Georgia Foreclosures and Foreclosed Homes for Sale

Whether a lender uses a judicial or non-judicial foreclosure in Georgia can tell a prospective buyer a lot about a property prior to auction. Judicial foreclosures, which require a court to rule on whether a home may be foreclosed on, are primarily used if there are problems with the title or the deed does not allow a lender to foreclose out of court. Non-judicial foreclosures, on the other hand, are used in all other situations. They usually imply a cleaner title, which can be a major incentive for prospective buyers.

The most common type of foreclosure in Georgia is non-judicial. Under this process, lenders can foreclose on a home and schedule an auction without notifying the borrower that the foreclosure process has begun. In some instances, homeowners can stop a foreclosure by paying off the default amount plus miscellaneous fees, but in most cases, the full loan amount must be paid before a foreclosure is cancelled.

As with many states, Georgia requires lenders to publish a notice of sale in a local newspaper once a week for four weeks prior to the auction. In addition, a notice must be sent to the current homeowner no later than 15 days before the scheduled date of auction. Georgia law is very specific about what information must be integrated into these notices, and necessary items include a description of the property, as well as the names of both the lender and the borrower.

If you are interested in purchasing a foreclosure in Georgia, contact a licensed real estate agent who has full information on upcoming auctions. All foreclosure auctions take place on the first Tuesday of the month at the county courthouse. Bids must be near market value, or else they run the risk of being denied by the court. Additionally, the entire purchase price must be disbursed immediately following the auction.

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