Cobb County Foreclosures
We want to make it as easy as possible for our website viewers to get access to all foreclosed houses in Cobb County. We provide free access and full details for every property with no memberships or free trials, you just select the city you want to purchase foreclosed homes and all foreclosure properties including Bank Owned, Government Owned, REO’s and pre-foreclosure properties are instantly available to you.
We aim to provide a service that can be helpful to both first time and seasoned investor. And the biggest part of being successful when it comes to buying bank foreclosures and foreclosed houses is information. Whether you’re looking for bank foreclosed homes to find a new home for your family, land or even commercial foreclosed properties, we’ll make sure you have everything you need to pursue foreclosure homes for sale in Cobb County and invest in real estate like a seasoned investor.
Where can I find REOs?
There are several ways to locate bank-owned REO properties in Cobb County. With the advent of the Internet, finding bank-owned REO properties is easy. First, investors can search for thousands of bank-owned properties online at America’s Network Realty Group Inc. website. Larger regional and national lending institutions, on the other hand, have large departments that deal exclusively with selling bank-owned properties. Frequently, this department is referred to as the loss mitigation department. The job of the loss mitigation department is to mitigate the loss or minimize the damage caused by loans that have defaulted, which lenders call non-performing loans.
How can I buy a bank-owned REO?
Anyone can buy a bank-owned REO. The challenge for real estate investors is to reach the person who can make the decision to sell the bank-owned REO property. Each lending institution has different rules and requirements on how they sell bank-owned REO properties. Contact one of our agents and they will help you with the process.
Why should I buy a buy bank-owned REO in Cobb County?
One of the primary advantages of buying a bank-owned REO property is that investors are purchasing a property without liens or other encumbrances. Before lenders make REO properties available for sale, they typically expunge all liens or claims against the property. Any cloud on the title — a second or third mortgage, mechanics liens, taxes or any other liens attached by creditors — are wiped out. Moreover, skilled investors can negotiate with the lender’s loss mitigation department to discount the price to a fraction of its market value. Besides negotiating price, many buyers of REO properties also negotiate favorable lending terms below existing market rates.
What are the advantages of buying bank-owned properties or REO homes?
For real estate investors and homebuyers, bank-owned properties and REOs offer opportunities that are not available in the pre-foreclosure and auction phase of the foreclosure process. Buying bank-owned real estate offers the foreclosure buyer many advantages:
- Bank-owned properties are usually sold at below-market prices with great terms like low down payments and low interest rates.
- Buying bank-owned properties involves less risk and less competition.
- Foreclosures that are owned by banks are usually clear of any liens that may have been recorded against the property.
- Since the seller of REO homes is also the lender, you can negotiate with the bank to have them pay for all or some of the closing costs.
- Bank-owned properties are usually vacant because the banks have evicted the previous owner, saving the investor or homebuyer time, money and emotional toll involved in the eviction process.
How to Buy Foreclosures
- Find the properties – Our website offers a complete list of MLS listed foreclosure properties in the state of Georgia, below you will find all foreclosed properties organized by cities.
- Get Financing – Obtaining financing not only gives you an estimate of what you can afford, it also enables you to move quickly once you locate a property that interests you. When you approach a borrower/owner or a foreclosing lender about a property, secured financing will demonstrate that you are a serious buyer and are ready to buy quickly.
- Contact Us to write an offer – If you’re a first-time homebuyer and you’ve never purchased a home, let alone a foreclosure property, it is beneficial to contact a local real estate agent who can guide you through the process of buying a foreclosure. If you work with an agent, make sure they know your priorities. Ask any potential agents if they have experience with foreclosures. Especially for first-time buyers, a good agent can be a comforting and helpful resource.
- Make an Offer – If you have never purchased a foreclosure property before, we recommend that you have a real estate agent help you prepare and make an offer. To get an estimate of the potential bargain for any property, you need to find out the estimated market value of the property, how much is owed on the property and if the owner has any other loans or liens encumbering the property.
Cobb County Foreclosure Overview
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice. The foreclosure process can end one of four ways:
1. The borrower/owner pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during pre-foreclosure, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at public auction.
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