Bank of America and Chase recently announced that they are halting foreclosures in multiple states due to faulty internal practices that may have caused some homes to be foreclosed in error. Unfortunately for Georgia homeowners, this does not apply to our state. The issue is with improper paperwork that was filed in the courts to initiate the foreclosure process. In Georgia, it isn't necessary to take the homeowner to court to foreclose so the assumption is that foreclosures in our state are valid. In reality there are many issues with the process and often the entity foreclosing on a home is not the same entity that actually holds the lien on the property. That's why I feel that Georgia and all other states should be included until there is a closer review of the practices of these mortgage companies.
The link below provides info on available foreclosed condos in the metro Atlanta area. All condos are relatively new and priced at $100,000 or less. The two bedroom townhome shown above is a steal at $40,000. Its an end unit with a one car garage and is located in a gated community. Four years ago it sold for $164,300. That's a difference of more than $120,000.
I am a 13 year Atlanta resident and graduate of Spelman College. I am also an experienced Realtor with a passion for the city and helping my clients buy and sell homes.
Check the blog on a regular basis for updates on the local real estate market, upcoming events in the city, and my take on the world.