In Coweta County and every other county in the state of Georgia, on the first Tuesday of every month promptly at 10 A.M. the foreclosure auctions begin. These auction take place literally on the courthouse steps, rain or shine, and the lawyers read every word of the notices before selling the property "at public outcry to the highest bidder." It's a process that has been going on as long as I can remember.
On Tuesday, in the pouring rain I went to the steps to see what was going on in Coweta County. There were 10 full pages of foreclosure notices in the paper, and what I was expecting was a huge crowd. When I got there, I was totally surprised. At it's peak, there were 11 people on the steps, including me and an insurance guy trying to sell policies.
As each notice was read, word for word, the pattern became plainly obvious. No bids were made. In fact, for the full three hours I was there, only one property was actually bid on and sold to someone standing on the steps. As I headed back to the office, the reasons why this happened occurred to me....
All of these foreclosed properties owed more money on the security deed than the property was worth! The banks were forced to take the properties back, and all the savvy buyers will purchase them as short-sales sometime in the future, There are no deals on the steps in the actually foreclosure process, but only in dealing with banks with bigger inventories than they need. Wow, things sure have changed in the last year or so.
So if you're thinking of waiting until the first Tuesday of April to get a good deal, think again. The time to buy is NOW. Don't wait until the normal influx of late Spring and early summer buyers run up the market, and get out there a get a good deal!
C 2008 Coweta Fayette Real Estate
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
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Richard,
It is sad, very sad that this is happening!
Eric...
Wow, it is ironic ... who will be the April Fool on the steps?
Christopher...
Sad ... and depressing!
It is very sad and like you said depressing...but great post and info...thanks for sharing that.
Patty Ledford-EXIT Realty-Blue Ridge, GA
www.LedfordProperties.com
Patty...
It is sad but we need to keep a positive attitude f we want things to get better! Thanks!
Richard
You are a very smart guy. We are in a cycle when going to the courthouse may not be the best thing.
Richard
I just read your post for the first time and then realized it was written in 2008!! Just a little over three years ago and the information in this post is STILL current.
When things were slow - in 2008 - we actually did cries on the courthouse steps in about 6 counties in North Georgia. In over a year of doing it each month, we only sold ONE property at sale and it was a bargain. Typically we found ourselves "crying to the wind" because the only people there were other criers from other companies.
Now, in 2011 the bargains to be found AFTER the property goes on the market with an agent are even better!