Foreclosures are properties that have gone through a formal legal procedure by a lien-holder to reclaim the property due to unpaid loans or fees. Most people buy a home by obtaining a home, and that loan (usually from a bank) is secured by the property itself. The actual title to the home is held by the homeowner, but their is a legal device called a lien that is recorded with the title. This device gives the bank the right to take the property back should the loan not be paid. In Georgia, there is no need for the bank to go to court - the property must be offered for sale to the public at auction. In many cases the bank takes back title to the property, but in other cases individuals, investors or other companies purchase these titles for less than the market value of the home.
Ways to purchase:
Attend a monthly auction on the courthouse steps in the county where the property is located
Purchase in Pre-Foreclosure state directly from the homeowner
Purchase from a Real Estate Brokerage that has been contracted by the bank to sell
Monthly Auctions
Anyone may attend a monthly auction on the courthouse steps, always held the first Tuesday of each month starting at 10am. A representative of the bank reads the legal description giving them the right to auction the properties, and then bidding begins. Highest bidder wins, and the terms are immediate CASH payment. You may not leave to got get a check, you must proceed immediately to the administrators on site to pay for the property. Usually, winning bidders bring certified checks made out to themselves, and sign those checks over to the bank. Do not carry large sums of cash. Upon recording of the deed, the property is yours, and you may do with it as you like. If it is currently occupied, you must go through a formal dispossession proceeding to evict the current occupants.
