Stages for making an investment out of Atlanta Foreclosure Listings
Atlanta Foreclosure Listings are a good place to find a lucrative property to invest. Buying foreclosed property can occur at four stages namely from the owner prior to foreclosure, from a third party after pre or post foreclosure, from the trustee at public auctions or at the REO stage from Banks.
The foreclosure process begins when a borrower defaults on his loan and the lender files a public default called as Lis Pendens. You can make an investment out of Atlanta Foreclosure Listings at any of the following four stages.
• When the borrower wants to pay back the loan during a grace period called as preforclosure.
• Buying from a third party after they have purchased directly from owner during preforeclosure.
• Buying at a public auction after the property is foreclosed.
• Buying directly from Banks - The lender takes up the property with an intention to resell. These are also called as Real Estate Owned (REO) properties.
To make lucrative investments in Atlanta Foreclosure Listings, the following stages may be followed:
At the first stage, you can contact the home owner or the trustee, given in the Atlanta Foreclosure Listings. You can zero on to the property by keeping track of foreclosed or preforeclosed properties. Develop a filing system of properties that you are interested in. After you find the property on Atlanta Foreclosure Listings, it is wise to pay a visit- to inspect the property, get full details about its conditions and get an idea of the kind of neighborhood. You need to check if real estate in that area is appreciating in value or not. Also you need to know if there are substantial repair or maintenance issues that need to be added to the cost of the property. The home owner may be rigid in the early days of preforclosure but may yield substantially when nearing time of foreclosure.
If the deal is not settled at the preforeclosure stage, the next stage is to go to the public auction. Buyers are required to pay in cash at the auction and they have little chance to inspect the property before purchase. However the public auction presents the opportunity of some of the best bargains and saves you the trouble of dealing directly with the owner.
If you go beyond the auction, next stage is buying REO properties from banks listed in Atlanta Foreclosure Listings. The REO properties are offered by the trustees or banks at quick and large rebates as they would like to get the property off their hands and recover as much as possible of the loan amount. The advantage is that the trustee will clear all outstanding liens, maintenance and repair costs and give a clear title.
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ABOUT THE AUTHOR
Fiona Livnat is an author with expertise in real estate foreclosures. She has over ten years of experience in writing about foreclosures.Her commitment to help people is reflected in her writing. For more details please visit Atlanta Foreclosure Listings