Atlanta Foreclosures & Bank-Owned Homes for Sale

Search Atlanta foreclosures for sale, bank-owned homes, REO properties, short sales and other distressed real estate throughout Metro Atlanta. Use the foreclosure searches below to find available properties by city or county, including communities inside and outside I-285.

These searches are designed to help you locate Metro Atlanta foreclosure listings by community and county. Foreclosure inventory changes frequently. A city or county may have several available properties at one point and none at another, so check back as new bank-owned and foreclosure properties come on the market.

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Atlanta Foreclosures Inside the Perimeter

Search Atlanta foreclosure homes and other distressed properties in Atlanta and communities inside or substantially within I-285.

Metro Atlanta Foreclosures Outside the Perimeter

Search Metro Atlanta foreclosures for sale in suburban communities and cities located primarily outside I-285. Foreclosure and bank-owned inventory varies by community, so individual searches may sometimes return few or no current properties.

Metro Atlanta Foreclosures by County

Searching for Metro Atlanta foreclosures by county can uncover properties in smaller communities and unincorporated areas that may not appear in a city-only search.

Atlanta Foreclosures, REO & Bank-Owned Homes

The terms foreclosure, REO, bank-owned home, pre-foreclosure and short sale are often used together, but they describe different situations. Understanding the difference is important when searching for Atlanta foreclosure properties because the purchase process can vary depending on who owns the property and where it is in the foreclosure process.

Bank-Owned & REO Homes in Atlanta

REO means real estate owned. An Atlanta REO home is generally a property that has already gone through foreclosure and is now owned by the lender or another institution. Many bank-owned homes are eventually listed for sale through a real estate broker and the MLS.

Buying a bank-owned property can resemble a conventional real estate transaction, although institutional sellers frequently use their own contracts, addenda, deadlines and procedures.

Atlanta Pre-Foreclosure Properties

A pre-foreclosure property is not yet a bank-owned home. It generally refers to a property where the owner is in some stage of mortgage default or foreclosure proceedings but still owns the property. A scheduled foreclosure does not guarantee that the property will ultimately be sold at foreclosure because the situation can change before the scheduled sale.

Atlanta Short Sales

A short sale occurs when a property is sold for less than the balance remaining on the mortgage and the lender approves the transaction. The homeowner still owns the property during the short-sale process. A short sale is therefore different from an Atlanta bank-owned home that has already completed foreclosure.

HUD Homes in Atlanta

HUD Homes are properties acquired by the U.S. Department of Housing and Urban Development following foreclosure on certain FHA-insured mortgages. HUD Homes in Atlanta and surrounding communities may also appear in MLS searches. HUD Homes are generally sold in as-is condition, so buyers should carefully investigate property condition.

Fannie Mae HomePath Homes

Fannie Mae markets its real-estate-owned properties through HomePath. Buyers searching for Fannie Mae foreclosure homes in Atlanta can use HomePath to search Fannie Mae-owned properties and review information about the purchase process.

Freddie Mac HomeSteps Homes

Freddie Mac markets many of its real-estate-owned properties through HomeSteps. Buyers can use HomeSteps in addition to the MLS searches on this page when looking for bank-owned homes in Metro Atlanta.

How Foreclosure Works in Georgia

Georgia is a nonjudicial foreclosure state. This means a lender can generally foreclose without first filing a foreclosure lawsuit or appearing before a judge. Georgia law establishes specific notice, publication and sale requirements.

The borrower must be sent written notice of the lender's intent to foreclose at least 30 days before the proposed foreclosure sale. Notice of the foreclosure must also be published in the official county newspaper for public announcements for four consecutive weeks before the scheduled sale.

Georgia foreclosure sales take place on the courthouse steps in the county where the property is located. By law, foreclosure sales are held on the first Tuesday of the month between 10:00 a.m. and 4:00 p.m.

A courthouse foreclosure sale is substantially different from purchasing an Atlanta REO or bank-owned property after the lender has acquired it and placed it on the market. Buyers considering bidding at an auction should understand the title, financing, possession and inspection issues involved before bidding.

Important: This page provides general real estate information and is not legal advice. Buyers dealing with foreclosure auctions, title questions or other legal issues should obtain advice from an appropriate attorney or other qualified professional.

Buying a Foreclosure in Atlanta

Atlanta foreclosure home with foreclosure property for sale sign

Buying an Atlanta foreclosure or bank-owned home can present an opportunity, but the word foreclosure does not automatically mean the property is a bargain. The important question is how the asking price, condition, location, repair needs and purchase requirements compare with other available homes.

Bank-owned sellers frequently have their own procedures, contracts and addenda. Properties may be sold as-is, and an institutional seller may have limited knowledge of the home's history or condition. Buyers should investigate the property carefully and understand the inspections, financing and due-diligence rights available in the particular transaction.

There is also an important distinction between purchasing an REO home in Atlanta listed through a real estate broker and bidding at a foreclosure auction. Auction purchases can involve substantially different financing, inspection, title and possession considerations.

Financing an Atlanta Foreclosure

Many Atlanta foreclosure homes and REO properties can be financed. Whether a particular property qualifies depends on its physical condition, the seller's requirements and the loan program being used.

A bank-owned home in financeable condition may be purchased with mortgage financing much like another resale property. Properties needing substantial repairs can create additional lending issues. Buyers planning to finance a foreclosure should speak with a lender before making an offer.

