Intrigued with the idea of buying a foreclosure, but intimidated by the
red tape and taking on an “as is” property? Veteran intown agency Morris
& Raper Realtors started ForeclosedDeals.com to take some mystery
out of the process. Thanks to the sheer abundance of troubled properties
for sale, buyers are seeing past the stigma and recognizing the value,
says Robert Benware, vice president of the nearly year-old division.
“The fact that a home has gone into foreclosure in no way diminishes its
quality,” he adds, noting that his firm represents mostly bank-owned
new homes rather than resales.
In addition to homes (single-family, condos, and townhouses),
ForeclosedDeals.com represents raw land and developed lots. Benware and
his staff will even help hire contractors to finish projects left
midconstruction. While they do market “loose listings,” or scattered
single properties, they look for subdivisions with multiple
foreclosures.
An on-site sales staff and a furnished model home make foreclosures more
attractive, Benware says. For example, in just five weeks, he says they
sold ten out of eleven listings at The Park at Glenns Ridge in
Lawrenceville. The all-brick homes, originally priced around $340,000,
sold for roughly $250,000. Benware currently represents about sixteen
communities in Gwinnett, South Fulton, Cherokee, DeKalb, and intown.
“Atlanta for so long has been a product-driven market,” Benware adds.
Buyers used to snap up new houses, counting on quick profits when they
were ready to sell. Now Atlantans need to look at homes as longer-term
investments, he says. “Ultimately, people buy a home for its use and
enjoyment.”
Morris & Raper Realtors, 990 Hammond Drive, Suite 710, 770-391-1208,
forecloseddeals.com.
Sample Deals
Central City
Location: 384 Ralph McGill Boulevard
Initial Price: $287,000
Current Price: $159,900
Savings: 44%
Walk-Thru: Condos with skyline views, ten-foot ceilings, hardwood
floors, granite countertops, stainless steel appliances,
balconies/patios, fitness center, pool
Garden Gate
Location: Off GA 316 and Cedars Road in Lawrenceville
Initial Price: $199,000
Current Price: $154,900
Savings: 22%
Walk-Thru: Craftsman-style ranch and two-story homes with two-car
garages, granite countertops, fireplace, vaulted/tray ceilings
Townview Commons
Location: Highway 92 in Woodstock
Initial Price: $224,900
Current Price: $134,900
Savings: 40%
Walk-Thru: Two- and three-bedroom townhouses with two-car garages,
hardwood floors, granite countertops, pool
