How to Find Foreclosed Homes in Georgia
The collapse of the economy a few years ago deeply impacted the lives of people all over the country. Its effect on real estate has been widespread, and even today, continues to affect the housing market. The number of foreclosures across the country has multiplied. While this trend is certainly unfortunate for a large number of home owners, it has created opportunities for home buyers, realtors and investors.
Georgia is no exception. In fact, there are an excess of foreclosures in the state. Lenders do not need to obtain a judgment to foreclose. This means that the chances of foreclosure are much higher. Although this is not good for home owners, Georgia undeniably presents a world of opportunities for first-time buyers and investors looking for a deal..
Buying a foreclosed home in Georgia means a worthy investment and huge cost savings too, since foreclosed homes in this state are sold at great discounts. But more often than not, buyers do not know where to look for foreclosed properties, because they have no idea when and where foreclosure listings surface. It is for their benefit that a number of online searchable databases have come up.
However, a broad online search will merely pull up generic results. To specifically search for foreclosed properties in Georgia, buyers can resort to online real-estate services. By registering for these services they can get periodic updates on foreclosure listings in the area.
Here are some useful sources for information on foreclosed homes in Georgia:
The official website of the department of Housing & Urban Development (HUD) is a reliable source. It provides listing of foreclosures across the country, with specific listings for different states including Georgia.
A bank realty officer is another great source for information. Banks are often keen on finding buyers for foreclosed properties. The realty officer at the bank can provide useful information on foreclosed homes in the area and help buyers locate them. They may also help them strike a good bargain on these properties.
The Local Board of REALTORS® is another valuable source of information on foreclosure listings. It has first-hand information on foreclosures. It can also refer buyers to reliable and experienced real-estate agents who know how to deal with foreclosed properties and may also assist buyers in completing the formalities associated with buying a foreclosed home.
Traditional sources like local newspapers and real-estate magazines are sometimes the best for information on foreclosures. Often, these sources carry first-hand information on foreclosed homes in the state.
Apart from these,, another means to find foreclosed homes is to simply drive around and look for houses marked as ‘foreclosed’ or ‘bank-owned.’ These signboards typically mention the number of a real-estate agent in the area. By calling the agent, buyers can find out about more foreclosed homes which have not been listed elsewhere. This way they can find a good foreclosed property before it’s snatched up by other prospective buyers.
Good luck!
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