Buying a House Before It Goes to the Georgia Repo Auctions
You can buy homes before they reach the Georgia repo auctions. The thing is that you need to get in touch with the home owner. If they are already selling the house prior to the foreclosure then this could be an easy process for you.
Many borrowers that are foreclosing on their home don’t want the house to make it to the Georgia repo auctions. This is because their credit report will be destroyed if the home is actually foreclosed. When you buy a home prior to the auction then you save the homeowner and you can get a house at an amazing price. The problem often arises that the borrower is so embarrassed and depressed that they are losing their home that they won’t answer the phone. The bank will be calling them ten times a day and the avoid the problem altogether. If you are capable of getting in touch with the homeowner and striking a deal to save their credit then kudos to you.
Some homeowners are on top of things and instead of avoiding the banks they are doing everything they can to stop their house from going to the Georgia repo auctions. This usually means that they put the house up for sale at a really low price. If you see a home that is for sale as a short sale then you need to pay close attention to this. Not only is the price already dropped below market value but the term short sale means that the bank is willing to do negotiations on the price. A bank that has approved a short sale is willing to take less. Always make the lowest bid that you can and see what the bank will negotiate with you. A short sale means the borrower will not have a foreclosure on their record and will only have to claim the difference of what they owe and sell the house for as income when they file their taxes the following year.
Some borrowers will work directly with you if you call them on the phone or ring the doorbell. Some people refuse to talk to a borrower in default in person but it may be your only shot, especially if you really want the house before it goes to the Georgia repo auctions. You might want to find out if the loan of the borrowers will allow for you to assume it. Many banks allow this. This is a quick way to take possession of a home and move in right away too.
