Georgia Foreclosures for Sale

Posted in Foreclosures For Sale, September 10th, 2008 |

In Georgia foreclosures for sale, as in many other US states, procedures and lender practices vary greatly. Some lenders market their inventory of REO’s while others keep them under wraps, in some instances almost hiding them from the public eye. There are some lenders that will advertise Georgia foreclosures for sale in the daily newspapers, and other will only let you have this information if you actually hold a banking account with them. As one can imagine, the stockholders of these lending institutions have even greater access to foreclosure listings.

Most of the Georgia foreclosures for sale are markets through a recognized broker, one that specializes in real estate. Lenders are not in the property business, real estate brokers are. They know where and how foreclosures are able to be sold. Certain brokers only represent foreclosures and have access to various lenders properties for sale.

Investors let the broker know that they are in the market for foreclosed properties. In turn the broker will inform them when they believe a good property has turned up on the books. Real estate brokers are also able to advise the lender to determine a market price on a property, as well as suggest marketing strategies. While some lenders will establish a set price for a certain property and will not allow them to even consider accepting anything lower, others will consider offers for less.

Some lenders dispose of their own properties and based on the size of the foreclosure inventory, may employ a clerk of asset manager who specializes in the sale of foreclosure properties. Lenders who have very large inventories might have staff working to coordinate and manage Georgia foreclosures for sale. The lender will strategize while the broker actually markets the foreclosed properties.

Purchasing Georgia foreclosures for sale directly from the bank is still considered to be the most popular form of investing in foreclosed homes. It is a fairly simple process and carries less risk of complications arising. The properties may be easily found by research at the county courthouse or in newspaper advertisements. Contacting a real estate broker and making use of a listing service is also an option to find Georgia foreclosures for sale that meet you price range and investment criteria.

Your goal as a real estate investor is to make a profit and property purchased at a 15 – 20% discount can be turned around for a 35 – 40% return. You should contact the lender regarding their foreclosure listing and make arrangements to view the properties that meet your investment criteria.

You have to inspect the property in order to inspect it and record any damages. This damages list may then be used to deduct repair estimates from the price you offer the lender. The investor must ensure to deduct all expenses that might be incurred from the price they offer to the lender, then, and only then should the investor put in a written offer to the lender, outlining the offer to purchase