Recently I've been out and about looking for a home in Decatur, GA. I ran across a home in Kirkwood, but

Asked by Des, Atlanta, GA Mon Mar 17, 2008

when I called the agent listed they said it was foreclosed. Once a home has been foreclosed what is the next step, and is there anyway I can track this home to see if it will be listed again or sent to auction?

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Ramiro Garcia’s answer
Ramiro Garcia, , Grants Park, Atlanta, GA
Sun Apr 27, 2008
Des, Many foreclosed homes are not on the market, but are being 'processed' with the bank(s). We have several agents in our office whom work with banks and these foreclosed properties. I'd be glad to forward you the pre-list homes, as they are getting ready to be listed. You'll be able to drive by and see if you're interested in the home for when it's put in the MLS for sale. This is not a pre-list sale situation.. just information of pre-list homes that you can begin your due-diligence and financing.

If you're interested let me know.
Ramiro Garcia
JRgarcia@realtor.com
Web Reference:  http://www.DweLLintown.com
0 votes
Morriah Mcph…, , Atlanta, GA
Tue Mar 18, 2008
Hi Des, if the listing agent said that the house has been foreclosed on, that means that the house was just sent to the auction and did not sell so the bank has taken ownership. For future reference, the bank must run an ad in a local newspaper for four weeks prior to the property being sent to auction. For Dekalb county, that paper is "The Champion" and for Fulton it is "The Daily Report". You can buy a subscription to these papers to find pre-foreclosures. A lot of times, the owners have listed their properties for sale during this period in hopes of paying off their debt before they are foreclosed on. As Bill said, now you should research the county records and find out which bank owns the property (or if you have a subscription to the paper where the ad was run, the bank information is listed there) and contact them directly and ask to speak to someone in the REO department to whom you can negotiate with to purchase the property.
1 vote
Bill Piper, , Atlanta, GA
Tue Mar 18, 2008
Unless it is purchased on the courthouse steps, the bank that took the home back will eventually put it back up for sale, but it could take anywhere from a few weeks to months before that happens. If you're sure this is the home you want, you or your Realtor can run down the bank that owns it through the courthouse records. You may be able to arrange to purchase it by contacting the asset manager for the
banks that has it.
If you don't have Realtor that is familiar with the foreclosure market, I suugest you contact Rick Hale & Associates. They are a Keller Wiliams team that specializes in that market. I have some experience with foreclosures, but they'll know better how to proceed.

Good Luck!
1 vote
Joan Shorter, Agent, Atlanta, GA
Sun Apr 27, 2008
Sounds like that could have easily been me that you called. We deal with a lot of short sales, where the seller and his bank cooperate to generate a sale and the bank takes a payoff for less than what is owed on the house. Recently we had quite a few listings from one seller, several with offers on them, however the seller was not cooperating and was foreclosed on.

Once this happens, you can not call the bank and make an offer. You have to wait for it to surface again through their REO Department. This can sometimes take a year or so.

Indeed it is unfortunate.
Web Reference:  http://www.IntownFocus.com
0 votes
Ramiro Garcia, , Grants Park, Atlanta, GA
Fri Apr 18, 2008
Des, It's been a month... has the house been re-listed? I've seen many different situations affect a foreclosure being withdrawn - from insurannce claims processing messes to properties being pulled because the tru value was much higher than what the listing agent priced it at.... Let us know. Thanks!
0 votes
Bee Nguyen, , Atlanta, GA
Wed Mar 19, 2008
Have your realtor look up the property tax records to see which bank owns the property. Most likely, your realtor will be able tor track down either which bank owns the property or which attorney is working on the foreclosure. However, once you find all of this information, it is likely that you will just have to wait until the house is relisted as a foreclosure. There are procedures and steps that must take place that will prevent you from being able to access the house in advance. However, you may be able to track down you the listing agent will be and can ask them to keep tabs on the home for you. That way, you can be the first one to write an offer once the property becomes available.
Web Reference:  http://www.leaveittobee.com
0 votes
Lee Taylor, Agent, Decatur, GA
Tue Mar 18, 2008
I decided to cut and paste one of my January answers...same fundamentals, different submarket.

Just because lots of houses are in pre-foreclosure, just because lots of houses are in short sale status with written mortgagee approval (or not), or just because lots of houses already are in REO foreclosure deed status with clear title and ready sellers ... just because we have a high inventory "foreclosure market" ... that doesn't mean that any and all Buyers should even consider buying a foreclosure.

Des - this is food for thought for you and any other potential Georgia buyer. Did you know that the new Georgia Purchase and Sale Agreement says that "at closing, Buyer agrees to pay Seller the purchase price of the property in cash, cashier's check, certified check or wire transfer of IMMEDIATELY AVAILABLE funds?" Did you know that in Georgia in 2008, unless you stipulate otherwise, Sellers only work with Buyers who can buy under the terms I just stated?

That means, line up the financing first. Be 100% sure about your financial status before you pursue any purchase. That means, the bank that is financing may not want to fund a distressed property - find that out up front. That means, have funding for the due diligence period - $1000 to $2000 - ready to go at Binding Agreement. That means have a right to terminate. That means, pay for every inspection that matters. That means, know your lender and your loan before you write up any paper.

Furthermore, the Buyer's funding lender would like to see some skin in the game from the Buyer - a downpayment. The Seller would like to see substantial Earnest Money - if the Buyer defaults, the Buyer should suffer.

We've said it here before at Trulia Voices - there are some hidden gems amongst Georgia's distressed properties, and the other answers here are 100% great advice. Caveat emptor.

If you have some cash and want to invest in a distressed property then you are a better buyer for that type of property. If you are seeking 100% financing, then you should probably look for more move in ready, fully disclosed properties and seek a win /win with a motivated Georgia seller. We have a lot of these available, in Kirkwood and in greater Decatur.

Take a serious look at you investing criteria, like school district strength and exact house type, and get your real estate on.

If you are buying a foreclosure, start with getting the money first!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more