Buying foreclosed Georgia homes from a mortgage broker: issues to be aware of before buying

Expect fewer risks than an auction sale when buying foreclosed Georgia homes from a mortgage broker

Every state has its own laws regarding property foreclosure, and Georgia allows lenders to either go through the court system or to undertake a non-judicial foreclosure. Buying foreclosed Georgia homes through mortgage brokers enables you to purchase homes in either type of foreclosure.

If the homeowner’s mortgage has a power-of-sale amendment, the lender can foreclose as soon as the borrower stops making mortgage payments. After the lender notifies the buyer of a missed payment or payments, the lender can list the house for sale. The lender must notify the borrower at least 15 days before the sale and run notices at least once a week for the four weeks before the sale. If there is no power of sale in the mortgage, the lender can go through the court system. In both types of foreclosures , the lender sells the foreclosed property at public auction.

Buying foreclosed Georgia homes through mortgage brokers is an alternative you might choose over buying at auction. After the house fails to sell, the lender can list the property with a mortgage broker, who can then help you secure funding to buy a house. If you are considering buying Mortgage Company foreclosed Georgia homes, you may even be able to get an idea of the value and condition of the property. The broker can show you examples of recently sold homes in the area and let you view the interior of the home. Such opportunities are not usually available when buying at auction. If the broker will let you, have the property inspected to evaluate the condition and the amount of work it needs.

Whether the house you are interested in has been through a judicial or non-judicial foreclosure, you may still be able to buy that home at a lower price than you may have thought. Buying foreclosed Georgia homes through mortgage brokers will allow you to work with a trusted guide who can lead you through the process. To look at foreclosed homes for sale by mortgage brokers in your area, go to RealtyNow.