![]() Only seriously consider auctions if you're experienced in real estate, have substantial cash reserves, and are willing to take the risk of buying a home sight unseen. To find government-owned foreclosures, you can search the HUD home store. You can also find these properties by filtering for foreclosures or auctions on sites like Zillow or RealtyTrac. Properties in these stages of foreclosure are often listed on the local MLS (e.g., Georgia MLS, mid-Georgia MLS, or Metro Atlanta), which means your agent may be able to alert you to them before they appear on popular real estate sites. If you're an inexperienced buyer, we recommend you focus on pre-foreclosures or REOs because they're more similar to traditional home buying. Talk to a Clever agent today to see what they can do to help you navigate the foreclosure process and find your dream home. Most realtors only do one or two foreclosure deals a year, so finding one with experience in this market will be a HUGE advantage. Having the inside track could be the difference between you getting your dream home or not. It's also possible that your agent will have a relationship with REO departments of local lenders or other entities who deal with foreclosed homes. Sellers, and avoid missing important deadlines. That's why hiring an agent with experience buying foreclosures can make all the difference - they help you navigate the additional risks, effectively negotiate with motivated Hire a top Georgia realtor with foreclosure expertiseīuying a foreclosed home in Georgia can be a complicated process. » MORE: Learn if you qualify for first time home buyer programs in Georgia 2. There are even assistance programs for specific cities like HOME Atlanta 4.0 available to first-time buyers. Otherwise, just reach out to your lenderĪnd apply like you would for a traditional mortgage.įirst-time home buyers should look into Georgia Dream loans and down payment assistance programs like Georgia PEN and Georgia Choice to get the best financing available. With pre-foreclosures specifically, make sure you're scheduling the sale before the foreclosure deadline. Occasionally buyers might borrow the money from a family member or from a hard money lender, but usually people purchase these properties with cash.įinancing a pre-foreclosure or REO foreclosure is a lot like the process with a traditional property. Generally, traditional financing is not an option at foreclosure auctions. If a property does not successfully sell at the auction, then it becomes a bank-owned (REO) foreclosure.įinancing foreclosures in Georgia depends on the stage the foreclosure is in. ![]()
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