A lot of real estate investors shy away from buying luxury real estate because they are afraid that they may have to pay through their noses in order to afford it. However, this does not have to be the case. There are plenty of luxury homes for sale in Atlanta that are relatively priced. Therefore, the investor will own the home of their dreams, and still have some money left over. In the past, there have been homes in the region that have been sold at a significantly lower price. One of the major examples is the Le Reve Estate north of Atlanta which was sold at 75% less than the asking price. The following are some of the tips that all real estate investors should follow if they want to purchase luxury real estate in Cumming, Atlanta, Milton, Alpharetta, Johns Creek, Roswell, Buckhead, Sandy Springs, Duluth or any other area in Georgia at a lower price.
Buy foreclosed homes
The real estate bubble bust left a lot of homes foreclosed. The banks and mortgage lenders are simply trying to recover their money. A lot of luxury homes in Atlanta, Buckhead and Roswell were affected. Therefore, there are plenty of luxury homes for sale in these areas. Unfortunately, a lot of traditional buyers never look for foreclosed homes when they want to purchase luxury real estate. The good news is that foreclosed homes can save the luxury home buyer up to 40%. Foreclosures for high-end real estate are usually advertised in a couple of real estate listings, and the buyer has to sniff around and do a little digging in these places in order to get a great luxury home for a lower price.
A short sale is when real estate property is sold for a lower amount by a homeowner who wants to avoid the negative implications of a foreclosure. Such a homeowner is usually unable to pay the mortgage on the home. They therefore negotiate with the lender to sell the home at a cheaper price than the debt that they owe. Short sales are usually significantly cheaper, and the home buyer can save quite an amount of money. They should know where to look in order to get information on available short sale or pre-foreclosure homes in the Georgia area.
Distressed homes are usually sold ‘as-is’. This means that the owner or lender will not make any effort towards repairing the home. Therefore, their condition is usually questionable. However, because of this, the price of distress real estate is usually significantly lower. At times, a luxury home may have stayed in the market for a very long time due to its high asking price. There are luxury homes that have been unoccupied for more than three years, and therefore, there is no one to maintain them. The home may also be vandalized during this time, or squatters may have lived in it and damaged it. There are also some distressed properties that may have been damaged by previous owners. There are some people who may go out of their way to significantly damage a home out of anger because the bank is about to foreclose it. There has been an increase in the amount of distressed luxury homes in the Georgia area, and buyers can take advantage of this by buying such homes and renovating them slowly. However, they should work with a certified appraiser and contractor in order to determine if buying the distressed property is really worth it.
Luxury real estate auctions
These are usually less common, but they provide the home buyer with the opportunity to buy their dream home for significantly less. There are times when a person’s real estate property may be seized because of investigations. If it is determined that the home was bought through illegal or fraudulent money, it will be auctioned off so that the money can be recovered. Such homes will often be sold for significantly less to the highest bidder.
Real Estate Owned or Bank-owned property
Sometimes, even after listing the luxury home in pre-foreclosure, foreclosure, or auction listings, the luxury real estate property may still not get a buyer. Such property usually reverts back to the lender. The bank may negotiate with the IRS so that any tax liens on the property are removed. They may even do a few repairs. A home buyer may look for such a home and make an offer to buy it. They should be prepared to haggle with the bank by making several offers so that they can purchase the luxury home at the cheapest price possible.
Why luxury real estate investors should consult real estate agents
There are a lot of buyers who usually try to get luxury homes in Atlanta, Roswell, Buckhead, Alpharetta and other areas in Georgia without the help of a real estate agent. This is a bad idea, and they are likely going to pay a higher price for the home than they need to. Real estate agents usually have their eyes and ears on the ground. They know homes that are about to be listed as short sales before they even go on the market. They usually have connections in banks and lending institutions, and they know of luxury homes that are about to be foreclosed or auctioned off. This knowledge is invaluable for a home buyer. The real estate agent can also negotiate with a bank so that the buyer can get the lowest selling price for a Bank-owned property. Therefore, it is always better for a buyer who wants to buy a luxury property in Georgia for a lower price to invest in a good real estate agent.
There are plenty of luxury real estate homes and property in the Atlanta region. A good real estate agent will know where these properties are, and they can advise their client on how to buy them at a significantly lower price.
Are you in the market for luxury homes for sale in Atlanta, Alpharetta, Milton, Johns Creek, Cumming, Buckhead or Roswell?
Visit www.atlantaluxuryhomes4sale.com or CALL US at 678-469-5683 today for tips as well as an up-to-date listing of available luxury homes in this region.