Atlanta-Foreclosures.com - Your best source of foreclosed, bank owned, and auction sale homes

Welcome!

Our inventory of Atlanta foreclosure listings changes often. Please bookmark this site and check back often. To view our current inventory, please go to our Current Foreclosure Listings and click on the "One Page Report" link. Once there, you will find multiple photos and virtual tours that are available via the camera and circled "V" icons. To request listings of all foreclosed properties in the Atlanta "Southern Crescent" area, please give us a call at 678-234-1239 or send an email to ListingAgents@AtlantaHomesSouth.com. Thanks for visiting and we look forward to hearing from you.

Information and Articles of Interest

The Foreclosure Process 

Georgia Foreclosure Laws 

Foreclosure Bidding Rules

Buying Pre-Foreclosure

When Will the Housing Market Rebound?

 

The Foreclosure Process...Where Do You Go From Here  

On the surface, you may think that foreclosures, short sales, and REOs look like the same thing - someone can't pay the mortgage and the lender is reclaiming the property. For investors looking to purchase a property at less than market value, they are very attractive.

Of course, nothing is as easy as it seems and this is no different. To avoid trouble down the road, it's important to first understand the basics of the foreclosure market and how the process works. As an example, all short sales are foreclosures, but not all foreclosures are short sales and while REOs are not short sales, some short sales can be REOs. A little confusing to say the least.  

To make this as understandable as possible, let's just start at the beginning:

1. What is a Foreclosure?

A property enters foreclosure when the owner stops making payments and the lender gives the borrower a written Notice of Default stating that the payments must be brought up to date or the property will be reclaimed and sold. The Notice is a public document which is one of the reasons you will find so many websites offering foreclosure listings. Typically a lender will not issue a Notice of Default until the borrower has missed two or more payments, but that is not a hard and fast rule.

If the property owner does not respond to the Notice of Default and mortgage continues to go unpaid, the lender can apply to the courts to reclaim title to the property and either auction or otherwise sell the property. However, this process does not happen overnight. Each state has varying procedures and time periods during which the former owner can still "rescue" the property.

The process of foreclosure is a very public one. In some states, the property is still auctioned weekly on the courthouse steps.

2. What is a Short Sale?

A short sale is what happens in the time between when the property has gone into foreclosure but before it goes to public auction. Lenders will often times take less than what is actually owned on the property making short sales very attractive to investors. In essence, the lender saves time and money by selling the property before incurring the additional costs of legal foreclosure.

Of course, there are situations to be aware of when dealing in short sales. If there are multiple mortgages on the property, an inventory must negotiate with all lenders involved. For properties that are heavily mortgaged, this may leave little, if any, profit margin.

And one additional word of caution - foreclosures and short sales are not held to the same standards as regular real estate transactions. Lenders can change their mind about the sale right up to the final minute of closing.

3. What are REOs (or Real Estate Owned)?

So what if no one steps up and bids what the lender is asking? In that case the title transfers from the original owner to the lender and the property is then considered Real Estate Owned; meaning a lender owns the property.

For investors, REO homes are often preferable because there is no emotion involved in purchasing from a lender - the entire transaction is strictly business.

Beware though, there can be hidden fees such as unpaid taxes, penalties and the like that must be addressed. In markets where home values have declined significantly, lenders are often unwilling to negotiate the price down from or close to market value.

As with any type of investing, education and experience are critical. Dealing in foreclosures and short sales is not for the faint of heart. To obtain the best price on a foreclosure, short sale or REO property it is always advisable to work with an agent who is knowlegable about the foreclosure market and process.

The Home Source 'Home Team' has extensive experience in dealing with foreclosures, short sales and REO properties. For an "inside track" contact A.C. to receive a current list of foreclosure properties in the Southern Crescent area of Atlanta. View our Current Foreclosure Listings to see what properties are available and then contact us to learn how to get started. We are available at 678-234-1239 or via email at ListingAgents@AtlantaHomesSouth.com