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In the month of January 2008, 8.400 properties were listed for sale as Atlanta Foreclosures. However, they have made a new record, as the estimated foreclosure sale in the Atlanta, GA is over 10,000 in the month of April.
Tax foreclosed properties
The properties are foreclosed by the government mostly when the taxes are not paid by the owner of the house or any other party that has an interest on the property; which is most often the mortgage company. If the house has some dues, government takes care of the taxes on behalf of the owner as per the agreement. Tax foreclosures supersedes any other kind of foreclosure, which means if the house has any other dues and the government decides to foreclose the property because of the overdue taxes, no one is eligible for any kind of payment and even the mortgage bank losses their share in the property.
Benefits of buying tax foreclosed property
Government auctions the tax-foreclosed properties, which fall under the Atlanta foreclosure listings, as they are the ones, who are not paid. They auction the property in the open market and the highest bidder gets the right on the property. If you are buying a taxed foreclosed property, you can benefit yourself and get a house, which is 10%-50% below the actual market price of the house. Once you buy these houses, you can reconstruct them and either sell them or put them on rent. This allows the property to remain on your name, but someone else is paying for it, an actual profit by all means.
Due to the continuous rise in the figures of Atlanta Foreclosures, it can be the best time for a real estate investor to enter in the market. Since the foreclosure properties are increasing and the value of the properties in the market are not so high; buy the property at a low price today and sell it tomorrow. Your investments will pay off wonders for you in the future.
HUD Fair Housing Equal Opportunity