Without a doubt, the global economic downturn has drastically changed the real estate market over the last few years. As a result, the number of distressed properties being sold has risen in the entire country. Even in places where revitalization and redevelopment is ongoing, like the city of Smyrna in Cobb County, Georgia, foreclosed properties have become unavoidable. But while certainly deemed an unfortunate casualty for homeowners, Smyrna foreclosures present an attractive opportunity for many prospective homebuyers.
Foreclosures in Smyrna
Smyrna foreclosures are the end result of distressed homeowners who are unable to keep up with mortgage payments and have the property repossessed by the lender; since banks are not in the property management business, these homes end up being sold quickly at discounted prices. Thorough and resourceful homebuyers will eventually find properties that are attractively priced, costing a fraction of the actual market value, and often even lower than the outstanding mortgage.
While buying these types of real estate allow investors to stretch their dollar and enable them to purchase a home that was previously out of their reach, buyers will find out that distressed properties come with certain unique challenges of their own, like competing against multiple buyers and in some cases not being able to use all types of financing options. These problems have the potential to become costly down the line, so it’s highly recommended to work with a real estate professional that specializes in distressed properties.
For more information and details on purchasing Smyrna foreclosures, contact Michael Brock today. Ask him also about other distressed properties like Sandy Springs foreclosures, short sales, and his range of offered REO services.
