Expect homes in "as-is" condition when buying foreclosed Georgia homes from state government
The number of Georgia state government foreclosed homes has grown rapidly in recent years. Buying foreclosed Georgia homes from the state government is now a viable way for you to purchase cheaper homes. You take advantage of the opportunity to generate income from an investment property or buy a new home residence. If you are contemplating making a Georgia state foreclosure purchase, you first need to understand the possible pitfalls and benefits.
It is true that you can purchase Georgia state government foreclosed homes at very low prices. This is the one advantage that stands out. Yet, if you are thinking about buying foreclosed Georgia homes from the state government, you have to consider more than just the low price. It is important to understand some of the possible disadvantages you may face.
One disadvantage associated with purchasing government foreclosures is that they are sold with no warranties. This means that you go into the deal knowing that you will be financially responsible for any required repair costs. When you are buying foreclosed Georgia homes from the state government, it is important to figure in the cost of any repairs in addition to the cost of the home, because the sale will be an as-is sale. Another disadvantage is that government foreclosed homes can often sit for extended periods of time with no maintenance. This increases the chance of damages and needed repairs to the home.
Finally, you should understand that not all banks finance home loans for the purchase of government foreclosures. If you want to buy a Georgia state government foreclosed home, you need to carefully consider your financing options. Even though some banks will not fund this type of loan, you still have numerous options. You may choose to get a loan through a private mortgage lender. Some lending institutions offer Federal Housing Administration (FHA) loans for the purchase of government foreclosed properties.
When the price is right, human nature tells us to buy. It is possible to get a great deal by buying foreclosed Georgia homes from the state government. Successful buyers know what to expect, as well as what to avoid, during their quests. To shop Georgia foreclosed homes today, go to RealtyNow.