Home Brokers Gives More Options To Their Buyers
Buyers used to just look for homes that are in the “move-in” state. But home brokers are feeling some changes as home buyers are now also looking at repossessed properties in the market.
Home brokers noted that almost 50 percent of home sales in the Atlanta area involve bank-owned properties or distressed houses that will be facing foreclosure soon. This type of homes seems to gain more popularity in the market nowadays.
Around 6 years ago, foreclosed properties consist only a small segment in the resale market. It was then too small that it does not have a specific subcategory in computer listings. But now, the MLS have a specific category for bank-owned homes and large firms have home brokers and agents that specialize on repossessed properties.
So, why is there a shift in bank-owned home purchases?
- The number of repossessed houses and homes facing foreclosure has multiplied. Foreclosure trackers say that there are about 10,000 homes facing foreclosure in the metro area alone.
- Bank-owned homes are not only found in unattractive neighborhoods anymore. They are now found all over the metro. It seems that bad loans are not among the undesirable neighborhoods anymore.
- The government has attractive offers for home buyers that will purchase foreclosed homes. Like the Federal Housing Tax Credit worth $8,000 for home buyers that will have their purchase within the year, provided that they have not owned a house within the last 3 years.
- Then, there is the Georgia Dream Loan that offers home buyers to avail a $14,000 down payment assistance package. But only 1st time buyers who choose a bank-owned property can avail this zero-interest mortgage that is forgivable for six years.
- But the best reason is the bargain. Bank-owned homes are more affordable, and are even better when it is located in good neighborhoods. Some of these properties may some retouches and repairs that can reach $10,000, but needs nothing really major.
So if you are one of these home buyers considering bank-owned properties, find a home broker that specializes on this type of homes. With the broadening market of repossessed homes, you may need a home broker to help you find the perfect purchase that is in a great location and is still within your budget. So, find a brokerage that has a specific foreclosure department.
