Foreclosure. It seems to be all we hear these days. It’s the main topic of the local and national news and in the headlines of all the newspapers. What exactly is foreclosure? The definition is: “Foreclosure is the legal proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption.” This usually happens because the mortgagor(owner)has not paid the amount that he promised to pay. The bank then reposesses or sells the property after the owner has failed to comply with the agreement that was set forth in the loan documents. There is judicial and non judicial types of foreclosures. The process can be rapid or lengthy and varies from state to state.
Right now in Atlanta and the surrounding areas, we are seeing more foreclosures than we ever have before. Some of them are in horrible condition while others are in great neighborhoods and completely livable. If you are looking to buy your first home or if you are looking to invest, then a foreclosure might work for you. Many foreclosures are now listed with real estate agents and the process is fairly simple. The agents submit the offers to the bank and then the bankwill counter one of the offers and the negotiating begins. There are usually addendums attached to protect the banks and most properties are sold “as is” with the right to inspect.
If you are interested in more information about foreclosures or if you are interested in purchasing foreclosures then please contact me and I will answer your questions or assist you in seeing and acquiring proeprties.
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