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Avoid Competing with Foreclosures

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Middle Georgia Foreclosure Report


Are you selling a home during the housing market crisis? Warner Robins, GA - There are over 150 current foreclosures in the Middle Georgia area. This includes homes in Warner Robins, Perry, Macon, Byron, Bonaire, and Kathleen. The homes in Houston, Bibb, and Peach counties are house that a currently in the foreclosure process. Countless more homes are heading to foreclosure, or have just completed foreclosure and are now owned by banks.

This excess bank inventory means that bank-owned properties are often heavily discounted. This has the effect of bringing down property values for the surrounding homes. Why pay full market for a house when a foreclosure is just down the street? In fact, this depression of home values distorts the normal market value lowering the true value of non-foreclosure homes.

In most cases, the banks will do little or no maintenance to these homes. That means that the buyer may have maintenance duties to perform immediately after the purchase. However, the purchase cost plus the renovation cost is often only a fraction of what the same house may have sold for a few years earlier.

Do you have a house that you would like to sell?

One tactic for selling your home is to completely remodel the house. This includes updating fixtures, remodeling kitchens and bathrooms, and performing extensive landscaping. After this work, the house can be placed on the market. You will have to work diligently to make sure the house is always ready to show – keep it clean, the yard landscaped, and the general appearance neat. This extra effort will make your house stand out against the foreclosures. This additional effort should allow you to receive higher offers than the nearby foreclosures.

If your offer is a non-cash offer, and most are, the sale will depend on financing. Here is another tricky area. The financing with depend on the appraisal, and many of the comparable sales will be foreclosed properties with depressed prices. This may lower the appraisal value of your house and jeopardize the loan. Even when a buyer has a large down payment they frequently back out then the appraisal is lower that the selling price.

What can you do to sell your house in this market?
One option is to wait. Eventually the housing market should recover and most foreclosed homes should be gone. This could take several years, but with the glut of bank owned homes off the market real estate values should stop falling. At this point, the home values are still low but they are not dropping. As the years pass, the home values should begin to rise again affording you another opportunity to sell your home.

What you can do to sell fast?

Many people need to sell their home quickly. They may be facing a foreclosure, finalizing a divorce, transferring to a new job, or any multitude of other situation. For these people, waiting several years is not a viable option. They need to find someone to buy their home now. To sell a home quickly these people need to find a buyer that can close fast because market values are constantly fluctuating. You do not want to enter a deal today that a buyer will back out of by the closing date. You still may face a low appraisal that could jeopardize the loan. To mitigate this risk you need to find a buyer who can close the sale with cash.

The best way to ensure a timely sell is to find someone who will buy for cash, and will buy fast. It may also be helpful if the buyer can do repairs and maintenance so you do not need to waste the time and effort. These three characteristics should ensure that your sale closes smoothly, and you can move on with your life.