Foreclosed property is sold at county foreclosure auctions in Gwinnett County, Georgia.
Gwinnett County is located close to Atlanta, Georgia, and the county seat is Lawrenceville. When a property owner in Gwinnett County fails to make the principle and interest payments on the property, the mortgage lender may begin the foreclosure process. The property may be sold at the county foreclosure auction in as few as 37 days. Investors purchase property at foreclosure auctions and attempt to pay less than market price.
Instructions
1. Read the legal notice section of the Gwinnett Daily Post. Property foreclosure notices must be published in the newspaper for four consecutive weeks before the foreclosure auction. The foreclosure notice includes the minimum bid required to purchase the property.
2. Find the list of foreclosure properties available for auction from the Gwinnett County planning and development department. The auctions are held on the steps of the county courthouse the first Tuesday of each month. Auctions may not be held every month.
3. Locate the property address and the property description. Numerous websites sell foreclosed property information and some real offices specialize in foreclosure property. The Gwinnett County Assessor's Office provides property maps.
4. Conduct a property title search to find any additional liens or encumbrances attached to the property. Determine the permitted use of the property and find the legal access.
5. Inspect the property and carefully note the condition of any structures or other development. Observe any hazardous substances or toxic waste problems.
6. Find the appropriate funds to purchase property at the auction. Payment must be made the day of the auction with certified funds such as a cashier's check or cash.
7. Research recent sales of similar Gwinnett County property or find the asking price of property currently on the market to make a competitive bid at the auction. The highest bidder becomes the owner of the property.
8. Contact mortgage lenders or real estate agents to find property that did not have a minimum bid at the auction. If the minimum bid is not met, ownership of the property reverts to the mortgage lender. The property can then be purchased from the mortgage lender.
Tips Warnings
If the property owner fails to pay the property taxes, the Gwinnett County tax collector has the option of selling the property at the county tax lien auction.
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