How To Buy A Foreclosure

How To Buy A Foreclosure

It happens daily.  We will get a call regarding a home and the home buyer will ask us how they can buy a foreclosure.  I have to ask, “what do you mean?”  There’s many different definitions of “foreclosure” floating around out there.  Especially as it relates to Georgia Real Estate. 

Foreclosure – technically is the term for what happens at the court house.  The home is “foreclosed.”   This legal process in Georgia transfers ownership from the current owner or holder of the warranty deed to the entity that holds the security deed.   

At the court house, you can bid on homes that are going through the foreclosure process.  You must pay that day and with cash and it only happens the first Tuesday of the month.

But what about…   

Instead of rambling on about foreclosures let’s talk about all the homes “statuses” and maybe that will shed some light on how to buyer a foreclosure or rather, how to buy the best deal in real estate. 

As you can see there’s a bunch of “foreclosed” terms that could mean something else entirely.  Each one of these types of homes has a specific process in which to buy them.  We always ask, “Do you want to buyer a foreclosure or get the best deal?”  Most people would say the best deal.  So we suggest you hire the Jarvis Team to help you navigate the entire real estate market and if the best deal is a foreclosure then we’ll be ready to help you buy your foreclosure.

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