Atlanta Foreclosures & Bank-Owned Homes for Sale

Search Atlanta foreclosures, bank-owned homes, REO properties, short sales and other distressed real estate throughout Metro Atlanta. The searches below are separated into communities inside the Perimeter, communities outside the Perimeter and Metro Atlanta counties to make it easier to narrow your search.

Realty4Atlanta searches property information available through Atlanta-area multiple listing services. Because a property may appear in more than one MLS, you may occasionally see duplicate listings. Some properties, however, may appear in only one system, so searching the available inventory helps provide broader coverage.

No registration is required to begin searching. 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 properties come on the market.

Atlanta Foreclosures Inside the Perimeter

Search foreclosure-related properties in Atlanta and communities inside or substantially within I-285.

Foreclosures Outside the Perimeter

Search foreclosure-related properties in Metro Atlanta's suburban communities and cities located primarily outside I-285.

Metro Atlanta Foreclosures by County

Searching an entire county can uncover foreclosure properties in smaller communities and unincorporated areas that may not appear in a city-only search.

Understanding Foreclosures, REO Homes & Distressed Properties

The terms foreclosure, REO, bank-owned home, pre-foreclosure and short sale are often used together, but they describe different situations. The distinction matters because the buying process can vary considerably depending on who owns the property and where it is in the foreclosure process.

Bank-Owned and REO Homes

REO means real estate owned. An REO property is generally a property that has already gone through foreclosure and is now owned by the lender or another institution. Many bank-owned properties are eventually listed for sale through a real estate broker and the MLS. Buying one can resemble a conventional real estate transaction, although institutional sellers frequently use their own contracts, addenda, deadlines and procedures.

Pre-Foreclosures

A pre-foreclosure is not yet a bank-owned property. 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.

Short Sales

A short sale occurs when a property is sold for an amount that is insufficient to satisfy the debt secured by the property and the necessary parties agree to the transaction. The homeowner still owns the property during the short-sale process. A short sale is therefore different from a bank-owned property that has already completed foreclosure.

HUD Homes

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

Fannie Mae HomePath Properties

Fannie Mae markets its real-estate-owned properties through HomePath. Buyers can search Fannie Mae-owned homes and review information about the HomePath purchase process. Fannie Mae also has a First Look program designed to give eligible owner-occupants and certain organizations an initial opportunity to purchase eligible properties before investor competition.

Freddie Mac HomeSteps Properties

Freddie Mac markets many of its real-estate-owned properties through HomeSteps. HomeSteps also has a First Look program that provides eligible owner-occupant buyers and certain qualifying organizations an initial opportunity on eligible properties before investor offers are considered.

How Foreclosure Works in Georgia

Georgia primarily uses a nonjudicial foreclosure process. A lender exercising a power of sale generally does not have to file a foreclosure lawsuit before selling the property, but Georgia law establishes notice and advertising requirements that must be followed.

Georgia foreclosure sales generally take place in the county where the property is located on the first Tuesday of the month during the legally prescribed hours. State law also establishes advance notice and advertising requirements.

A courthouse foreclosure sale is substantially different from purchasing an REO 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

Foreclosure home for sale sign outside a house

A foreclosure can present an opportunity, but the word foreclosure does not automatically mean that a property is a bargain. The important question is how the asking price, condition, location, repair needs and purchase requirements compare with other available properties.

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 property listed through a real estate broker and bidding at a foreclosure auction. Auction purchases can involve substantially different financing, inspection, title and possession considerations.

Can You Finance an Atlanta Foreclosure?

Often, yes. Whether a particular foreclosure can be financed depends on the property, 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. Knowing the loan program and property-condition requirements in advance can help avoid spending time on properties that will not qualify for the buyer's intended financing.

Are Atlanta Foreclosures Always Cheaper?

No. A foreclosure should be evaluated against comparable properties rather than assumed to be discounted simply because a bank or government agency owns it.

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.

Official Foreclosure & Government-Owned Home Resources

The MLS searches above are useful for locating distressed properties throughout Metro Atlanta, but several 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 homes following foreclosure on certain FHA-insured mortgages. HUD provides information about locating and purchasing HUD-owned homes. HUD homes are generally sold as-is, so prospective buyers should carefully investigate property 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 Properties

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 Attorney General Mortgage & 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 foreclosures for sale in Atlanta?

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

Why does a foreclosure search sometimes show no properties?

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 properties can be listed at any time. A search showing no results today does not mean there will be no future listings.

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 approval for a sale in which the proceeds are insufficient to satisfy the debt secured by the property. A short sale may occur as an alternative to foreclosure, but it is not a completed foreclosure.

Can I inspect a bank-owned home before buying it?

Many MLS-listed 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 a foreclosure?

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

Can investors buy Atlanta foreclosures?

Yes. Investors can purchase many 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. Different bidding periods and purchaser categories can apply depending on the particular property and HUD's current procedures.

Should I buy a foreclosure just because the price appears low?

A low asking price alone does not establish that a property 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.

Need Help Finding an Atlanta Foreclosure?

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, 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.