4 Ways to Find Deals on Foreclosed Homes in Atlanta

Foreclosed homes around Atlanta usually come with lower price tags - which makes them pretty tempting when you're buying your first place or adding to your real estate investments. You can also pick from about 218 foreclosed properties in the area. It can give you some decent opportunities to grab houses at prices that might sound interesting. You still need to check everything out before you get started, though.

When you manage those properties, you can make money while spending less than you would on standard real estate deals. People also go for those homes because they help build up their investments faster. There are some tools and market info available, too, that can improve what you get back from your investment. Just keep in mind that there's always some danger involved - so you need to plan ahead. The latest market usually looks promising for you if you want to find those kinds of deals!

You don't need to look far to find your next foreclosure opportunity. Just start looking at the online listings, and you'll soon find some hidden property options right here in Atlanta.

1. Search Online Foreclosure Listings

It's usually pretty easy to find foreclosed homes online. You can also check out websites like Zillow, RealtyTrac, and Foreclosure.com to find these properties in Atlanta. Each site has a section just for foreclosed homes. You can look for houses that match what you want. You can search for homes in nice Atlanta neighborhoods that work with your budget.

Those websites let you filter your search. You can also pick out features like how many bedrooms you need or how big you want the yard to be. You don't spend time looking at homes that won't work for you. If you're serious about buying, it's important to create email alerts. When new foreclosures show up in areas you're watching, you'll get a message that can give you a head start over other people who might want those same homes!

The Atlanta market moves fast, so quick information can help. Zillow's Foreclosure Center is wonderful if you're just starting. It puts listings into groups based on where they're in the foreclosure process. You can look at pre-foreclosures, auction properties, and bank-owned homes in one area. Each group has different positive points and drawbacks for buyers.

You'll find lots of options in the Atlanta market, with more than 200 foreclosed homes for sale all over the city. They range from fixer-uppers under $200,000 to homes that you can almost move right into for around $400,000. That means you'll probably find something that fits your budget and what you're able to fix up. RealtyTrac gives some extra information for buyers who are serious about investing. They show auction dates and facts about loans that help you make a choice.

You might need to pay for a subscription to check out extra information. The money could be worth it if you're looking to buy a few properties. When you first start looking at foreclosures, the terms can be hard to know. Words like REO, short sale, and judicial foreclosure might make you feel a bit lost.

If you take some time to learn what those words mean, your search will go much better. Most websites have help sections that explain those ideas in an easy way. Look through online listings and auctions and try talking directly with banks. Your next step should be help from someone who knows all about Atlanta's foreclosure market (like us at Justin Landis Group)!

2. Work With a Real Estate Agent

A real estate agent who gets foreclosures can usually help you find homes faster in Atlanta. Not every agent completely knows how those properties work. You need someone who has worked with foreclosures before. The agents who get the best results have made connections with banks and lenders through the years.

Those connections are important because your agent might hear about decent properties before they're listed publicly. They might also call you about a good deal that's not even online yet. This head start can make the difference between getting a property and missing out on it. Successful Atlanta investors say their agents gave them the first chance at properties that turned out to be profitable.

Your agent should also know Atlanta neighborhoods well if they work with foreclosures. They can tell you which areas look promising and which ones could be risky for your investment. They completely know what homes are worth in different parts of the city and can tell when something is actually a decent deal versus something that just looks cheap but will cost you more down the road. This kind of knowledge helps you stay away from houses that seem like deals but will need expensive fixes later.

Usually, when you're trying to find the right agent, you should ask them how many foreclosed homes they've helped clients buy in the last year. Ask for names of people who bought foreclosure properties through them so you can talk to those clients yourself. You might also want to find out what kinds of relationships they have with local banks and the property managers who take care of foreclosed homes.

Some agents have taken extra classes about foreclosures and other types of distressed properties. Those extra certificates might show they're serious about learning this part of the market. Be careful with agents who claim they can help with everything but can't show you any experience with foreclosures. It doesn't automatically mean someone knows much about foreclosure properties just because they have a real estate license.

A knowledgeable agent will usually tell you about every step of buying a foreclosed home. They should explain the different types of properties, like pre-foreclosures, homes sold at auction, and bank-owned properties. They'll also help you through the paperwork and warn you about possible problems with ownership or any surprise debts attached to it. New apps and websites have changed how we look for houses. You can try phone apps to find foreclosed homes before other buyers, or you can check county records and local auctions for an early chance at decent properties.

3. Check County Records and Foreclosure Auctions

When you look for deals on foreclosed homes in county records and auctions, you can save money. Fulton County makes this pretty easy to get started with. They put lists of upcoming foreclosure sales in the South Fulton Neighbor newspaper for four weeks before each auction happens. You can also check the listings on the county website if you don't want to hunt down the newspaper.

