How does buying a foreclosed home work in Georgia?

There are three main stages to foreclosure in Georgia: pre-foreclosure, foreclosure auctions, and real estate owned (REO) foreclosures. Buying pre-foreclosures or REOs is a lot like buying conventional homes — you find a property, make a written offer, negotiate terms and price, and then close. Buying foreclosures at auctions requires registering with the trustee, attending the auction, bidding on a property, and paying for it in cash or certified funds.

How do you find foreclosures in Georgia?

You can find foreclosures and pre-foreclosures on sites like Foreclosure.com, RealtyTrac, and Zillow, as well as on the MLS, by searching with foreclosure filters. Georgia foreclosure auctions are also required by law to be publicly advertised for at least four weeks in the local newspaper.

Are foreclosures worth buying in Georgia?

For many buyers, feeling like they're profiting from someone else's misfortune makes buying foreclosures not worth it, particularly since they may need additional work. That said, foreclosures can result in below market sale prices and opportunities for sweat equity, so they can be worth it to patient buyers who wait for the right property to come along.

How long does it take to buy a foreclosed home in Georgia?

Buying pre-foreclosures or REOs in Georgia can take a similar amount of time as a conventional property (30–45 days), but they may close faster if you don't use conventional financing (e.g., cash or hard money lender). REOs can take longer if the lender has a lot on their plate or difficulty scheduling a time to close. Buying at an auction goes relatively quickly because you pay for the property right away. You can close and have the deed in a matter of days.

Hannah Warrick

Content Editor

Hannah Warrick joined the Clever team in May 2023 as a Content Editor. She has over 5 years of experience in writing, editing, and research, specializing in personal finance, investing, and real estate topics.

Before joining Clever, Hannah co-launched Greatness.com — a digital publication that covers a variety of self-improvment topics, including real estate investing, personal budgeting, and resolving debt. She also worked with Gusto to update their Partner Resources Blog with over 200 articles that cover topics like cloud accounting, CPA ethics, and more.

Expertise: Discount real estate brokers; flat fee MLS companies; first-time home selling; first-time home buying

Education: B.A. in English from Samford University; Samford Unversity Fellow

Find more from Hannah

Featured Published Articles

How to Buy a Foreclosed Home in Georgia (2024 Update)
This guide provides useful information to help you decide if buying a foreclosed home in Georgia is right for you. You'll learn the types of foreclosures, how to find them, and much more.
How to Buy a Foreclosed Home in Massachusetts (2024 Update)
This guide provides everything you need to decide if buying a foreclosed home in Massachusetts is right for you. You will also learn the types of foreclosures out there and how to find them.
How to Buy a Foreclosed Home in Ohio (2024 Update)
This guide provides information to help you decide if buying a foreclosed home in Ohio is right for you. You'll also learn the different types of foreclosures and how to find them.
How to Buy a Foreclosed Home in North Carolina (2024 Update)
This guide provides everything you need to decide if buying a foreclosed home in North Carolina is right for you. You'll also learn the different types of foreclosures and how to find them.

Hannah Warrick

Find more from Hannah

Recommended reading

Featured Published Articles

How to Buy a Foreclosed Home in Georgia (2024 Update)

How to Buy a Foreclosed Home in Massachusetts (2024 Update)

How to Buy a Foreclosed Home in Ohio (2024 Update)

How to Buy a Foreclosed Home in North Carolina (2024 Update)