Currently, there are over 167 active foreclosures or bank-owned homes in the Warner Robins and Mid GA area. With prices ranging from $5,000 to over $700,000, there is a REO home for everyone's taste and budget.
So far this year, there have been 264 foreclosures that have sold through the Central GA MLS. These homes are in Warner Robins, Houston County and the surrounding area.
Please note that not all listing agents properly identify homes for sale as foreclosures or bank-owned, so the actual numbers are slightly higher.
How are buyers paying for REO or Bank-owned Properties?
In the Warner Robins market, Cash is still king for the purchase of REO property. About one third of all REO sales in the Central GA MLS were cash. Conventional loans were a close second with 29% of sales. FHA loans made up 21% of REO sales and VA loans were used only 13% of the time to purchase a bank-owned property. The remaining sales were either Rural Housing Loans (RHS) or not reported.
The reason cash is so prevalent in buying a foreclosure is due to the condition of many bank-owned homes. Due to excessive repairs needed, many of these dilapidated homes will not meet the lending requirements established for government backed loans. Also, many banks are unwilling to make needed repairs and prefer to sell their foreclosures as-is. Therefore, most homes sell to buyers who are willing to pay cash and do the repairs themselves after closing.
Are there any options for owner-occupants trying to buy a foreclosure needing repairs?
Even with blackout periods preventing investors from bidding on some foreclosures and incentives for owner-occupants, home buyers with cash have the upper hand.
To combat this and help out owner-occupants, Fannie Mae has offered their Homepath Financing with a renovation loan and FHA has a Rehab loan known as FHA 203 (k) Rehab Mortgage. Both of these products can be used by buyers to purchase the home and renovate it.
To view active foreclosure listings in Warner Robins, GA and the surrounding area, please visit: Warner Robins HomesFor tips on buying a foreclosure or bank-owned home, please read: What you need to know before buying a foreclosure or REO property.
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