Foreclosure Doesn’t Mean Bargain!!
March 29th, 2008 categories: Alpharetta, Real Estate Forum
As foreclosures become more prevalent in the Alpharetta, North Fulton region,
there is a widespread belief that foreclosure equals opportunity.
Unfortunately, this is where the misconception begins.
Today’s mortgage crisis can be traced back to lenders who, just a few short years ago, started loaning money to homeowners with marginal credit, small down payments and an adjustable interest rate that escalated each year. These types of loans became the majority of mortgages across the country. As people start losing their jobs, they are now faced with a house payment they can no longer afford, in a home that has no equity, in a market that takes to long to sell. At some point in the near future, foreclosure proceedings begin and the bank looks to reclaim the property. Tips for Avoiding Foreclosure.
When purchasing a foreclosure, the buyer needs to be aware of any outstanding liens or back tax, in addition to paying off the lender. The foreclosure process is a very tricky endeavor, and typically requires the guidance of an experienced Real Estate Agent. If you have an interest in seeing the current inventory of foreclosure properties, feel free to Contact Me.
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