Debunking Top Myths about REO Properties

September 10, 2009 · Leave a Comment

By: Amber Cooley

REO homes – or bank-owned homes continue to be in demand for homebuyers searching for a great deal.  Many potential homebuyers may have misperceptions when it comes to the process involved in buying an REO home, negotiation power, financing and more.  Having spent a lot of time marketing REO properties and working with agents on the sales of these homes, I’d like to explore some of the common myths of buying a foreclosed home and why these perceptions are not necessarily true.

Myth #1: You cannot have an inspection done on REO properties.

Reality: You absolutely can and should have an inspection on an REO property that you’re interested in buying.  Just like with a traditional home purchase, you want to go to the closing table feeling confident because you understand the condition of the home you’re purchasing.

Myth #2: REO properties may come with liens. 

Reality: When closing on an REO property, you will leave with a clear title with no liens.  In fact, a homebuyer couldn’t close on a home purchase if there were existing liens.

Myth #3: You don’t have negotiating power when dealing with a bank. 

Reality: In fact, banks will negotiate closing costs, condo dues, home warranties, appliances and more.  Work with your real estate agent to put together an appropriate offer that takes into consideration current market condition and comps, meets the requirements of the lender, and still offers you real savings.

Myth #4: REO properties need lots of repairs. 

Reality: Actually, many REO homes are brand-new construction single-family homes in new communities or modern high-rises. So they’re the same homes that many buyers are looking for, only they’re on the market for only a fraction of their original values.  In fact all of the REO homes listed with Coldwell Banker NRT Development Advisors are brand new homes where any kind of repairs or other construction needs have been already handled.

Myth #5: Buying an REO property is complicated.

Reality: With the help of a real estate professional who is familiar with the REO process, buying a bank owned home is actually very similar than the traditional real estate transaction.  Interested buyers can expect quick turnaround times from banks once an offer on a home has been submitted.  In some cases, they will hear within 24 hours of an offer being submitted.

There are some incredible REO deals in the market right now.  What a perfect time for someone to buy given drastic price reductions, superior product inventory, financing options, first-time homebuyer tax credits and more!  Definitely keep an open mind when considering a new construction REO property – you will be pleasantly surprised by the opportunities out there!

Categories: Bank Owned · REO · Real Estate · Uncategorized
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The Art in Real Estate

May 12, 2009 · Leave a Comment

By: Amber Cooley

As the wintery weather dissipates from Atlanta and spring flowers begin to bloom, the warmer weather reminds me of all the many reasons why I love this town.  At the foundation of it all is the excitement of seeing people enjoying the sites and sounds of Atlanta again.  The city comes alive and streets are bustling with tourists, shoppers, restaurant go-ers, and outdoor enthusiasts.  Social event invitations seem endless and this spring has been no exception.  This season it seems that the event trend is focused on marrying art with real estate – and this “marriage” has proven to be a huge success.

In early April Troy Peerless Lofts in Atlanta welcomed over 200 guests to “An Evening of Art Collections” event in which contemporary and thought provoking original work in oil, mixed media and collage were highlighted by local artists.  The artwork style was well suited to the unique character of Troy Peerless Lofts and distinctive architectural interests of the building.  Terry Kearns, a local Atlantan who attended the event, wrote about his experience at the event on his blog titled “Architecture Tourist”.  Terry provided a thoughtful description of the evening saying “when someone invites your architecture tourists to a combination loft tour/artists show with free food, it’s the perfect storm”.  To read more of Terry’s blog and to view several photos of the rehabilitated 1929 Troy Peerless building, please click here.

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Photos courtesy of Troy Peerless Lofts

Equally as interesting is The Stacks at Fulton Cotton Mill now has an emerging art scene for local Georgia artists.  The Stacks will be presenting artists and their work in a loft home within the community.  Visitors can view the artwork during sales office hours (listed on their web site) or inquire to attend special events throughout the summer.  The location for this kind of event proves yet again the perfect pairing of art and real estate.  Originally, “the Mill” was created to manufacture bags out of cotton bales for use primarily in grain distribution. In due time, the cotton bag business went global, and at the outset of WWI, the Mill also began to develop and manufacture tents for troops overseas.  Today it remains a proud and significant part of Atlanta’s industrial history, with The Stacks condominiums continuing the legacy of its founding visionary, evolving from cotton mill community to one-of-a-kind homes – now featuring one-of-a-kind art.  For more information or for a schedule of events, please call the sales center at 404-588-2728 or stop by 170 Boulevard Ave, SE #E124, Atlanta, GA 30312.  You won’t be disappointed!

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Photos courtesy of The Stacks at Fulton Cotton Mill

Also joining the art scene is Castleberry Point Lofts, brought to us by Jerry Miller (in partnership with Bruce Gallman), the same developer at Troy Peerless Lofts.  Settled in historic Castleberry Hill (well known for local art galleries), Castleberry Point will host an evening art event this summer.  Yet again this venue is the prefect match in marrying art with real estate.  Beyond the galleries, funky shops and enticing eateries is a rich, pioneering spirit derived from the ease of life, characteristic architecture and unique people – the perfect place to showcase authentic artwork.  The event will be announced in the coming weeks, though interested event go-ers can contact the sales center at 404-688-9900 or visit 32 Nelson Street, Atlanta, GA 30313.

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Photos courtesy of Castleberry Point Lofts

With so many wonderful events and venues, it is no wonder the streets of Atlanta have come alive again in celebration of spring and warmer weather!  Amidst the outdoor festivals and night-life, the art/real estate events are capturing highly interested followers – and perhaps you will become a fan too!

Categories: Uncategorized