Beginning as a small village called New Prospect Camp ground, Alpharetta was later renamed after the Greek words “Alpha” meaning first and “retta” meaning town. Now Alpharetta is one of the fastest growing cities in the South. With a low crime rate and close proximity to Atlanta, Alpharetta is a great place to live.
Home buyers and experienced investors will discover bargain properties in the Alpharetta foreclosure listings.
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| Population 34,854 | Median Age 33.3 yrs | Household Size: 2.50 |
| Avg Commute: 27.7 min | Avg Income $71,207 | Avg Home Value: $226,300 |
| July High: 88.0°F | January Low: 29.1°F | |
Alpharetta Foreclosure Listings
When purchasing a home in Alpharetta, Ga., you need to know that it is a desirable area to live in because of its accessibility to major highways and shopping centers. Alpharetta is one of the fastest growing cities in the Atlanta area, not only in residential population but also in business construction as well. Because the average home in Alpharetta starts around $250,000 and goes up from there, there is an increasingly popular trend for potential home buyers and investors to look at Alpharetta foreclosure listings as a cheaper option to buy these superb homes.
When you buy a foreclosed home, you're cashing in on a home someone was no longer able to pay for. Because a bank or other lender wants to recover as much of its investment without delay, foreclosed homes are often unloaded at significant discounts—upwards of 30 percent or more. However, there is a certain amount of work, time and risk involved in order to reap the benefits of a foreclosed home purchase.
Start by searching for foreclosure listings in real estate magazines, newsletters, newspapers and Internet search engines. You can also try calling up banks and lenders for real estate owned (REO) property lists of foreclosures. Government agencies such as Fannie Mae (fanniemae.com) and the Department of Housing and Urban Development (hud.gov) also advertise foreclosed homes for sale. Check public records for other leads.
Take time to tour the property and inspect it closely. You may not want to purchase one which requires you to bear substantial repairs or maintenance costs. Find an agent who has experience with Alpharetta foreclosure listings. Have him or her check comparable homes to see if the asking price for a foreclosed home is in fact a bargain. It is also important to check if a foreclosed home has any liens such as unpaid property taxes on it. You may not want to absorb these extra costs.
In looking to buy a home in the Alpharetta foreclosure listings, you need to look for an experienced agent, suitable properties, outstanding lien issues and proper paperwork. Also be prepared to face some stiff competition with contractors who are willing to pay a higher price than what it may be worth, as they plan on fixing it and reselling for more than what they paid.
By Ariel Tung
A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®