Investing in real estate can be both challenging and rewarding. Bank Owned property, also known as Real Estate Owned (REOs), presents a unique opportunity for the smart investor and savvy homebuyer. Most of these homes need only minimal repairs and upgrades yet are usually priced very competitively, many times well below market value.

For the home owner or investor willing to put in some sweat equity, these homes can provide a substantial return on your investment or a great opportunity to purchase your own home at a very affordable price.

Investigate, Investigate

Always seek to learn as much as possible about market values in the areas you're considering. We are glad to provide you with a list of "sold" comps for any home(s) you wish to purchase, just ask. Since most REO properties are sold "As-Is" you should thoroughly investigate the condition of the property before making your offer.

Making Your Offer

You must be pre-qualified before you make your offer. We have a list of knowledgeable local lenders that can assist you with this process and provide you with an accurate Pre-Qualification Letter. This letter must be submitted with your offer. If you are paying cash, you will need to provide satisfactory "proof of funds" such as a current bank statement or its equivalent.

As these properties are priced well below market value, more than one offer may come in at one time. Banks normally review the offer with the best terms and the highest "net to seller" first. You will be informed if/when this happens. It usually pays to make your first offer your best offer. Offers are responded to within 24 to 48-hours of submission but on occasion it can take longer. You may submit your offer to us at any time, however all offers are reviewed and responded to on "business days", never on weekends or holidays.

Certain changes must be made to the Purchase Contract and special Seller Addendum(s) will be added once your offer has been accepted. All offers must be made on GAR-2008 contract forms. We are able to assist you with the proper preparation and detailed explanations of all forms involved.

Earnest money is required with all offers

Most Banks expect Earnest Money (usually in Certified Finds) between 1% and 3% of the list price with a minimum of $1,000. Please ask us for specific details for each property.

No Seller's Disclosure Statement provided

The Bank has never lived in the property and therefore cannot provide a Seller's Disclosure Statement. These properties are sold "as-is" and the seller will not make any repairs or provide a Termite Letter.

Contingencies and Closing

Most REO sellers will not accept a contract that is contingent of the sale of another property (primary residence) unless that property is already "Under Contract".

You must close with the Closing Attorney specified by the bank. Sorry, no exceptions here.

Buying REO properties may take a little work on the front end, but the rewards and savings are well worth it. If you have any additional questions or would like specific information on any of our properties please contact us at (404) 683-1165 or by email at david@atlantareoservices.com

Thanks again for your interest. We look forward to helping you with your real estate investment goals.