Today is the first Tuesday of the Month, and in Georgia, that has a significant meaning. At 10:00 A.M. at the Coweta County Courthouse, and at every other county courthouse in the state of Georgia, the calls for bids "at public outcry" for properties in default will commence.
Georgia is a non-judicial foreclosure state. All a mortgagor has to do is notify the mortgagee of the default and advertise the auction in the county "legal organ" for four weeks.
Then the attorneys will literally stand on the courthouse steps, rain or shine, and read the notices word for word. After the notice is read, the bank's bid is entered, and that's usually all that happens.
You would think that there would be hundreds of people lurking about for the nearly 200 properties that will be called, but there is usually just a handful. Because out of all of those properties being offered for sale, very few are bargains. Most are so upside down that the potential buyer is much better off waiting for the property to be sold as a bank REO.
But from a spectator's perspective, the process is at least interesting, if not compelling. It's an archaic ritual that seems a little out of place in 2009.
And it is being repeated far too often.
Note: The procedure outlined in this article applies only to the state of Georgia. State laws vary; always verify your local procedures.
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