Atlanta Foreclosures Unaffected by Delays in 23 States...But there are Lessons for Local Home Buyers
Posted by Brian Sims on Friday, October 8th, 2010 at 11:32am.Georgia is known as one of the fastest foreclosing states in the nation, with an average timeline of only 90 days from mortgage default to foreclosure. And despite recent news about foreclosure delays in 23 other states, local foreclosures remain unaffected. However, there are still 2 very important lessons for local buyers when purchasing a home of any kind, foreclosure or otherwise.
Here is what you need to know.
1. Always use a skillful agent, a real estate specialist who knows your local market and state laws well.
2. Always purchase title insurance at closing. A few hundred dollars of insurance can protect you from potentially losing hundreds of thousands of dollars later on.
Foreclosure delays in 23 states this week are due to paperwork mistakes made when homes were originally foreclosed by Bank of America, GMAC Mortgage and JP Morgan Chase. Because of these mistakes, home owners who were mistakenly foreclosed on, and other parties, could potentially redeem homes already sold to new home owners. Title insurance will protect the new home owners financial investment in the home.
While there is no right of redemption in Georgia and real estate attorneys are supposed to conduct title searches, there is always the possibility that someone else could claim title to your home after closing. Having a team of specialists who know your local laws and rights as a homeowner can be a tremendous asset and help protect you during the home buying process.
If you are in need of a real estate specialist then please give us a call. We have an excellent team of agents, brokers and attorneys who are all experts in their field. It would be a privilege to earn your business and help guide you through one of the largest investment decisions of your life, buying or selling your home.
Blog Tags
Print
ShareBe the first to comment on this blog entry!