Tracking Down Georgia Foreclosures To Acquire

Even though the economy has been unkind to many people

, it is providing a steady stream of opportunity for investors looking to snatch up some real estate. With the market value of homes plummeting, now is a great time to look for properties to renovate and resell or to sit on until the market gets better. If you are looking for Georgia foreclosures, here are a few places to find them.

Real Estate Agents - A good way to find foreclosed properties is to work with a real estate agent. This is an especially good idea if you have never purchased a foreclosed home before. Look for someone who specializes in foreclosure listings. You'll be able to tap into their expert knowledge to avoid some of the pitfalls that come with buying repossessed homes.

Take a Drive - Taking a drive around some neighborhoods where you would like to live and look for signs that say Foreclosure, Bank Repossession, Bank-Owned or something similar. Write down the agent's name and as ask about any other foreclosure listings they may have.

Banks - Many banks have their foreclosure listings on their website to make it easy for investors to find something to buy. Go to the websites of the major mortgage lenders, such as Bank of America and Countrywide, to see what they have available in your area.

Internet Listing Services - A nationwide list of repossessed homes can be found on many websites that specialize in listing foreclosures. Some websites require you to pay a fee to access their database. Others will provide you access for free. It is up to you which one you choose but paid databases tend to keep their inventory current.

Auction Houses - Even though you run the risk of overpaying for a foreclosed home, going to an auction is a great way to find one. Banks will usually put homes on the auction block in an effort to get rid of them quickly. Contact your local auction business for a list of their current inventory and dates auctions take place.

Government Agencies - A few government agencies will let you submit a bid for a home in their possession. Others require that you work with a broker. Visit the websites of HUD, Fannie Mae or the Department of the Treasury to see what homes are available and to find out their bid requirements.

Purchasing a foreclosed home can be a good investment. Sometimes you will find a home whose sale value makes it worth the effort needed to acquire it. However, be sure that you check out the home before you submit a bid. It is unfortunate but some homeowners will tear up the property in retaliation for being evicted. If you are prevented from viewing the home then just expect the property to be in bad shape.

Although a bank may have had possession of a home for awhile, don't assume that it has been kept in tip top shape. Banks don't want to spend any more money on Georgia foreclosures than they have to and often the upkeep of the home falls to the wayside. Do your research on a foreclosed property before plunking your money on the table for it. This will prevent any surprises from popping out at you once you take possession of the property.

by: Jack Bennington

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