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4 BASIC TYPES OF FORECLOSURE TRANSACTIONS
There are 4 basic types of foreclosure transactions depending on the steps in the foreclosure process.
TYPE 1: Pre-Foreclosure (Before Foreclosure)
At this point, the owner of the house is having difficulties paying the monthly mortgage, and wants to sell the house quickly before the actual foreclosure process gets started by the bank/lender. For this type of transaction, buyer's agent will negotiate directly with the owner of the house, so there is a great possibility that the buyer can get a greatly discounted sales price. We can do some research, and show this type of foreclosure properties to you right away.
TYPE 2: During Foreclosure
At this point, the owner of the house was unable to pay the monthly mortgage, and the bank starts the foreclosure process by scheduling a foreclosure sale. Usually this process takes about 1 - 2 months. For this type of transaction, buyer's agent will have to negotiate a deal with the attorney who handles the foreclosure process, so the negotiation is likely to take a lot longer than the regular home purchasing process.
TYPE 3: At Foreclosure
At this point, a notice of sale is published, and the house is put up on the foreclosure sale auction held at the county courthouse on the first Tuesday of the month between 10:00 a.m. and 4:00 p.m. At the auction, hundreds of properties gets sold at a very high speed. The winning bidder, if other than the bank/lender which serviced the mortgage of the property, is required to pay the full bid amount to the person conducting the sale immediately following the sale. If no one bids on the property, the lender will usually auction off the property. Although this monthly foreclosure auction is open to public, the majority of the bidders are foreclosure experts, brokers and investors who deals specially with foreclosure real estate.
TYPE 4: After Foreclosure
At the auction, it is very common that the foreclosure homes are sold to the lender which serviced the mortgage of the property. After the auction, the house will be put on the market by the lender as a bank-owned property through an real estate agent. We can do some research, and show this type of foreclosure properties to you right away.


For any of above types of foreclosure transaction, it is the best to consult a professional real estate agent with ample experience and expertise. We can help you find, negotiate, and close on a foreclosure home and save you a bunch! Call us for more information at (404) 257-4792 or us.

 
 
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AtlantaForeclosureOnline.com is a real estate web site regarding foreclosure homes in Metro Atlanta area that is operated by Mr. K Team of RE/MAX Around Atlanta. We specialize in buyers agency for foreclosure homes in and around the city of Atlanta, Cobb county, Fulton county, Forsyth county, Gwinnett county, Dekalb county, Clayton county, Fayette county, Rockdale county, Newton county, and Cherokee county.