REO homes – or bank-owned homes – continue to be in demand for homebuyers searching for a great deal and investment opportunity.  Many potential buyers have the similar questions in the buying process due to the common myths about REO properties.

Let’s take a closer look at the top five myths about buying a foreclosed home and then address why these perceptions aren’t 100 percent true.

1. You cannot have an inspection done on REO properties. 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.
2. REO properties may come with liens. 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.
3. You don’t have any negotiating power when dealing with a bank. In reality, 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.
4. REO properties need lots of repairs. 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.
5. Buying an REO property is complicated. 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.

For more information about buying a bank-owned home, visit www.cbbankowned.com.  There, you’ll find additional tips about the REO purchase process, as well as listings of hundreds of new construction REO properties.

Jessica Weston made some great points in her blog “First impressions are lasting ones” about the importance of model homes as an effective tool in leaving a lasting impression with a potential home buyer.  In this market, when developers are looking to establish and maintain a conservative marketing budget and marketers are looking for innovative ways to help save costs, an excellent company comes to mind that can help everyone achieve their goals – and ultimately showcase the great value of a home through staging.

Showhomes of Atlanta (Showhomes) is a company located in the Atlanta metro area that has been in business for 19 years, providing a service at no cost to developers through the staging of vacant homes – multi-family or single family communities.  Yes, you read that correctly – no cost!  Coldwell Banker NRT Development Advisors has had the pleasure of partnering with Showhomes on select condominium and single-family home projects in the Metro Atlanta area and the results have been tremendous!  So, how does this concept work and how can they offer this service for free?

Showhomes carefully selects individuals who have qualified to become home managers (staging professionals who temporarily live within the home) by owning beautiful quality furnishings and accessories.  Showhomes’ professional interior decorators help to place the items belonging to the home managers in the home to create a model home like atmosphere.  Home managers pay utilities and lawn/pool costs, while keeping the home “ready to show” 9am – 9pm, seven days a week.  When the home sells, Showhomes transfers the home manager prior to closing to another home within the same community or another community entirely, leaving the home clean and fresh for the new owner.  Showhomes is able to offer this complimentary service to developers by charging a monthly fee to the home manager that’s based on about a 75% reduction from the normal market rental rate.

This service allows a developer to showcase model-like floor plans to help sell homes, while accruing no additional marketing costs.  This concept has proven to be a “win-win” situation for all parties involved on those projects we have partnered on with Showhomes.  Specific floor plans that were perhaps more challenging to sell sold out in a matter of weeks after Showhomes had moved in and helped potential buyers visualize their living space.

I welcome you to learn more about this great service and view the gallery of photos that Showhomes has highlighted on their website to demonstrate the impact this idea can truly make.  First impressions are indeed lasting ones!

To visit a Showhomes/Coldwell Banker NRT Development Advisors’ model in the area, please feel free to visit any one of the communities below:

• 10 Terminus Place, Buckhead
• White Provision, West End
• The Logan, Brookhaven
• 1010 Midtown, Midtown

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.

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!

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.

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!