Atlanta Foreclosures, a contributing factor is the builders themselves

     Yes there are many foreclosures in Metro Atlanta, lets look at one of the reasons why. Not long ago, for many smaller companies the process went a little like this...

• Developer buys raw land and makes improvements (used to be a safe bet to succeed)
• Builder or consortium of buiders purchase improved property and build out
• Preferred lender(s) are brought in to insure buyers qualification, more ofter than not there are a variety of different lenders involved insuring some amount of scrutiny

     Where the current situation went wrong is not when the buider bypassed the dveloper, but, when the builder(s) decided to carry the loans themselves. Questionable lending practices and the sheer amount of homes on inventory led to the inevitable.

     Owner cannot afford the home and is foreclosed, neighbor is in trouble and cannot sell due to depressed value from previous sales. Guess who the lender is in many cases? Yep, the builder.

     A friend of ours is a vendor for a popular builder in the area. they pointed out 2 communities where this is occuring. In one instance of a community of approximately 200 homes, 25 have been or are in the process of foreclosure. Alas the builder has the mortgage on many of them. So buiders, stick to what you do best, buiding and marketing propperty...

Yours,
Frank  & Jodi Orlando 
Get Us A Home Realty Inc.    Toll Free 1-888-500-5040
Our Web Sites: www.GetUsAHome.com
                        www.AtlantaRelocate.com
E-Mail: FrankOrlando@bellsouth.net

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