Every first Tuesday of the month, hundreds of foreclosure properties in Georgia are auctioned off (commonly known as Super Tuesday). Here’s what you need to know to achieve your real estate goals.
If you’ve been inspired by real estate shows on TV and are ready to attend an auction to purchase your first property, it’s important to be well-prepared and informed. Georgia live auctions are indeed thrilling, but preparation is key.
Always conduct thorough due diligence (gathering as much information as possible about the property and the auction process) before attending the auction.
Find Georgia Foreclosures on Auction.com
Important Information:
- Properties are typically listed online at Auction.com at least 2 to 3 weeks before the auction. There is also an Auction.com app available for both Apple and Android users.
- Many properties are occupied, so you are limited to a visual exterior inspection or drive-by. Please do not disturb the occupants.
- Each property has a property details page (PDP), which includes:
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- Property photos
- Title information
- Property information report
- Estimated credit bid
- Estimated resale value
- Event details, such as the venue address and auction start time
- A “SAVE” button is located at the upper right-hand corner of the property details page. Clicking this will provide updates about the property, such as when it is cleared for sale, opening bid information, and so on.
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- It is advisable to have a real estate professional, or if you are knowledgeable in this area, conduct a comparative market analysis of the property. Consider potential costs, such as eviction and repairs. Keep in mind your exit strategy, whether you plan to fix and flip or buy and hold.
- Run a title search on the property to identify any liens or judgments. Foreclosures are sold “as is,” meaning those obligations become the responsibility of the new owner. (Consult a title attorney for detailed information on what liens survive the foreclosure process.)
- Payment is due in full when you win the property. Acceptable forms of payment are cash or cashier’s checks. It is recommended to bring cashier’s checks in several denominations. This allows you to get as close to the winning bid amount as possible, and any excess can be deposited back into your bank account. Any cash payments totaling $10,000 or more require a form 8300 for IRS purposes.
- After completing your research on the property, it’s time to head to the courthouse. Ensure that pending properties have cleared for auction before attending.
Auction Day in Georgia:
If attending an auction on the courthouse steps, bring snacks, water, and a chair, as auctions in some high-volume counties can last several hours. Bidding starts at 10am and ends no later than 4pm.
Upon arrival, you’ll see Auction.com staff wearing bright green polo shirts. In larger counties, Bidder Services staff (wearing black polo shirts) are available to answer any auction-related questions. A list of properties going to sale and auction terms and conditions are available for review.
You will register to bid and receive your bidder number.
Position yourself so you and the auctioneer can see and hear each other clearly.
It’s time to bid!
The auctioneer will read the notice of sale and announce the opening bid set by the creditor. Stay focused and speak loudly when bidding. After a short rally, you could be announced as the winning bidder. Congratulations!
A contract writer will greet you, collect your government-issued ID and funds, and complete the certificate of sale. You’ll then wait for the deed to be mailed to you. Thereafter, you may access the property, except if it remains occupied in which case you will need to negotiate the exit of existing occupants or initiate eviction proceedings.
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