Everyone hears the deals are out there but are not seeing as many properties to choose from on the market. It's important when looking for Cherokee Georgia Real Estate to know the market.

Inventory is starting to dry up as Obama's homeownership saver plan is taking effect. Basically what is happening  is many homes that were headed to foreclosure are now getting loan modifications with mortgage reductions where people are allowed to stay in the homes. The same volume of buyers are still out there looking for deals while the inventory is shrinking. This is causing a slight uptick in what banks are selling their properties for and also creating multiple offers in some situations. Banks are pricing them low to move fast and cause bidding wars.

Buyers need to understand "BANKS ARE NOT DESPERATE WAITING AROUND FOR OFFERS TO COME IN ANYMORE"  With reduced inventory and the first-time homebuyer tax credit in the Cherokee Ga Real Estate area buyers are eager to purchase. There are some bank properties that sit for awhile but these properties often won't qualify for lender financing because of condition and need an ALL CASH SALE TO PURCHASE. Most Cherokee Ga Homebuyers won't qualify for these homes as they need some are all financing to purchase.

So with stiff competition how can buyers get the deal FIRST before the next person??

The answer is you need a broker with experience dealing with foreclosed  property. When a property is fresh hitting the market and is priced well it will go into contract usually within 24 to 48 hours. Sometimes the asset manager for the bank will stipulate holding offers for a number of days and submitting highest and best to bid up the price. In those cases you make your best offer and walk if it is not accepted. Otherwise the goal is to get your offer accepted and lock out the competition.

Banks require pre-approvals now on all offers submitted on their properties. A pre-approval is where a mortgage broker or lender has VERIFIED your credit,bank statements,w-2's,tax returns,etc. and given you a preliminary loan approval.

Pre-qualification letters where they talk to you on the phone and you haven't submitted paperwork to prove and back up what you are telling them are worthless and a waste of time. If you want to get a SERIOUS deal you have to do the things necessary to become a SERIOUS BUYER.

Fore more information about Cherokee Ga Foreclosures fill out the form below or call us at 678-779-2798.