subject: Buying a foreclosure, Short-sale, HUD, or Distressed properties in Alpharetta [print this page] Buying a foreclosure, Short-sale, HUD, or Distressed properties in Alpharetta
It is no doubt that this market is still buyers market. However the number of available properties has drastically decreased from what used to be available. I have learned a great deal about homes for sale in North Fulton and homes listed for sale in Alpharetta and what client's expectations are through working with several clients looking for homes within this area. One of the most interesting facts that I learned is that part of city of Duluth is actually within Fulton County with close proximity to Alpharetta. And I actually found out that many clients are not really familiar with certain different parts of Alpharetta and when they do their own search online for home listings in Alpharetta they miss on many great locations such as Johns Creek, Milton (Milton is not listed in GMLS) and with no doubt Duluth.
A client interested in homes for sale in Alpharetta, will, with no doubt find homes for sale in Johns Creek, Milton, or Duluth as appealing as Alpharetta. However, we as realtors need to explain that to them and make sure we don't show them what they don't want to see. A realtor should use this to their advantage in marketing a listing.
In fact, a buyer can find several foreclosed new construction homes in Johns Creek and Milton more than Alpharetta. In addition, they are reasonably priced, and of course with my negotiation skills, I always made my clients winners from the price reduction to the different incentives thrown at the closing table. After all, it's a brand new home.
With all that said, finding a foreclosure property in Alpharetta is becoming challenging and needs serious and FAST acting buyers as many homebuyers are just waiting on one to be listed. I found it interesting that most of the recent clients I worked with love to send a first offer at least 40% less than the listed price. I have seen this strategy working in many locations and markets before; in fact, it did work in Alpharetta for a while and it might still work. However, these days, depending on the property of course, a full price offer or a bit more than the listed price might barely bring you to the closing table.
YESS !!! We did lose few homes early this year because of the old strategy, and the inflexibility of clients to adopt to the new changes in the market. It is not easy to convince your client that he needs to be as close as possible to the listing price when his/her co-workers, friends, and relatives are telling him he can buy it at 50% of the listing price. But eventually, the buyer will come to you and ask you to send an offer with $10K more than the listing price after seeing their first few offers closed at higher prices than the listed price. This is all avoided by providing the potential buyer adequate information about the property and its market which I have compiled in one location for my potential buyer. My potential buyer will have access to the same information I see but much more organized in a user-friendly format. Feel free to sign up and get free information.
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