The Top 10 Things You Need to Know When Purchasing a Foreclosure in Metro Atlanta

 

Tip #2.   Check the Property Taxes 

 In many cases, the homeowner who suffered the foreclosure was not aware they were eligible to file with the county for a Homestead Exemption.  This exemption is a 60% discount in the property tax rate, and only owner occupants are eligible to file.  Second, investors cannot claim the exemption, so former rental or other investment property will have abnormally high property taxes. If one of these scenarios applies to the property you want to purchase, you will need to be able to qualify for the loan with the additional escrows that may be required during the first two calendar years of ownership.  In some cases it can add $50-100 to your monthly payment.  This may disqualify you from purchasing certain foreclosure properties.  Check with your Real Estate Agent and Loan Officer to be sure.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: