Buying a foreclosed home in Georgia can be a great way to get a great deal on a property. However, it is important to understand the process and the laws that govern foreclosures in the state. This guide will provide an overview of the steps you need to take to buy a foreclosed home in Georgia.
Get Pre-Approved for Financing
The first step in buying a foreclosed home in Georgia is to get pre-approved for financing. This will give you an idea of how much you can afford and will help you narrow down your search.It is also important to make sure that you have enough cash on hand to cover the costs associated with the purchase, such as closing costs and any repairs that may be needed.
Carry Out Due Diligence on the Property
Once you have identified a property that you are interested in, it is important to carry out due diligence on the property. This includes researching the property's history, checking for any liens or other encumbrances, and making sure that all of the necessary paperwork is in order.Have the House Appraised
If you plan to finance your purchase, it is important to have the house appraised. This will help ensure that you are not overpaying for the property and will also help you determine how much money you need to borrow.Attend the Foreclosure Auction
Following Georgia law, foreclosure auctions must be held on the first Tuesday of each month between 10 in the morning and 4 in the afternoon. The property will then pass to the highest bidder, who must pay in cash before receiving the title.The lender can issue a default judgment if a foreclosed property is sold at a public auction for less than the amount of the loan that guarantees the underlying mortgage.
