Buyer Resources : Overview

Working with Banks  

Foreclosed Properties often present new challenges to prospective homebuyers. 

With a foreclosure, remember the bank is typically not the person that last lived in the house.  Banks do not have the same emotional ties to property that people do.  Sometimes they respond quickly to good offers.  Other times, the process can be painfully slow.

Many foreclosed properties must be paid for, at close, in cash, since they may have certain issues (minor items such as a missing air conditioner, or extensive interior damage).  Often these properties will not qualify for traditional financing.

 The Importance of Prequalification

Getting Prequalified is the key first step in the process.  As with any purchase, it is in your best interests to fully understand your financial capabilities *BEFORE* you begin your search. A Prequalification Letter is a requirement when purchasing foreclosed properties.  Many banks will request this document within 24 hours of submitting an offer. 

If you are making an offer on a desirable property, properly priced, you can expect multiple offers.  Banks have the discretion of selecting whatever offer they feel is in their best interests.  It is not uncommon to see a bank accept a lower offer that is all cash based. Best advice... Get a Prequalification letter for a conventional mortgage from a local lender.

 Who can help me get a Prequalification Letter

Start out by contacting your local bank or credit union.  Remember, a Prequalification letter does not obligate you to select any specific financing term or rate. It simply provides an independent statement of your ability to purchase the property. We work with several local providers. 

• Murray Gray, Grace Financial Network, 678-336-8988 (Office), 404-272-6003 (Cell)
  
• Michael Sanders, Retail Sales Manager, Bank of America, 678-406-8205 (Office), 770-714-8566 (Cell)
• Shannon C. Walstad, Assistant Vice President, Senior Mortgage Loan Originator, SunTrust Mortgage, Inc.  404-303-2634 (Office), 404-934-6623 (Cell), 404-586-6656 (Fax).  To Apply Online:  www.suntrustmortgage.com/swalstad

Please tell them you were referred by Atlanta Condo Foreclosure Team.

Real Estate Attorneys

If you need legal advice or representation from a real estate attorney, we recommend

Michael Rashfal, Rashfal & Associates, LLC, 130 Ketton Crossing, Duluth, GA 30097, 678-358-3933 (direct), 678-691-8452 (fax)

• We help you locate your property.
• You will receive a Full Buyer Report for the selected property.
• We schedule a private showing.
• If you are interested in making an offer we will provide you with a Comparative Market Analysis of similar properties and the County Tax Records to help you determine a reasonable offer.
• We help you write an offer and possible counter-offers.
• We walk you through mortgage pre-approval, inspection phase, contingency phase and closing.
• We will lead you through the home buying process every step of the way!

Found what you are looking for? We will send you a Full Buyer Report and the Tax Records for the selected property. We will also schedule a private showing. Contact us now to request your information.

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