13 Best Ways How to Find Foreclosures to Get a List of Bank-Owned Properties in Georgia (Free & Paid Methods)
Within this article, you’ll learn how to spot deals involving homes on the brink of being repossessed by banks and bank-owned properties, known as pre-foreclosures and foreclosures.
We’ll go over how you can make professional contacts that will help you uncover these deals, as well as tools that you can use easily, be it online or offline and free or paid.
I’m Bob Vieira, the creator and owner of Universal Short Sales, a short sale processing company that’s quickly making a name for itself across the country.
Let’s plunge in.
PropTech Platforms
Real Estate Bees
Real Estate Bees (REB) is an online platform designed for industry professionals looking to take their real estate business to the next level. It provides access to robust tech stack, statistical data, comprehensive informational resources, and much more.
This includes pre-foreclosure and REO leads for real estate agents, investors, and wholesalers. All the leads are strictly generated via inbound marketing channels unlike data scraping, aggregation, and other outbound methods used by most other platforms.
Delinquent property owners from all over the US utilize the REB platform to find reputable Georgia investor home buyers who’d be interested in acquiring their distressed property — so they are highly motivated.
As a user of the platform, you can get access to these distressed properties, submitted by other industry professionals, absolutely FREE! You simply need to sign up to DealAlert, which is an advanced, yet free, property matching engine developed by Real Estate Bees.
In addition, you can also access distressed properties, submitted directly by property owners, by purchasing distressed seller leads through our advanced real estate lead marketplace.
Other Platforms
Beyond the offerings of Real Estate Bees, there’s a plethora of property investing apps and real estate investor lead sources.
The majority of these tools offer distressed property leads, encompassing pre-foreclosures as well as repossessed homes.
Most of these tools are designed to seamlessly integrate with well-known CRM for real estate investors.
The editorial team at Real Estate Bees has meticulously reviewed the best wholesale real estate software with the goal of aiding you in making more educated choices.
The tools listed below aid in locating foreclosed homes and pre-foreclosures, in addition to other motivated seller types:
The tools mentioned below assist in discovering properties in pre-foreclosure:
I am a wholesaler and things have changed so much. Now, there are software tools we can access without having to always rely on an agent.
There are software or data companies that we use to find homeowners who are in financial distress.
One thing I also like about these software companies is that we can also see the comparable homes as well.
It’s important to know the value of comparable homes nearby. That way, when you possibly flip this foreclosed home, you will know what it can go for once it is on the market!
As wholesalers, we are direct to auction and are direct to sellers before they hit foreclosure, before they try to hike up prices on Zillow with agents.
Foreclosure.com
Foreclosure.com is one of the well-recognized REO search engines that you can utilize to find foreclosed properties and pre-foreclosures.
It’s notably recognized and widely acclaimed. There’s a strong chance that you may have already come across it.
The site offers various membership options, but the most typical one you might opt for costs around $40 per month.
There are two features of Foreclosure.com that I particularly appreciate. Firstly, its user-friendly interface. With a straightforward sign-up process, you immediately gain access to a list of leads.
The website is incredibly user-friendly, even for individuals like myself who aren’t particularly adept with technology.
Additionally, I appreciate Foreclosure.com for its distinct site map function. This feature enables you to search foreclosures by address with just a simple click.
It provides a comprehensive list covering every state in the US. You simply click on a state’s link, and it presents all the necessary data on its foreclosures.
It’s exceptionally intuitive and well-arranged for anyone finding foreclosures online. Now, let’s transition to another digital platform where to find cheap foreclosed homes for sale.
Auction.com
Auction.com is the biggest platform for real estate auctions in the country. Simply because of its scale, it is one of the best places to find foreclosures.
They offer a whole lot more than just foreclosure and real estate short sale deals, but our focus will remain on foreclosures and pre-foreclosures as that’s the subject at hand.
An aspect of Auction.com, which elevates it as one of the best websites to find foreclosures, is that it doesn’t charge you any monthly membership fees.
The process involves placing a bid on a property. If you are the winning bidder, a buyer’s premium is payable to Auction.com. This is their method of generating income.
Proceed with prudence when acquiring a property via an auction. Not all provide the scope to thoroughly cross-check every item on your real estate due diligence checklist.
