Atlanta GA Foreclosures

Atlanta Preforeclosures and Auctions

Atlanta Pre-Foreclosures and Auctions

What are Pre-Foreclosures or Pending Foreclosures?

These are properties that have a mortgage that is currently in default. Many of these properties will be sold at an auction or foreclosed on by the lender.

How does a property get to this stage?

George is a non-judicial foreclosure state meaning that lenders do not have to obtain a judgement in order to foreclose on a property. If the borrower does not pay the lender they may declare the Security Deed in default. To enforce default in Georgia the lender must make a written demand to the borrower and may accelerate the debt. After the lender has declared default they must follow the statutory notice and offer the sale of the property to the general public.

Why should you consider a foreclosure?

Owners facing foreclosure are often very eager to sell their properties. With foreclosures on the rise many banks are willing to negotiate the asking price substantially so that they do not have to incur the costs of maintaining a large Reo or Bank owned inventory.

Can I get a Bargin by Buying at an Atlanta Foreclosure Auction?

Of course! Banks and owners both are looking for solutions to avoid the foreclosure and are willing to negotiate.

Is this a good time to buy Atlanta Foreclosures?

The recent growth in foreclosures has increased the number of opportunities available and the inventory when it comes to REO and BANK. Lenders are far more agreeable when it comes to discounting the current loan amounts. They are even in some cases offering special financing incentives to buy one of their foreclosures.

How is buying a Pending Foreclosure different than buying a regular home for sale?

Besides the time constraints buy a pre-foreclosure is no different than any other real estate transaction. The owners have full rights to sell their property and are not restricted by the pending foreclosure status.

Should You wait until the auction to buy a foreclosure?
This is a decision that is up to you. The auction does provide a method to buy a property without the need to negotiate with the home owner. The purchaser at the auction rarely has time to inspect or know the true condition of the property before the sale.