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The rules for purchasing differ with some foreclosures than compared to traditional owner-occupied homes.  Foreclosures may be owned by private banks, private indivudual lenders, or sometimes the government.  There are different criteria that must be followed by prospective buyers of foreclosure homes depending on who owns the property.  HUD homes, for example, offer a property to different classes of buyers at the beginning of the marketing period.   Investors may have to wait a period of time before they will have an opportunity to make a bid on a property whereas a buyer who intends to occupy the home as the primary residence may have an opportunity to bid before an investor. 

HUD homes are homes that are owned by the Federal Government as a result of the previous owner's default on a mortgage.  The Federal Government insured the mortgage on the property, and after the default, HUD paid a claim on the property to the holder of the mortgage.  As a result, HUD then became the owner of the property. 

Other foreclosures may simply be owned by a bank who held a mortgage on a property.  When the owner was unable to complete the obligation to repay the mortgage, the bank foreclosed and took ownership of the property.  The sales process varies from bank to bank, and it is important to have a real estate professional guide you through the purchase process to make sure their your interests are looked after during the purchase.  Be sure to read any purchase contract completely before signing, and don't be afraid to ask questions!  A foreclosure can be a good opportunity to purchase a home, but as with any real estate contract, you need to understand your requirements and the requirements placed on you by the seller of the property in the contract.

We offer access to foreclosure listings across the metropolitan Atlanta area.  Although we specialize in North Georgia Real Estate, we can help you across the metro Atlanta area.  We have quick searches setup for you to easily access Gainesville Foreclosures, Lake Lanier Foreclosures, Cumming Foreclosures, Sugar Hill Foreclosures and Flowery Branch Foreclosures.  If you are look for other area Atlanta Foreclosures, simply create your own search and be sure to include the keyword "foreclosure" in the search.