Foreclosures, Short Sales & Bank Owned Properties

Foreclosure

What is a foreclosure?

The legal process by which a mortgagee, or other lien holder, usually a lender, obtains a termination of a mortgagor's equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Many foreclosures here in north Georgia are owned and being marketed by local banks. Some are owned and marketed by lenders outside the area.

Search for foreclosed properties NOW!

Short Sale

What is a short sale?

A property that has been approved for short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. I have worked with buyers and sellers on numerous short sales, and let me tell you... research is the key to understanding the value in a short sale. When I represent a buyer, I guide them through the twist and turns (and there are MANY) and emotional ups and downs of the short sale process!

Things you should know about a short sale:

  • The seller need not be in default — to have stopped making mortgage payments — before a lender will consider a short sale.
  • A lender may consider a short sale if the seller is current but the value has fallen.
  • The seller may have over-encumbered (owe more than the home is worth), so a discounted price might bring the price in line with market value, not below it.
Get Outdoors Georgia