Are Atlanta Foreclosures Always Cheaper?

No. Atlanta foreclosures for sale should be evaluated against comparable properties rather than assumed to be discounted simply because a bank or government agency owns them.

A lower purchase price can sometimes be offset by repairs, deferred maintenance or other expenses. A property needing work may still make sense for a buyer who understands the renovation costs and has accounted for them when determining what to offer.

Government & Bank-Owned Foreclosure Resources

The MLS foreclosure searches above are useful for locating distressed properties throughout Atlanta and Metro Atlanta, but government agencies and government-sponsored enterprises also maintain official resources for properties they own.

Fannie Mae HomePath

HomePath is Fannie Mae's official site for its real-estate-owned properties. Buyers can search available Fannie Mae homes, review individual property information and learn about the HomePath purchase process.

HUD Homes

The U.S. Department of Housing and Urban Development acquires HUD Homes following foreclosure on certain FHA-insured mortgages. HUD provides information about locating and purchasing HUD-owned homes. HUD Homes are generally sold in their as-is condition.

Freddie Mac HomeSteps

HomeSteps is Freddie Mac's real estate sales program for Freddie Mac-owned homes. Buyers can search available properties and review information about purchasing a HomeSteps property.

VA-Acquired Homes

The U.S. Department of Veterans Affairs can acquire properties following termination of VA-guaranteed and VA-financed loans. VA-acquired properties may also be marketed through local real estate agents and MLS systems.

Georgia Foreclosure Information

The Georgia Attorney General provides consumer information about Georgia's foreclosure process, including foreclosure notices, advertising and foreclosure-sale procedures.

Atlanta Foreclosure FAQ

How do I find Atlanta foreclosures for sale?

Use the Inside-the-Perimeter, Outside-the-Perimeter and county searches above to find Atlanta foreclosures for sale and properties identified in the listing data as foreclosure-related. Buyers looking specifically for institutionally owned properties can also search Fannie Mae HomePath, Freddie Mac HomeSteps, HUD Homes and VA-acquired property resources.

Why are there sometimes no Atlanta foreclosure listings?

Atlanta foreclosure inventory changes continuously. A city may have several available properties at one point and none later. Properties can sell, go under contract or be removed from the market while new foreclosure and bank-owned properties can be listed at any time.

Is a bank-owned home the same as a foreclosure?

Not exactly. Foreclosure is the process through which a lender or other secured party can take and sell property following a default. A bank-owned or REO property generally refers to a property that has already completed that process and is now owned by the lender or another institution.

Is a short sale the same as a foreclosure?

No. In a short sale, the homeowner still owns the property while seeking lender approval to sell it for less than the balance remaining on the mortgage. A short sale may occur as an alternative to foreclosure, but it is not a completed foreclosure.

Can I inspect an Atlanta bank-owned home before buying?

Many MLS-listed bank-owned and REO transactions provide an opportunity for a buyer to inspect the property, although the seller's contract controls the buyer's rights and deadlines. Bank-owned properties may still be sold as-is. Auction properties are different and can involve substantially more limited access before the sale.

Can a first-time homebuyer buy an Atlanta foreclosure?

Yes. Being a first-time buyer does not by itself prevent someone from purchasing an Atlanta foreclosure or bank-owned home. Financing, property condition and the seller's requirements are generally more important considerations.

Can investors buy Atlanta foreclosure properties?

Yes. Investors can purchase many Atlanta foreclosure and REO properties. However, some institutional sellers have programs that initially give owner-occupants or qualifying organizations an opportunity to purchase eligible properties before investor offers are considered.

Do I need cash to buy a foreclosure?

Not necessarily. Many bank-owned properties listed through the MLS can potentially be purchased with mortgage financing if the buyer and property qualify. Courthouse foreclosure auctions are a different type of transaction and can have payment requirements that make ordinary mortgage financing impractical.

Are HUD Homes only available to first-time buyers?

No. HUD Homes are not exclusively for first-time buyers. HUD gives owner-occupant purchasers priority during an initial sales period on applicable properties; unsold properties can subsequently become available to other buyers, including investors.

Should I buy an Atlanta foreclosure because the price is low?

A low asking price alone does not establish that an Atlanta foreclosure home is a good value. Compare the property with other homes in the area and consider its physical condition, repair costs, financing, inspections, title issues and the total amount you expect to have invested after purchase.

Get Help Buying an Atlanta Foreclosure

Atlanta foreclosure and REO properties can have different contracts, seller requirements and deadlines than an ordinary resale. If you find a property through one of the searches above, Fannie Mae HomePath, Freddie Mac HomeSteps, HUD Homes, VA or another institutional seller, I can help you investigate the listing, arrange a showing when available and determine the procedure for submitting an offer.

If you are looking for something specific, such as an Atlanta foreclosure under a particular price, a bank-owned investment property, a fixer-upper or an REO home in a particular Metro Atlanta community, contact me with the area, price range and type of property you're looking for.

RE/MAX Metro Atlanta Cityside
Dan Connolly
600 Virginia Ave NE
Atlanta, GA 30306
Direct: 404-229-7848
Office: 404-371-4419
dan@realty4atlanta.com

Property availability and listing status can change without notice. Foreclosure information on this page is provided for general informational purposes and is not legal, tax or financial advice.