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 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.