Episode 3: Where are the Metro Atlanta foreclosures and other great deals?
In this episode, we explore how to find good deals in Atlanta real estate. Are there any in this market?
Metro Atlanta Foreclosures
- Where are they?
- Less than 1% of listed properties are in some sort of distress in metro Atlanta.
- If you want to buy a “pre-foreclosure” the foreclosure auctions In Georgia are on the first Tuesday of every month at the courthouse steps in the county of the property you want to buy. You’ll need cash money via a cashier’s check from your bank. You can’t use a bank loan and in almost all cases, cannot go into the house or do any type of inspection other than a drive by.
- You walk away not knowing anything about the house other than what you paid for it.
UPDATE: May 20, 2017
If you’re looking for foreclosures in the metro Atlanta area to purchase, be sure to contact your agent and make sure they find the updated search fields as our MLS just changed the way to search for short sales, HUD foreclosures, and general foreclosures.
On a search performed on May 20, 2017 of single family detached foreclosures listed as Active in the First Multiple Listing Service (FMLS), here is the foreclosure breakdown by county (showing counties with more than 5):
- Bartow County: 8 foreclosures on the MLS (307 total properties for sale)
- Cherokee County: 10 foreclosures listed on MLS (1154 total properties for sale0
- Clayton County: 6 foreclosures for sale (328 total properties for sale)
- Cobb County: 14 foreclosures for sale in Cobb County (2,370 total homes for sale)
- Dekalb County: 17 foreclosures (1,642 total homes for sale)
- Douglas County: 5 foreclosures (496 total homes for sale)
- Floyd County: 5 foreclosures (108 total homes for sale)
- Fulton County: 22 foreclosures (3,499 total homes for sale)
- Gwinnett County: 14 foreclosures (2,467 total homes for sale)
- Paulding County: 11 foreclosures (713 total homes for sale)
What we notice here is that the rural counties have a slightly higher percentage of foreclosures than suburban/urban counties. Highly populated counties such as Cobb, Fulton, Dekalb, Gwinnett yield a foreclosure rate of less than 1% in today’s market.
Foreclosure research resources:
Foreclosure Map of Metro Atlanta
A screen shot of available metro Atlanta area foreclosures currently for sale.[/caption]
Do you really need a foreclosure? What defines a good deal?
- A good deal is defined by the buyers’ primary objective. Is it price? Deferred maintenance? Etc.
- Finding what the buyer wants at the right price plus the owner of that home has already left. The home is vacant. More motivated seller.
- A house that doesn’t require a lot of maintenance
- A house that hasn’t been updated – gives the buyer the opportunity to update.
- Properties that have been on the market 30-60 days or more are usually over priced or have something else going on with it such as condition and other common objections to home buyers. It’s possible to get a “deal” on these types of homes.
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