Forsyth County Ga Foreclosure
Many of my first time buyers are coming across a real estate term that for the most part didn’t exist a couple years ago. As is / where is has become the mantra for foreclosed and short sale properties across the northern Atlanta region when making offers. Many displaced homeowners had ongoing maintenance issues, worn roofing, cracked basement walls, and dated mechanical items. We hear of great bargains on the market and through my buyers I have negotiated many fantastic deals on these properties.
One buyer in Gwinnett County had me show no less than 30 homes over a one month period. Without question he wanted to see every foreclosure in central Gwinnett County. One home that at first glance had potential was a two story traditional with a basement and sub basement. We walked through the house and started noticing oddities like door not closing, buckled flooring, home listing to the right….. This house was slipping down the hill. No amount of money from my buyer would cure this issue since the house has serious foundation issue that needed major repairs before another bank would finance the purchase. I told my buyer that even if he purchased the house for $1.00 he couldn’t afford the repairs. My guess is the bank demolished the house since it was a public hazard.
For my buyers as is / where is includes sheet rock repairs, leaking roofs, broken doors, missing light fixtures, and yard conditions. Most banks will allow the purchase with minimal damage to the house. Items that will need to be installed before closing; a/c condensers, air handlers, front doors, plumbing, major electrical repairs, and damaged roof. The financing bank requires a house to be habitable at move in. These damaged items cause issue since repairs cannot be made on a house until the new owner has closed but a closing cannot occur until the items are repaired.
I have the answers. Email JeffBarnwell@gmail.com when ready to start your new home search. Please visit JSBSells.com for the latest foreclosure / short sale purchases with my buyers.
