Georgia foreclosures offer a great opportunity for investors and home buyers alike. It will not be an exaggeration to say that the real estate market in Georgia is pretty much in the doldrums as more and more people are filing for foreclosures every day. Bankruptcy, which has always been a major problem in Georgia is one of the main reasons that has made the state come in at number 8th in the last ranking of states with the maximum number of foreclosures. As of today, Georgia is the state with the second highest number of bankruptcies filed in the country. The result is that almost one in every sixty homeowners has filed for foreclosure.
While the situation for homeowners is definitely dismal to say the least, the situation of banks and other lending institutions is also not much better. An extremely high number of Georgia foreclosures has led to most banks and lending institutions now owning more real estate than they can maintain. The problem is that, with more and more people filing for bankruptcy and with many others losing their jobs or failing to pay back their mortgages on time, there are hardly any buyers for these properties. Too much supply and too little demand can be an apt summation of the Georgia real estate market as of now.
But the major advantage that buyers in a market with high supply and low demand get is that of low prices and Georgia foreclosures are no exception. Foreclosed properties are available for as low as 50% of their actual values, making Georgia a heaven for investors who currently have the resources to invest in real estate.
Investing in Georgia foreclosures can be a very sound long term investment that might end up yielding profits of more than a hundred per cent after a period of five years or so. A great incentive for investors who can invest anywhere in foreclosed properties is the extremely low cost involved in closing real estate deals in Georgia as compared to other states. Georgia ranks number 31st on a list that ranks states by the amount required for closing a deal. What this means is that investing in Georgia foreclosures will cost investors much less than what they would have to pay when they invest in foreclosures in other states.
Another segment that can take advantage of Georgia foreclosures is that of people who are looking to buy homes and can afford to buy at a time when property prices are at an all time low.
While the situation for homeowners is definitely dismal to say the least, the situation of banks and other lending institutions is also not much better. An extremely high number of Georgia foreclosures has led to most banks and lending institutions now owning more real estate than they can maintain. The problem is that, with more and more people filing for bankruptcy and with many others losing their jobs or failing to pay back their mortgages on time, there are hardly any buyers for these properties. Too much supply and too little demand can be an apt summation of the Georgia real estate market as of now.
But the major advantage that buyers in a market with high supply and low demand get is that of low prices and Georgia foreclosures are no exception. Foreclosed properties are available for as low as 50% of their actual values, making Georgia a heaven for investors who currently have the resources to invest in real estate.
Investing in Georgia foreclosures can be a very sound long term investment that might end up yielding profits of more than a hundred per cent after a period of five years or so. A great incentive for investors who can invest anywhere in foreclosed properties is the extremely low cost involved in closing real estate deals in Georgia as compared to other states. Georgia ranks number 31st on a list that ranks states by the amount required for closing a deal. What this means is that investing in Georgia foreclosures will cost investors much less than what they would have to pay when they invest in foreclosures in other states.
Another segment that can take advantage of Georgia foreclosures is that of people who are looking to buy homes and can afford to buy at a time when property prices are at an all time low.
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