What Kind of Foreclosures in Atlanta is Right For You?

What Kind of Foreclosures in Atlanta is Right For You

?

Whether you want the ultimate in luxury, style and accessibility or you are looking for affordable and economical properties, you can find them all in Atlanta, a city of entertainment and fun. The myriad of foreclosures in Atlanta provide you an opportunity to fulfill your dream of owning a piece of the city. All you have to do is get to know the kind of foreclosures and decide what is the best for you.

Pre-foreclosures in Atlanta:

Pre-foreclosure is the initial stage of the foreclosure process. This is the period in which the owner, who has not paid his mortgage for several months, received a notice of default. During the pre-foreclosure stage, the owner is given some time to find ways to pay his mortgage to bring it current. Or he can opt to sell his troubled property and then pay his debts and/or buy a new and more affordable home.

Many owners, who think that they could not pay their debts before the property will be foreclosed, choose to sell their homes rather than experience the trauma and face the stigma of foreclosure.

Foreclosure at Auctions:

Auction is the final stage of the foreclosure process. This is the stage in which properties with arrears not settled by their owners are sold at very low prices. Bidding is the method used to buy foreclosures in Atlanta at auctions, with the highest bidder declared as the new owner of the property.

Rules governing the auction process differ from one state to another, with some states requiring the winning bidder to pay the total amount either in check or cash while you can give a 10 percent deposit in other states.

Bank Foreclosures in Atlanta

Foreclosed properties that were not sold at auctions will be returned to banks, becoming part of their property portfolios. Real estate owned (REO) properties are sold at discounted prices for the simple reason that banks want to sell them immediately to allow them to recover their investments. You can approach the bank and negotiate for the property. Just make sure that the terms are within your capacity to meet.

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