Coweta County Georgia Foreclosures top the 300 mark for the first time in November 2010.

By
Real Estate Broker/Owner with Richard Weisser Realty

Foreclosures in Coweta County top 300 for November.The Newnan Times-Herald reported today that for the first time the number of foreclosures advertised in the legal section of the paper surpassed three hundred for the first time ever,

Georgia is a non-judicial state. Once a borrower defaults, the holder of the security deed merely has to notify the property owner of the foreclosure, and advertise it is the legal organ of the county for a minimum of four consecutive weeks.

Then on the first Tuesday of the month, beginning at ten A.M. the property will be auctioned at public outcry on the courthouse steps to the highest cash bidder.

Not every advertised property will go to the steps, as some of the loans will be redeemed or the borrower may seek legal relief to postpone the sale. But a lot of them will be sold, and the vast majority will be purchased by the lender or note holder, as the amount of the loan may very well exceed the market value of the property.

In a market already saturated with REO properties, this new influx of inventory will lead to continued instability in property values.

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Rainer
261,098
Connie Goodrich
Keller Williams Realty - McKinney, TX
CRS ABR (McKinney Realtor)Texas

Similar process here in Texas with the lenders also being the majority of the courthouse activity.  One sad rare but happens occurrence is when the HOA auctions a home to satisfy deficient dues owed.  These homes generally sell for peanuts and some insider made aware of the step offering comes prepared.  There have been some visible cases that have hit the papers including one of our soldiers residences while stationed in Iraq.  You can just imagine the public outcry.   

Nov 11, 2010 08:51 AM #1
Rainmaker
3,985,513
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Richard...Tha is a lot of homes listed in the paper.  I am seeing a reduction in available homes that have been foreclosed on in my area.  GOOD NEWS!!   Selection is down and I am hearing about more multiple offers. 

Nov 11, 2010 10:50 AM #2
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Richard, that is horrible. It just has to get better. All I can think about is all the families who have lost their homes.

Nov 11, 2010 10:51 AM #3
Rainmaker
1,057,869
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Richard...When will it end? With all these underwater properties and the population growing, these assets need to be put back in service creatively without damaging the market further and curtailing value erosion.

Nov 11, 2010 12:10 PM #4
Rainmaker
3,925,314
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good evening Richard,

Wow..what a mess..it's frightening to hear how bad your area is..I feel like I live in a cocoon! I do feel so sorry for all these families who are loosing their homes.

Nov 11, 2010 01:33 PM #5
Rainmaker
1,816,979
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Wow RIchard...there are just so many homes lost and the news that keeps coming doesn't seem to end.  Sometimes i do get overwhelmed in helping people through the process even when it doesn't come out well for them...

Nov 11, 2010 02:02 PM #6
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