Zillow
Zillow is a household name in the global arena. It’s the preferred platform for many investors seeking to find houses to wholesale or flip.
The company boasts an incredibly powerful and well-established brand.
Absolutely, a large number of people turn to Zillow exclusively for discovering Georgia property listings to buy a home for their own use. Yet, one should not underestimate Zillow’s capabilities in terms of getting a foreclosed home.
What I find absolutely amazing about Zillow is its simplicity and user-friendliness.
When on a mission on how to find foreclosures in Georgia on Zillow, all you have to do is access the platform, enter the city or county of interest, and apply the appropriate filters.
Options like “foreclosures” or “pre-foreclosures” are readily available in the dropdown menu. You can even carry out searches for auctions. That’s how to look up foreclosures on Zillow — pretty easy.
Georgia Multiple Listing Services (MLS)
The Multiple Listing Service (MLS) provides a fantastic avenue to get REO listings if you have access to it, which requires being a licensed real estate agent.
Alternatively, you can use a real estate agent who will find foreclosures on MLS for you at a fee.
Each MLS in Georgia is unique, featuring distinct interfaces and operational methods.
In essence, the primary similarity among all these services is that they will invariably provide you with the capability to fine-tune your search and discover local foreclosures as well as pre-foreclosure listings.
While each platform has its own unique layout, the general process remains consistent. You’ll typically start by signing into your chosen MLS service, then navigate your way to the section labeled “My Search”.
Each MLS displays its version of the “My Search” feature, but in essence, it’s the same tool. Choose it, and a sort of dropdown menu will be presented to you.
To find foreclosures on MLS, opt for options like foreclosures, pre-foreclosures, or short sales within that menu. Then, search foreclosures of your preferred type by narrowing down the results.
Let’s say you’re hunting for Georgia single family houses for sale with four or more bedrooms or specific square footage. Set your filters appropriately.
Georgia Real Estate Wholesalers
A convenient way to look for foreclosed homes is by engaging with a Georgia property wholesaler.
A good real estate wholesaler excels in sourcing exclusive, off-market deals at a reduced price, for Georgia property investors.
A significant number of investors gravitate towards finding wholesale homes because wholesalers relieve them from the task of property hunting and negotiation.
A wholesaler signs a real estate sales contract with a homeowner, as if they were a buyer themselves.
Once the contract is signed, they can assign their right to buy the house to you in exchange for a fee.
So, a real estate wholesaler is essentially trading the property. They do not close the deal in their name.
Let’s assume I’m a wholesaler. I’ve gotten the property under contract for $100,000. I know that I can sell it to an investor, hypothetically, $120,000.
I’m set to ink a contract with the distressed seller for a sum of one hundred thousand dollars. Subsequently, I’ll bequeath my rights in the agreement, my equitable title, to you as the purchaser for $120,000.
The mechanics of this involve you stepping into my position within the transaction for the $100,000 contract and then you compensate me with what’s referred to as an assignment fee of $20,000.
To deepen your understanding of this technique, consider reading the manual on getting started in wholesaling real estate. Then, read about the local regulations you need to know when wholesaling houses in Georgia.
Wholesalers can get a list of foreclosures in your area for you to choose from.
They get motivated sellers on autopilot and often simultaneously secure multiple contracts, enabling them to swiftly cater to clients who need to find properties to flip.
They can initiate contact with the seller, wrapping up a contract on a pre-foreclosure property, and then assigning the deal to you.
As you embark on your house flipper career and begin to establish a network of professionals, wholesalers should be one of the first vendors to connect with.
I feel like wholesalers do a lot of the hard work finding motivated sellers before they hit the market.
Georgia Real Estate Agents
Just like wholesalers, using REO specialists is an excellent approach to get a foreclosed homes list.
REO is a short name for Real Estate-Owned. It is a term used when a bank has fully navigated the foreclosure process and has repossessed the property from the homeowner via foreclosure.
Banks can be considered motivated sellers: they are often willing to sell a house cheap and fast. Lenders are focused on making money by lending and not trading real estate.
As such, once a property has been foreclosed, the bank seizes it and hands it over to a listing agent, also known as an REO agent.
A Georgia realtor specializing in REO usually manages many listings obtained from banks. They list these homes on MLS and other sites to make them visible in REO property search.
