When home owners with a mortgage default on a home loan, lenders in Georgia can foreclose on the home and sell it at public auction. Many kinds of buyers, including investors and renters looking for a first home, can potentially find cheap deals when bidding on Georgia foreclosures. Buyers first need to learn how to find foreclosed homes in Georgia. After finding the homes, they can then use the information in individual foreclosure listings to prepare funds for the auction and participate in the bidding process on auction day. Those who place the highest bid become the buyer of the Georgia foreclosed home.
Find Georgia foreclosures by county. In most states, lenders have several options when running foreclosure notices in newspapers. However, Georgia law requires lenders to run notices in the county legal organ. This legal organ is a newspaper in each county that runs various kinds of public notices. Foreclosure listings are one kind of public notice that you can find in Georgia legal-organ newspapers. You can find the legal organ for each Georgia county on the “Legal Organs” page of the GeorgiaPublicNotice.com website at Georgiapublicnotice.com/pages/legal_organs.
Look for the public notice section of each newspaper to find the Georgia foreclosure listings for that county. Most of these notice are nonjudicial foreclosures, which means that the lender runs the notice. However, you can also find a few sheriff sales. These foreclosure sales occur after a court order from a judge. Look for both in each county to find all Georgia foreclosed property.
Note: GeorgiaPublicNotice also has a handy search engine to find all public notices. From the home page, select “foreclosures” in the dropdown menu and search for all counties or a specific county. The Georgia foreclosure notices will then come back in the search results. This is a very efficient way to find Georgia foreclosed homes and property throughout the state.
Look at the notices to find the time and place of each foreclosure and the method of payment when winning a Georgia foreclosure auction. Generally, you will have to pay in cash, but some lenders might accept certified funds. Actually, though, all Georgia foreclosures take place on the first Tuesday of each month and are conducted at the county courthouse between the hours of 10 a.m. and 4 p.m.
Make sure you check out any foreclosed homes before bidding on them at auction. Although you have no right to inspect any properties, you can at least check out the neighborhood and sometimes get a good idea of the fair market value of the home by talking with neighbors or real estate agents. Use this information to help you determine a maximum bid for any homes you wish to buy.
Show up at the courthouse on the foreclosure auction day and and bid on properties. You buy a Georgia foreclosure by placing the highest bid. Generally, the full amount is due immediately after the sale is complete. Make sure you have the funds or can get someone to deliver the funds immediately after you win an auction.
Get a deed from the lender’s trustee (or sheriff at a sheriff’s sale). File that deed with the Georgia county recorder in the county where the Georgia foreclosed property is located.
Georgia Public Notices Database
List of Georgia Legal Organ Newspapers by County