Tuesday, the 6th will be the first Tuesday in May this year. And what that means in the State of Georgia, is that on the steps of every courthouse, beginning at 10 A.M. properties in foreclosure will be offered for "sale, in cash, at public outcry to the highest bidder,"
With over a hundred foreclosures in Coweta County alone, you would think that the steps would be crowded with bargain seekers. You would be wrong.
What happens in the majority of the cases, is that the lender holding the note will bid what is owed, plus the attorney's fees. And since most of these foreclosed loans were in the 95% tp 100% LTV range, and since the properties have depreciated over the last two years, the banks are generally bidding substantially over market.
Add to that the potential for federal and state tax liens, and courthouse auctions are no bargains right now. Better to let the banks buy them back, and get both a better price and terms in a negotiated short-sale.
But if you insist on trying, do your homework. Have your cash or certified funds on your person, as you will generally only have less than an hour to produce the money.
Or, better yet, use the services of a professional full-time real estate agent, specializing in foreclosures and short-sales. This can help you avaoid all of the common pitfalls of purchasing bank-owned properties!
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Richard Weisser, Broker, Associate Broker, Auctioneer, E-Pro, CE Instructor |
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Bill...
No, we have "non-judicial foreclosure," Thr lender notifies the borrower, advertises in the newpaper four consectutive weeks, and it's called on the steps. That's it, end of story! On a "tax lien" they have one year to redeem at the bid price + 20%. Thanks for asking.
That makes the foeclosrue a more attractive venture. Here the owner has 6 months to redeam and can live in the property rent free the entire time. As a buyer of one of these properties, you pay the entire purchase price, and if the owner redeams or refinances you get your money back, BUT NO INTEREST!
I understand in St Paul the city is seeking suite on lenders. for not maintaining of foreclosure properties. What I understand is that because of the time between foreclosure and availability of sale properties can sit empty and unavailable of sale for 6 months to a year. You can imagine the blight these homes are creating on the communities.