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- 1). Use the "Search Public Notices" page on the Georgia Public Notice website to find foreclosure public notices in a particular county or throughout the state (see Resources). Foreclosing lenders must publish foreclosure notices for each property scheduled for auction, in a Georgia legal organ (a specific county newspaper). (See Reference 1.)
- 2). Read the foreclosure listings in the search results. Each foreclosure listing contains information on the foreclosed piece of real estate. Find out the address of the property and the date of the foreclosure auction. All Georgia foreclosure auctions take place on the steps of the county courthouse in the county of the foreclosed property. Sale dates occur on the first Tuesday of each month, and the auctions must take place between 10 a.m. and 4 p.m.
- 3). Visit the address of the foreclosed properties to get additional information for making a bidding decision. For example, foreclosure investors often buy homes to fix up and then sell for a profit. However, you may wish to buy a home that needs no apparent significant repairs if you want to buy and live in the property. You do not have a legal right to go in and inspect a foreclosed home. However, you may wish to consult with neighbors or local real estate agents to get more information about the property, neighborhood and real estate prices in that area.
- 4). Go to a bank or fellow investors to obtain bidding funds. The winner of a foreclosure auction in Georgia generally pays the full amount of the bid in cash. Legally, the foreclosing attorney may demand the full amount immediately after the auction. Accordingly, be prepared to pay the full amount on the day of the sale.
- 5). Show up at the county courthouse and bid on the foreclosures. Follow the instructions for submitting your bid money on any winning bids. Obtain a property deed from the lender after completing the purchase of the foreclosure.
- 6). File the property deed with the clerk of the superior court in the Georgia county where the property is located. As of 2010, clerks charge a recording fee of about $10 for the first page and $2 for additional pages. You may also have to pay a real estate transfer tax. As of 2010, the transfer tax is $1 for the first $1,000 (or part thereof) of the foreclosure sale price and 10 cents for each additional $100 (or part thereof).
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