It’s investors who show keen interest in these opportunities most often. So, forging a relationship with a Georgia investor-friendly realtor can be an invaluable resource for locating REO properties.
Realtors are always conducting lead generation activities.
If that agent lists homes for sale, running potential foreclosure queries through various industry software that Realtors have access to, Realtors can generate a list of potential foreclosures and reach out to those owners to see if they know the market value of their home so they can choose to sell vs. foreclose.
Realtors work to promote homeownership and home preservation, therefore foreclosure prevention would generate real estate listings where the homeowner could now choose to sell their home vs. foreclose.
Partner with a Realtor that specializes in investment property. They will also have other avenues for the investor to purchase property, i.e., wholesaler relationships, other investors that are trading assets, etc.
I believe accredited real estate agents are the best source because agents have access to the multiple listing service (MLS), a database of homes for sale.
They have the advantage in that they can let you know as soon as foreclosed properties hit the listing services.
Georgia Foreclosure Attorneys
A Georgia foreclosure lawyer is an expert who protects Georgia real estate lenders from being sued or from losing a lawsuit in a foreclosure case.
As an investor, you should seek to add these professionals to your network: they can forward you foreclosed property leads or homes in pre-foreclosure.
Think about how you, in your capacity as a business owner, can help their business and simplify their operations.
Also, look for Georgia short sale lawyers. Like foreclosure attorneys, they can help you find repossessed houses for sale.
Georgia Short Sale Processors
For a real estate investor with a focus on distressed properties, especially those in the pre-foreclosure phase, it’s vitally essential to cultivate a solid affiliation with Georgia short sale negotiators — firms proficient in short sale processing.
A short sale processor fundamentally steers and oversees the complete short sale procedure from beginning to end.
Buying a short sale home is an extraordinarily protracted and intricate endeavor, frequently extending for numerous months before it is finalized.
Often, the homeowner will make the first move by reaching out to a short sale processing firm (here is what a short sale negotiator does for the seller).
If you, as the investor, have established a strong relationship with the processor, they’re inclined to bring this deal to your table.
Normally, short sale processors provide free service for sellers and get paid by buyers.
Buying a short sale property may be worth the fee, especially because you also get the process professionally handled and sped up by the short sale processor.
Georgia Real Estate Lenders
How to get foreclosure listings from banks without go-betweens? A highly potent yet frequently neglected tactic is to establish a direct line of communication with the lenders.
Initiating contact carries no risk. The most negative response you could get is, “no, we cannot provide you with a list.”
Find phone numbers of a few local banks and reach out. Express your goal to find distressed homeowners to buy their homes for cash helping them avoid foreclosure. Also, request their catalog of foreclosed homes.
Banks don’t want to foreclose. It’s better for them if you buy a pre-foreclosure house before it’s repossessed.
Similarly, once a bank repossesses a property, they’re extremely keen to offload it. They aim to sell it and remove it from their books.
The best banks to ask for repossessed properties from are the smaller ones: it’s relatively easy to get to communicate with an influential person at the bank.
Typically, you’re only a call or two away from conversing with a manager at a credit union. Interact with these banks, put in the legwork, and you might end up with a list of repo homes in no time.
Georgia Courthouses
Most investors don’t bother to find foreclosed houses at their local county courthouse. This way to get leads for wholesaling real estate is more time-demanding than others, but this also translates to less competition.
Counties call this establishment in different ways, but in essence, to get a list of foreclosures from the courthouse, you’re looking for the county recording office.
To get a foreclosed homes list for free, you aim to draw up a list of lis pendens.
A lis pendens comes into play when someone falls in arrears on their mortgage. A bank takes note of the overdue payments and they impose a lis pendens judgment on the title.
This judgment essentially puts everyone on alert that the homeowner is behind on their payments and that the Georgia loan servicers hold the rights to the property — the primary lien position.
In the same manner, you can find houses that owe back taxes and nearing a sheriff auction sale.
Once you’ve identified a record, you might notice that some of the property owner’s contact details are no longer current.
This necessitates conducting further investigations to locate them, a process referred to as skip tracing for real estate.
A real estate investor skip tracing software will aid you in quickly finding motivated home sellers, including instant access to their phone numbers, email addresses, and even social media.
