kimberly Wilson, Your Dawsonville Real Estate Specialist

Still On The Fence?

Are you thinking about buying a home? Do the news reports on interest rates, and the housing market scare you and make you feel paralyzed about making a decision?

Wouldn’t it be great to know what’s really going on in YOUR community?

Let’s face it. News reports can be deceiving. For example: There was a report that "Resale" Home Sales were down 6.5% in March. However, the facts are that in most areas, Resale Home Sales were up! In the Midwest, the numbers were so low that it brought down the national average number and made it look bad for everyone else.

My advice is to ignore most of what you hear. If you want to know what’s really going on in YOUR community, get a professional opinion. In the Dawsonville area, home sales are up! Interest rates are the lowest they have ever been in my lifetime. It's a perfect time to buy a home! I know that’s a pretty broad statement and doesn’t really drive the point home to you. So let me explain.


Home Prices:


Home Prices are down. There is a surplus of homes available, sellers are willing to negotiate, and you have a fantastic opportunity to get into a substantial equity position in a relatively short period of time.


Financing:


Did you know that ALL of Dawson and Lumpkin County qualifies for a “Rural Development Loan”? If you have never heard of this loan, you will be surprised. It offers 100% financing, NO PMI(private mortgage insurance), allows for repairs, and even if you had a bankruptcy or foreclosure LAST MONTH, you COULD still qualify. In addition, the current FHA Loan Program is a fantastic program.


It’s important to do the proper research, and make informed decisions about something as important as buying a house. But don’t wait until the interest rates go back up, and these fantastic programs are no longer available.


Some people make things happen, some people watch things happen, and some people wonder what happened. Which one are you? Don’t let opportunity pass you by. Call me today and let’s find out which program YOU can qualify for!


contact Kimberly Wilson,Your Dawsonville Real Estate Specialist