Alpharetta Real Estate Homes for Sale

There is a "Blue Light Special" being run until Saturday off of Francis Road in Milton.  The house pictured here is being auctioned by a bank after having been on the market for over a year.  The house is priced at $599,900 and you very well may be able to buy it for a lot less.

When this house was originally listed, the bank had it on the market for $699,900.  In the past, this house has sold for $977,000, although I sniff some mortgage fraud somewhere along the way.

That is all bygones now and the bank’s loss could be your gain.  This house is BIG.  It is in a small gated community of eight homes.  It is on a acre lot and it has a fenced back yard that backs up to The Trophy Club golf course.  It has a three-car garage and the basement is finished.  The house is really in pretty darn good condition for having set vacant for over a year.

I think this house is a steal at $600k, let alone what it might go for at auction.  I’ve had this house on my radar for a year and shown it to a number of clients, only to have them ultimately find something they like better.  But I still feel this house is a keeper and I’d buy it myself if I had the inclination to move.

However, time is running out on the house.  The bank, American Home Mortgage, is apparently at the end of their rope and the action is this Saturday in Atlanta.  Call me if you want more details.

Speaking of banks as owners of Alpharetta foreclosures, another good / big house that was bank owned finally sold in Fieldstone Farms off Freemanville Road. 

The house needed more work than the above house off Francis Road, but it is all brick with a giant unfinished basement.  The funny story about that house is that originally it was listed for $599,900.  I showed it a number of times during the summer and had a client actually make a verbal offer to the bank for $500 or $515k, I can’t remember which. 

My client told the bank that they could stop the repairs that they were making and he would finish it because the owner of the house had beat it up pretty badly when he moved out, including ripping the sink off the wall so that the water ran all over the house.

The bank told us "No Deal" and proceeded to market it throughout the summer and fall.  They eventually got a contract for around $550k, which fell through because the buyer became irritated with how the bank was behaving so he let the contract expire.  The bank later dropped the price to $539,000, got an offer of $470,000 and sold it for $479,000 in December.

They could have sold it to my client for $20,000 more, six months sooner without having to do half the repairs.

The banks better wizen up or they are going to make what is already a bad balance sheet look even worse.  And whether you are able to actually negotiate a sale on one of these foreclosure properties seems to depend more on which way the wind is blowing and careful financial analysis.

There are more foreclosures where those came from; contact me if you’d like more details.