There's a lot of activity in Georgia right now! Buyers are frantically searching for homes to take advantage of the tax credit that will expire at the end of the month. Some buyers that have decided to come into the home buying arena at this last hour are realizing that there's a lot more than just finding a great home.
Earlier home-searchers often took the plentiful offerings of foreclosures for granted, feeling free to disregard many great privately owned homes that are also on the market. This caused bidding wars on foreclosure homes and frustration among buyers. Sellers with older, less updated homes have to work to strategically to price their homes to compete with today's growing foreclosure market. Their struggle is to sell without coming out in the red and owing the bank...in other words avoid a short sale.
Buyers also have to be realistic when looking for a home. While there are great deals out there, chances are that a home that was foreclosed on may have been highly priced and the bank still needs to recoup their investment. The same holds true for short-sales. While a buyer may be getting a home priced below the last owner's purchase price, the challenge comes from the bank's willingness to accept a lower price.
These situations are where a skilled negotiator is needed the most. Both buyers and sellers should realize the value of a Realtor. Working with a Realtor who is familiar with all of the dynamics of the buying/selling process, foreclosures and short sales is the vital component toward a winning situation. The mistake that most buyers make early in the process is one that causes them to be frantic in the end. They maneuver from agent to agent and real estate website to real estate website hoping that each will be better than the next or offer a home that the other doesn't have. While all agents and websites are not created equal. The basics are. A buyer needs an agent who is familiar with their needs and is working on their behalf. Without the commitment of a dedicated agent in return for the commitment of the buyer to the agent, the system gets confusing and usually ends up unsatisfactory. The same goes for sellers. An unrepresented seller opens the door to potential problems. Pre-qualification, local and Federal guidelines, legal binding contracts and disclosures are usually well beyond the scope of the average seller's expertise yet they are vital components in EVERY real estate sales transaction. Many seller's get overwhelmed with the process soon after realizing this. Calling a professional in the beginning will usually ease many of the pitfalls of selling as a For Sale by Owner.
In regards to websites - all offer the same homes from the same MLS services formatted with a different layout. The professional Realtor is the difference. They can guide you through the buying process, provide updates on property and communities, prepare bids for HUD homes (you must enlist a real estate agent for this), prepare contracts, refer professionals for inspections and warranties and guide you through the buying time frame.
Don't be fooled by the many do-it-yourself sites out there. While the pickings are many, the complexity of the market can be better handled by those trained for it. Commit to a Realtor that you can trust. They can work one-on-one with you to find and buy your dream home. You'll be glad you did.
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