Intown Atlanta Foreclosures For Sale
Georgia is a “non-judicial foreclosure” state, meaning a bank can foreclose on a property when the loan is in default, without a judicial process. This can be confusing in that, although foreclosure auctions are held at the county courthouse, the courts are not actually involved. Buying a property at a courthouse auction is not for the faint of heart. The buyer must buy with cash and has no opportunity or right of inspection.
The foreclosed listings on this web site are not courthouse auctions, but instead are what the industry calls “REO”, or Real Estate Owned. This means the property was not sold at the courthouse auction, and now the bank owns it. Buying an REO is the safest way to buy a foreclosure, because the buyer’s protections are similar to those of a normal transaction. The buyer can buy with conventional financing and has the usual right to inspect the property before committing to close. Just because a property is a foreclosure doesn’t automatically mean it’s a good deal. If you’re not careful there can still be pitfalls, but with the proper guidance a buyer can end up with a great deal.