There is another way to find foreclosures in your area for free, and it’s even easier. Read on to learn about it.
I recommend visiting your local courthouse or the specific website to attain pre-foreclosed properties information.
Pre-foreclosed listings can be found for free in the public records section at your county recorder’s office or online.
Search for Notice of Default, Lis Pendens, and Notice of Sale. These notices are issued to the homeowner and publicly recorded during the foreclosure process.
You can go to your courthouse and ask for a list, and the reason is because the county is going to be the most accurate place when it comes to property records.
Bank Websites
A superb approach to find out about foreclosures online is by navigating directly to the bank’s own website.
Not all banks will have an all-encompassing, user-friendly website that allows you to peruse a plethora of foreclosure listings and provide a free search of bank-owned repossessed homes for sale.
Usually, your focus should be on the larger mortgage service providers, such as Bank of America and Wells Fargo.
Some of these banks have well-organized websites where you locate the section dedicated to foreclosures. There, you can find bank-owned properties for free.
Just click on it, select your location, adjust other filters, and choose from bank foreclosures in Georgia on their list.
Now, here’s my final suggestion on this list concerning how to find foreclosed homes.
HUD Foreclosures
Here’s a different approach to finding foreclosed homes for sale for free, particularly beneficial if you’re just dipping your toes into starting your own house flipping business and prefer to minimize marketing expenses.
A considerable amount of the foreclosures you’ll stumble upon online are government-backed mortgages courtesy of HUD.
The wonderful part is that you can directly access HUD’s website to hunt for the exact properties that pique your interest. Just make your way to hudhomestore.gov.
Upon landing on the home page, scroll midway, and you’ll be granted the opportunity to search HUD foreclosures for the specific property type you’re after. A splendid way to find motivated seller leads for free!
You have the liberty to carry out your foreclosed home search by county, zip code, city, state, among other parameters.
They even provide functionality for you to find HUD foreclosed homes based on various features such as the number of bathrooms and bedrooms.
Survey of Industry Experts
Which of the following resources do you use to find foreclosed and pre-foreclosed properties in Georgia?
Which of the following real estate professionals can be the best source of foreclosure deals for an investor in Georgia?
Get Expert Training to Find Upcoming Foreclosures Like a Pro
I’m Bob Vieira, the founder of Universal Short Sales, which is rapidly becoming the nation’s leading short sale processing company.
I’ve gathered all the knowledge and expertise I possess about short sales and pre-foreclosures and packaged them into an extensive Pre-Foreclosure Fast Lane course.
The course is divided into three parts:
- Short Sale and Pre-foreclosure Fundamentals
- Lead Generation
- How to Monetize Pre-Foreclosures and Short Sales
In addition, I’m generously sharing my 12-step procedure that I consistently follow to execute short sales.
This invaluable course is entirely free. Think of it as my gift to you.
What Is the Primary Pitfall to Watch Out for When Investing in Foreclosures in Georgia?
The first issue of buying Georgia foreclosed homes is that the state allows the right of redemption, which means the homeowner can reclaim the property even after it sells.
Typically, the homeowner does not have the funds to pay the mortgage in default, plus any fees associated with foreclosure and auction, yet it can happen.
Also, all of the properties at Georgia foreclosed home auctions are sold as-is and without warranty. The home may be missing fixtures or appliances and need major repairs or maintenance.
While you may be able to view a property from the outside, you may not be able to see the inside or have the home inspected before the sale.
There are some areas with limited foreclosure activity.
With real estate prices still holding strong, normalizing or increasing in some states, sellers are becoming more aware that the market value for their home is still enough to sell and can choose to sell vs. foreclose.
Therefore, you don’t want to waste your time on markets where real estate is still holding their value or increasing.
The primary pitfall to watch out for is to make sure you know about all of the taxes or liens against the property.
If you are focusing on this method, make sure you also have the numbers as accurate as possible for repairs as well.
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About the author
Bob Vieira is the Founder and Managing Partner of Universal Short Sales, LLC. While serving clients as a licensed Realtor, he realized there was a need for a knowledgeable company, specializing in the short sale sector. Bob is an industry expert with a passion for guiding homeowners through the short sale process.