A Guide to Bank Owned Properties in Georgia

Looking to grow your Georgia real estate business? Finding bank owned properties can be an “outside-of-the-box” strategy to consider when more traditional methods, like scouring the MLS, aren’t working out. Today, we will be talking about the benefits of finding bank owned properties and how to do so in the state of Georgia.

What are Bank Owned Properties?

Bank owned properties are currently owned by banks or lending institutions in a particular state. In Georgia, most bank owned properties are homes that have been repossessed due to foreclosure that failed to sell at auction.

Why Invest in Bank Owned Properties?

For real estate professionals looking to grow your business, investing in bank owned properties Georgia can be highly advantageous. In most cases, banks do not want to own a particular property and only do so because they failed to sell to another buyer at auction. This makes it possible for real estate investors to get a good deal on these otherwise pricey properties.

Because most bank owned properties in Georgia are sold “as is,” it is likely that they might be in a distressed condition when purchased. It is crucial to inspect any bank owned properties thoroughly before making a purchase, to ensure that any renovations and maintenance that the home requires will be feasible. You should also perform a title search before buying a bank owned property to ensure that the home does not have any liens or outstanding debts which could complicate future sales.

While it is true that most real estate investors are able to get a good deal on properties that are owned by the bank, it is important to remember that most banks know the value of these homes, and you should not expect them to give them away for next to nothing. When negotiating, consider important factors such as the condition of a particular home and the amount of time it has been in the bank’s possession in order to make a fair offer that is likely to be accepted by the bank.

How to Find Bank Owned Properties in Georgia

In the state of Georgia, you can call banks directly to inquire about any properties they own that are currently for sale. While this is a great starting point when searching for bank owned properties, there is an easier way thanks to Haines Property Connect. This innovative software gives real estate investors the ability to search for bank owned properties in a designated area and to receive detailed information about various properties.

Bank owned properties in Georgia can be a great investment for those looking to grow their real estate business, and Haines makes finding these properties easier than ever before. Contact us today to learn more about Property Connect or click here to get a free demo.