Foreclosures

There are two types of distressed properties: foreclosures and short sales. A foreclosure refers to a bank owned property. The homeowner is in default (missed payments), is notified of the foreclosure proceedings by the bank, and after a period of time the property goes for auction on the courthouse steps. Usually the home is not purchased and the bank regains possession of the property. It is at this point the bank hires a real estate agent to list the home, and when they become available on the market.

You probably know someone who has purchased a foreclosure in the last few years. In Atlanta in 2010, over a third of the homes that sold were distressed properties. Foreclosures are often synonymous with getting a good deal. However, not all foreclosures are good deals and not all good deals are foreclosures. Of course, there is often a lot of truth behind a stereotype, and that is true with foreclosures. A lot of buyers do get great deals on bank owned properties. We’ve helped dozens of buyers navigate this process over the years. To get the best deals, you have to stay on top of what’s going on in the market. That’s why we’ve added this feature to allow you to see new bank owned properties as they become available. View foreclosed properties here.