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Many people searching for a home or looking for a property to invest in are considering buying foreclosed home. This is especially true for residents of Georgia. After all, foreclosed homes are famous for its low cost.
Hence, the real challenge is simply looking for a property that you want and if you have money to spare, then go ahead and buy it … or at least that is what many people think.
The sad truth is that the public is generally uninformed on how real foreclosure really works. Hence, they end up buying what they think is their dream home when they actually bought into a problem.
Here’s the real deal – it is true that foreclosed homes are priced lower than brand new ones for obvious reasons. It is also true that there are really lovely homes that were foreclosed and is now up for grabs in Georgia
However, what many people are not aware of are the tax issues that are involved when buying foreclosed single family homes. That is why it is wise to never buy a home on impulse.
Yes, it is lovely, yes, it is affordable and within your budget but you must do your research first and learn everything there is to learn about the home that you are eyeing.
For instance, when you buy a foreclosed home with liens, did you know that you have no choice but to inherit that as the new owner?
There are homes with additional liens from lenders, unpaid homeowner’s association dues, property taxes and the list goes on.
That is why it is wise and prudent to know all about the home’s history before you get too excited and just purchase it. Buying a house with real foreclosure history entails a lot of thought and research.
The same is true if you are buying a home in Georgia at an auction.
Take note that auctions do not really disclose everything and that includes all the financial trouble that buying a house comes with. Hence, before you bid, you better check the history and the financial commitments that come with buying the home.
Atlanta, GA must be one of the places that many people would like to invest or live in. Hence, many citizens from other states are looking into purchasing a home there.
Many are looking into those with a history of real foreclosure again, mostly because of its financial implications. Many people think that foreclosed single family homes offer amazing deals, but research must be done.
Many are prepared to have the house repaired and renovated. That comes with buying a home that already had a previous owner. What they are not aware of is the financial implications of taxes and Atlanta is not exempt from all that.
It does not matter if a house you’re looking into was foreclosed due to a lawsuit or an out of court foreclosure. This isn’t to deter you from buying foreclosed homes either.
The only point is to do so with caution and by making sure that you have the entire picture before giving the down payment.
There are many people who do not know what to do or where to begin with regards to investing in foreclosures, please feel free to check out our pre-foreclosure investing guide, as it will help you through the foreclosure process.