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Foreclosed and Bank Owned Properties


 

To View Fannin County Foreclosures:    

http://neg.ctimls.com/psearch.asp?cid=neg&id=thall&criteria=no&profile=all-AllForeclosure-Fannin

 

 To View Gilmer County Foreclosures: 

http://neg.ctimls.com/psearch.asp?cid=neg&id=thall&criteria=no&profile=all-AllForeclosure-Gilmer

 

 To View Union County Foreclosures:

http://neg.ctimls.com/psearch.asp?cid=neg&id=thall&criteria=no&profile=all-AllForeclosure-Union

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To View Towns County Foreclosures: 

http://neg.ctimls.com/psearch.asp?cid=neg&id=thall&criteria=no&profile=all-AllForeclosure-Towns


 

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To View Pickens County Foreclosures:   Click here to view properties  



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A Guide To Understanding The Pre-Foreclosure Process In Georgia
 

What are pre-foreclosures or pending foreclosures?

  • Properties that are currently in default and are being advertised for foreclosure sale by the lender.
  • Many of these properties will be sold at auction or foreclosed on by the lender.

How does a property get to this stage?

  • Georgia is a non-judicial foreclosure state. Lenders are not required to obtain a judgment in order to foreclose.
  • If the borrower fails to pay, the lender may declare the Security Deed in default.
  • To enforce default in Georgia the lender must make 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 public.

Why should I search these listings?

  • Owners facing foreclosure are often eager to sell their property.
  • The listings represent opportunities for home buyers, realtors, and investors.
  • Homeowners may find it beneficial to know whether the value of the homes in their neighborhoods have been affected by foreclosures.

Can I get a bargain by buying one of these properties?

  • Homebuyers that are looking for a bargain may find one among pending foreclosures.
  • Often owners are looking for a solution that may include selling prior to foreclosure.

Is this a good time to buy these properties?

  • The recent growth in foreclosures has increased the number of opportunities available to homebuyers, investors, and other real estate professionals.
  • Lenders have become more agreeable to discounting the loan amount and/or allowing a qualified contract to stop the foreclosure sale.

How is buying a pending foreclosure different than buying a regular home for sale?

  • Besides the constraint of time, buying a pre-foreclosure is no different than any other real estate transaction.
  • The owners of these properties have full right to sell and are not restricted by the pending foreclosure status.

Should I wait for the auction date to buy?

  • Pending foreclosures that are not cured prior to the first Tuesday of the month are offered to the public at the foreclosure auction.
  • All foreclosure sales in Georgia are held on this set date on the Superior Court steps of the particular county between 10:00 AM and 4:00 PM.
  • The auction sale provides buyers a method of obtaining properties outright, without the need for negotiation with owners and realtors.
  • This method is “Buyer Beware” and third party bidders are looking to buy at the lowest price to value possible.
  • The purchaser rarely has the opportunity to closely inspect or know the true condition of the property.
  • Be sure to have a title search completed prior to the sale.
  • Know the position of the loan and be aware of any liens that would not be extinguished through the foreclosure sale.

What is the auction process?

  • At the foreclosure sale, the lender’s attorney must “cry the bid” to the public.
  • The opening bid is placed on behalf of the lender and the amount generally includes the remaining principal balance of the loan, back payments, accrued interest and attorney fees.
  • Successful bidders at the auction are required to tender the full amount of their bid in cash or certified funds immediately upon the conclusion of the sale.
  • Once the sale is complete, the attorney prepares and issues to the winning bidder a Deed under Power of Sale which is recorded in the county real estate records.
  • This deed transfers property ownership to the winning bidder.

What happens if there are liens on the property?

  • Foreclosure sales in Georgia extinguish any liens junior or subordinate to the lien being foreclosed with a one exception.
  • IRS liens remain on the property for 120 days after the sale.
  • The IRS must take action to protect its interest during this period or this right of redemption is waived.
  • Foreclosure sales are always sold subject and subordinate to any lien of record recorded prior to the foreclosing lien.
  • Unpaid real estate property taxes fall into this category and are also always senior in priority.

If I buy a property at the foreclosure sale, can the former owner get it back?

  • There is no right of redemption in Georgia. The owner may not reclaim the property after the sale.
  • Foreclosure sales are final but Georgia does give the lender the right to rescind the sale within 30 days so long as title has not been transferred to the successful bidder.

Who collects this information?

  • Equity Depot, is a private company based in Alpharetta, GA.
  • The company was created and is managed by investors who have broad experience and knowledge in the real estate investor market.
  • Equity Depot compiles data from a broad set of qualified sources, pins property and owner information in an easy to use, web-based format.
 

 


Contact


Tina Pritchett
706-632-7311(Office)
706-632-7313(Fax)

274 W. Main Street
Blue Ridge, Georgia, 30513
United States


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