• Home
    Contact
  • McDonough:
    (770) 957 3937
  • Stockbridge:
    (770) 389 4864
  • Jackson:
    (770) 775 3188
  • Barnesville:
    (770) 358 3630

Why now is a good time to buy real estate

Article by Byrd Garland
Article Date: 9/19/2008 4:21:01 PM

Should I look into buying foreclosed property? Is now a good time to buy real estate in Georgia? Is buying land still a good bargain?

One obvious sale item is a foreclosed property. 

  • These properties are easy to identify. Every residential real estate agent in Georgia can identify the foreclosed property in your area. 
  • Lenders holding property in their foreclosure portfolios are more than anxious to move the property and you can find good deals everywhere you look. 
  • Be aware that you buy a foreclosed property at your own peril. 
  • Prior to closing, it is imperative you go all out to accurately determine what you are buying. 
  • As tools to safeguard your investment, I recommend:
    •  a home inspection
    •  a new survey
    •  an enhanced title insurance policy
    •  a termite inspection
    •  a homebuyer’s warranty
    •  a thorough personal inspection

While shopping, do not forget more traditional sellers are part of this giant sale as they compete against the foreclosure sellers. 

  • The market pressure from foreclosed properties drives down the price of neighboring properties.
  • The price of labor and materials for building a new home or remodeling an existing one is at a record low.
  • I am finding bargains from builders and traditional sellers as they compete in today’s real estate market. 
  • Typically, on these transactions, you are not totally buying at your own peril but I still recommend each buyer to exercise almost the same due diligence as suggested above for foreclosure properties so you are protected if your seller is unable to respond to problems you may discover after the sale.

Land is perhaps the best bargain in town. For a number of years, the price of land has escalated drastically. Land prices have, in the past, doubled almost overnight. The housing slow-down has caused land prices to go down. Land is a bargain right now but it will come back with a vengeance and today’s buyers will become tomorrow’s millionaire. The reason is simple: we cannot make more land.

Interest rates are at a record low at banks and mortgage companies so a buyer has a wide variety of borrowing options now that may not have been available in the past. Many buyers are discovering bank rates equal to and sometimes better than long-term mortgage rates. Banks are much more flexible than mortgage companies making the traditional bank vs. mortgage dilemma much easier now than ever before.

Congress already passed legislation designed to aid the housing market. For our purposes here, this means that NOW is the time to buy!

Do not miss this “once in a lifetime” opportunity. Get serious about this unusual opportunity and run tell your local real estate agent’s office: “I am here to buy”. You will not be disappointed. 

Keywords: foreclosure, property, AIG, land, Byrd, Gardland, Attorney, Stockbridge, McDonough, Georgia, Lehman Brothers, Fannie Mae, Freddie Mac
Byrd Garland Byrd Garland

Byrd Garland is a 5th generation lawyer specializing in real estate, property matters and probate. Mr. Garland's clients include Butts County Board of Education, Butts County Hospital Authority. He manages the Jackson, Georgia office in Butts County.

Add your own comment

Comments

You must be logged in to comment.

Other articles
Where is the Henry County Superior Courthouse located?
Henry County Georgia - Where do I file for divorce? Which county's Superior County do I file the complaint? Which attorneys at SWWW handle divorce and child custody? How do I get to the Henry County Superior Court? Read more »
Article Date: 2/12/2013 10:42:21 AM |
Divorce in Georgia - Answers to Common Questions
In Georgia, where does one file for divorce? How do I file for divorce? Is there a way to live apart without getting a divorce? What should I do if I receive a complaint for divorce in Georgia that my spouse has filed? Read more »
Article Date: 1/8/2013 10:03:09 AM |
What Should I Do If I Have Been Involved In A Car Accident?
What should you do if you have been in a car accident in Georgia? Do I need a personal injury attorney? Who should pay for your medical bills resulting from the auto wreck? Who should talk to your insurance company when they start calling you? Should you talk with the other party involved in the accident if they call you? Read more »
Article Date: 9/17/2012 12:00:00 AM |
Divorce in Georgia - What About The Children?
In Georgia, how does child support work? With a divorce, can the parents share custody? Can payment for college be part of the divorce agreement? Does the age of the child matter when getting a divorce? Read more »
Article Date: 8/15/2012 5:16:56 PM |
Who Should Pay For My Medical Bills, My Car Repair And A Rental Car?
You are involved in an auto accident or car wreck, who is going to pay for your hospital bills, car repair, and other damages? Should I accept my insurance company's offer for damages to my car? Read more »
Article Date: 6/21/2012 9:39:50 PM |