If you dream of saving money by purchasing a home on the courthouse steps in a foreclosure auction, that dream may become your worst nightmare. There are plenty of good deals to be found in Georgia Foreclosures, however the risks that are associated with purchasing a home at the sheriff's sale are too great for most persons wanting to buy a home.
When you purchase the property at the auction, there is no chance for inspection of the home. Properties are sold sight unseen. From the legal notice, you may have had an opportunity to view the property, but you will not be able to go into the home or have the normal inspections that go with a home purchase.
One thing does protect most buyers from rushing out to an auction for the property is that properties bought at a foreclosure auction must be paid for with cash or other certified funds. There is no chance of financing the home at the purchase.
Properties that are bought at auction will not have title insurance. This insurance is necessary to protect you from claims against the property that have been recorded at the county recording office. Such claims may include easements, liens, second or even third mortgages against the property. If such claims exist against your new property, they will need to be settled before you can sell the property or obtain a mortgage on it.
There are some good ways to purchase property that has been foreclosed. If you can catch the property in the pre-foreclosure sale, you may get the best bargain, but there are also bargains to be found through bank owned properties.
The best bargains in the pre-foreclosure market are when the homeowner owes less than the current market value of the home. This allows him to sell a home where he has been sent a notice of default before final foreclosure takes place. Homeowners owing less than the market value can use the money you pay for the home to pay off the mortgage and may be able to regain a part of the equity they have in the home. In addition, they save a foreclosure going on their credit record. You are dealing with the property owner and are able to have all the protection of a normal sale of the property.
There are times that housing values drop leaving the owner owing more than the current value of the home. Sometimes a bank will approve a short sale where the property is sold at a price below the value of the loan in order to prevent foreclosure. It should be noted that short sales must have bank approval before they can be completed.
If a home is foreclosed but does not sell at the sheriff's sale, the bank will take possession of the home and list it for sale. Due to the expense of foreclosure, the bank will want to sell the home for near market value. However, if there are several homes that are owned by the bank, they want to get them sold so that their money is freed up once again. Often in this type of market condition, the bank will accept less than market value and save you some money on the purchase of your home.
There are many bargains to be found in Georgia foreclosures. The best place to find those bargains may not be at the courthouse steps for most buyers.
When you purchase the property at the auction, there is no chance for inspection of the home. Properties are sold sight unseen. From the legal notice, you may have had an opportunity to view the property, but you will not be able to go into the home or have the normal inspections that go with a home purchase.
One thing does protect most buyers from rushing out to an auction for the property is that properties bought at a foreclosure auction must be paid for with cash or other certified funds. There is no chance of financing the home at the purchase.
Properties that are bought at auction will not have title insurance. This insurance is necessary to protect you from claims against the property that have been recorded at the county recording office. Such claims may include easements, liens, second or even third mortgages against the property. If such claims exist against your new property, they will need to be settled before you can sell the property or obtain a mortgage on it.
There are some good ways to purchase property that has been foreclosed. If you can catch the property in the pre-foreclosure sale, you may get the best bargain, but there are also bargains to be found through bank owned properties.
The best bargains in the pre-foreclosure market are when the homeowner owes less than the current market value of the home. This allows him to sell a home where he has been sent a notice of default before final foreclosure takes place. Homeowners owing less than the market value can use the money you pay for the home to pay off the mortgage and may be able to regain a part of the equity they have in the home. In addition, they save a foreclosure going on their credit record. You are dealing with the property owner and are able to have all the protection of a normal sale of the property.
There are times that housing values drop leaving the owner owing more than the current value of the home. Sometimes a bank will approve a short sale where the property is sold at a price below the value of the loan in order to prevent foreclosure. It should be noted that short sales must have bank approval before they can be completed.
If a home is foreclosed but does not sell at the sheriff's sale, the bank will take possession of the home and list it for sale. Due to the expense of foreclosure, the bank will want to sell the home for near market value. However, if there are several homes that are owned by the bank, they want to get them sold so that their money is freed up once again. Often in this type of market condition, the bank will accept less than market value and save you some money on the purchase of your home.
There are many bargains to be found in Georgia foreclosures. The best place to find those bargains may not be at the courthouse steps for most buyers.
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In order to get a hold of the latest information about Ga Foreclosures, you need to search the Web. Many websites on the Web can tell you about Ga foreclosure on peoples homes and how to deal with the problem.
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