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The drama of local foreclosure auctions

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Laura camper

About 10 people relaxed behind the steps of Coweta County Hall on Tuesday and spent the day of the auction.

They said it could be a short day or a full day, depending on how quickly the crybaby gets there.

Cryers offering properties for sale often go to multiple courthouses during the day.

In Georgia, only one day a month is assigned to auctions. The first Tuesday is from 10 am to 4 pm.

The property will be advertised on a local charter 30 days before the auction.

Stephen Chelcas, who represented the buyer at the auction, said some of the foreclosures could be settled before the auction.

For example, on this day auction.comOriginally, one of the Kryer listed four properties, but three were cancelled.

This means that the property was sold personally before the auction, the owner caught up with the arrears, or declared bankruptcy, Cherkas said.

He said the sale of foreclosures could be a disastrous event. From time to time, owners who have lost their property can be seen crying during the sale, Cherkas said.

Realtor Nathan Espalza, who represented the company buying the property to turn it over on this day, agreed.

“Often it’s the owners who have the problem. You know, they lost their jobs. They got sick,” Espalza said. “sad.”

Rockdale’s Joseph Schneider said he was cleaning the house of the ousted owner on the other side of the auction. He said it was a tough job.

“Sometimes you brought a child there,” Schneider said. “You literally have to take out and empty the kitchen drawers. It’s like their lives because it’s like everyone has miscellaneous drawers.”

As a monthly side job, he started paying a little extra money to take part in the Lakeshore Trust Inc. auction. According to Schneider, he is further away from the process this way.

Not everyone is saddened by the auction, Chelcas said. From time to time, real estate owners are beneficiaries of the deceased’s relatives awaiting the sale of foreclosures so they can get out of the burden, Cherkas said.

And from time to time, neighbors are happy because problematic property that has been empty for years is cleaned, repaired, and sold to someone who has the means to take care of it, he said.

On Tuesday, no owner was crying, and the majority of bidders were working for someone else.

Ashley Yates of Lumpkin County, who represented Local Homes LLC, said he had been in the monthly auction for about two years, and for every sale he participated in, most bidders worked for someone else, usually an investor. Said. Someone who planned to refurbish and flip the property.

According to Schneider, his boss is auctioning people all over Metro Atlanta.

“He probably has five or six people and sends us to different counties, depending on what we’re doing that month,” Schneider said. “He gave us a spreadsheet with the address and the highest bid he was going to go beyond. Beyond that, I just bow.”

Espalza says he has bought hundreds of real estate through auctions for 27 years of real estate. He sometimes bought for himself, or for his partner and sometimes for someone else.

“But not all of them have been seized,” he said. “Some have been seized. You may get a call from someone who says,” Hey, my friend is in trouble and wants to sell his house. ”

From time to time, he may look at a paper ad and approach the owner before selling to see if they want to sell personally.

That approach has the potential to benefit both owners and buyers, Espalza said. It can save owners from foreclosures on their records, which may allow them to leave with a little money in their pockets, Esparza said. For him, that means he is not competing with other bidders for the property.

Schneider said there were three properties on his list on Tuesday. Some had already sold well beyond what his employer wanted to spend, he said he had no idea when other touchers of other properties would arrive in court. ..

From time to time, Kryer saw the same bidders at multiple auctions and made friends with them, Yates said. Then they may send you a textual estimate of when they will arrive in court. But none of them had heard anything yet.

According to Schneider, they always come early and don’t have to spend the day in the heat, rain or cold at times. But he waits.

“It’s a good payday for me,” Schneider said.

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