I am interested in this home. Can you send pictures? How does the foreclosure / auction process work? Shelley Turner shelleyt@charter.net

Asked by Shelleyt, Atlanta, GA Thu Jul 19, 2012

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This question is about this property: http://www.trulia.com/foreclosure/3087228150--Beverly-Rd-NE-…

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6
Hank Miller, Agent, Alpharetta, GA
Sun Jul 22, 2012
The process works best for you by selecting an experienced agent to work with.

Avoid realty trac and any other web based "membership" site - complete waste of money and time. I'm a foreclosure appraiser and many times homes that I know are going to the steps don't show up.
Web Reference:  http://hankmillerteam.com
0 votes
Andrea Hanley, Agent, Alpharetta, GA
Thu Jul 19, 2012
Bill gives an excellent summary of the way the foreclosure process works. Realty Trac lists houses in all stages of foreclosure--from when the bank first posts the legal notice in the county paper of record, "preforeclosure" or "auction" status, after it has been taken back by the bank, but hasn't been listed for sale, homes that are currently listed for sale with an agent, and finally recently sold homes. Unfortunately, all of these listings feed to Trulia, so you need to pay attention to the status, because these homes aren't currently listed for sale. Frequently, the homeowner will be able to stall or reverse the foreclosure process by renegotiating their loan terms with the bank or presenting a short sale offer, so the house never gets auctioned on the courthouse steps.
0 votes
Bill McGoldr…, Agent, Atlanta, GA
Thu Jul 19, 2012
Hi Shelley,
I also found the property listing that was posted and Dave is correct about it being under contract as a short sale. This likely has postponed the foreclosure action on the home, pending approval of the short sale contract. If it is rejected, then the home will probably go back into the foreclosure auction process. If it is accepted by the existing lender then the foreclosure action will be permanently cancelled.

To answer your questions about getting involved in the foreclosure auction process:
This is not something for the uninformed or inexperience home buyer. When a home does go into foreclosure there are no nice online pictures that you can have sent to you, no flyers or marketing materials of any kind. The property is advertised as a foreclosure sale the county paper of legal notice and auctioned (usually on the courthouse steps) to the highest bidder. These purchases are "all cash", "as is", with no inspections or loan contingencies. If no one is willing to pay what is owed on the mortgage, then the existing lender takes the home back for the value of the current mortgage. After the bank takes the home then they secure the property and prepare it for resale. These post-foreclosure sales are where the typical home buyer can get a good value on a home. Keep in mind that since the homeowner hasn't been paying their mortgage, they probably haven't been keeping up with the maintenance either so the home will likely need a good bit of work (and that's assuming it hasn't been trashed during or after move out).

If you would like more information about purchasing distressed properties, please give me a call or send me an email.


Bill McGoldrick
Realty Associates of Atlanta
billmcgoldrick13@gmail.com
404-291-3287
0 votes
David Herren, Agent, Atlanta, GA
Thu Jul 19, 2012
Hi Shelley,

I did find the listing you refer to in FMLS, however it is shown as a short sale and is under contract, scheduled to close at the end of the month. If you would like more information or would like to place a backup offer, please contact me.

Best,


Dave Herren
Best Atlanta Properties
404-424-4945
0 votes
Rick Payne As…, Agent, Norcross, GA
Thu Jul 19, 2012
I can't find this listing. Also, this price is not available in this area. Realty Trac sometimes shows properties that can't be found. However, if you would like to discuss the home buying process I specialize in Foreclosures, Short Sales and aggressively Priced Resales. I would be happy to answer any questions you might have. You can contact me at 678-427-5512 or email me at repayne7@bellsouth.net.

I look forward to hearing back from you and answering any questions you might have.

Have a Good Afternoon,

Rick Payne
Keller Williams Realty
0 votes
Rich, , Atlanta, GA
Thu Jul 19, 2012
This a false listing. RealtyTrac posts these kind of unbelievable prices in order to get people to subscribe to their service. There are no properties in the area shown that are currently facing foreclosure.
0 votes
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