The auctions happen on the first Tuesday of every month at the Justice Center in downtown Atlanta. You need to get there before 10 am if you want to sign up as a bidder. Make sure that you bring your ID and some paperwork. The auction runs until 4 pm.

But most properties sell early in the day. If you show up around lunchtime then you'll probably miss an opportunity to find the most deals!

It's important to have your money ready before auction day. If you win a bid, you have to pay everything by 4 pm that same day. The county will only take cash, certified checks, or money orders - not personal checks or credit cards. Most serious buyers bring a few different payment methods just to be on the safe side.

Once the bidding starts, things move faster, and each property has a minimum bid that needs to cover the taxes and fees owed. For properties in popular locations, you might usually see investors competing with high and low bids - this happens quite a bit with homes in Atlanta neighborhoods like Grant Park or Inman Park. Sometimes, the final price ends up being close to what you'd pay on the standard market. Just because you win an auction doesn't mean everything will go smoothly afterward. The Sheriff can cancel any sale within 30 days after the auction.

When you get a tax deed, you don't actually have full ownership. So you need to take extra steps to get the full property rights. Most buyers work with attorneys who have real estate experience to help with this part. Sometimes, the best way to find deals is to pick up the phone. A decent strategy to find your next foreclosure deal is to try calling people at banks and lenders directly.

4. Contact Banks and Lenders Directly

When you go right to banks, you can also get a jump on finding foreclosed homes in Atlanta. Most investors usually don't think about talking to banks directly. So they miss an opportunity to find properties that haven't even shown up on listings yet. If you reach out to the loss mitigation department at a bank, you're talking to the people who actually manage the foreclosed properties.

It can take time to build relationships with local banks but it can pay off in the long run. You'll need to find out who the right person is at each bank - this could be someone in the REO department or on the loss mitigation team. You can also just call and ask who deals with their foreclosed properties. After you get a name, make sure to follow up with that person without coming on too strong.

Some investors in Atlanta have secured decent deals by being on a bank's call list. They find out about new properties before anyone else, which gives them lots of time to check out the property and put in an offer without having to manage other buyers. Banks are usually pretty excited to move those properties faster to clear them from their books.

Locations like SunTrust and Ameris Bank are good places to look for foreclosure deals because they're regional banks. They like to have more wiggle room than the big national banks. The people who work there might give you more one-on-one attention, and you can create better relationships with them as time goes on. This way of finding properties works best when you keep things professional and already have your financing ready to go.

Some people forget about the Metro Atlanta Land Bank as another resource. They take care of tax-delinquent and foreclosed properties throughout the metro area. Their list of what's available changes quite a bit as new properties come in. Sometimes, they'll even give you better terms than standard banks would! You might come across properties in neighborhoods that are starting to get better but haven't seen big price jumps yet.

Remember that these banking relationships don't happen overnight, so you usually need to be patient when you follow up. Some investors touch base every few weeks just to say hello. Others send cards during the holidays or drop by once in a while. What you want is for the bank people to remember you when a property does become available so you can drive around promising Atlanta neighborhoods and find that hidden gem of a property.

Moving to Atlanta?

It takes a while to find the right foreclosed property in Atlanta. You'll feel like your hard work has paid off when you finally find that perfect place. The different ways to search that we talked about earlier give you some options to find properties at each stage of foreclosure. You might also want to keep in mind which methods work best for what you're trying to do. Buyers usually find that online searches, along with help from an experienced real estate agent, help them lower their stress and get some expert advice.

Foreclosed homes can be nice deals! But they do come with some challenges too. The house might need some fixing up and there could be problems with who actually owns it.

You'll probably be up against other people who want to buy the same property. That's why doing your homework ahead of time is a big part of your buying process. When you spend time learning about different neighborhoods and get the property looked at when you can, you'll have a better idea of your total costs. This helps you find out which properties are worth going after. Think about how much research you're willing to do before you start making offers.

The Atlanta market is changing, so you need to be ready to change your strategy when you need to. The techniques that work for buyers might not work a few weeks from now because the number of houses for sale and the number of buyers looking changes. But if you put in the work, then you'll find some decent deals in Atlanta's foreclosure market. You might end up buying a house for less than what it's actually worth and build connections with real estate pros who help you with other investments later on.

If you've been thinking about making Atlanta your new home, then you'll see that each neighborhood has its own feel, and there's history everywhere you look. You might also want someone to help you around to know what makes Atlanta a wonderful city. That's where we come in. We're the Justin Landis Group! Our team helps you find what you're looking for. Whether you want a place in a quiet suburb or a house closer to the busy downtown area, we can help.

Get in touch with us at the Justin Landis Group so we can help you find your dream home!