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In a surprising turn of events, Georgia was ousted from its 6th spot by Arizona. But before jumping for joy, the state’s foreclosures rate still remains high. In fact, Georgia experienced a 15.98 increase from April. Most of the activity, 5,727 homes, came from the Notice of Trustee Sale group. If these owners do not manage to find a way to pay off their mortgage debt before actual foreclosure auction, the number of Georgia bank foreclosures can be expected to rise further.
Across the nation, real estate experts are reeling from the May foreclosures data. Just when things were slightly looking up for the subprime market, more delinquencies were being recorded. If things do not slow down, home prices in this state will likely be affected. The incoming spring season may herald a positive sales activity, with most buyers preferring this time to look for real estate properties.
Meanwhile, sellers are also worried that their properties will stay in the open market for longer periods. This translates to added costs that include maintenance fees and insurance premiums. In addition to this, many sellers will only enjoy about 80 to 90 percent of their asking prices as buyers have the upper hand when it comes to negotiating prices for these Georgia foreclosures. To entice buyers, sellers usually offer to shoulder closing costs.
In preparation to the spring sales, both buyers and sellers are looking for reliable foreclosure listings. Sellers are hoping that by entering into listings contracts, they could attract more buyers while buyers are using these listings as search tools for potential bargains. Success in real estate foreclosure investing often relies on the timing and resources. If you know where to find the best deals and where to market your properties, you are guaranteed of convenience.
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