Cobb sees slight increase in foreclosures
by Rachel Gray
January 13, 2014 12:00 AM | 860 views | 0 0 comments | 6 6 recommendations | email to a friend | print
MARIETTA - The amount of foreclosures in Cobb County for January will see a slight bump compared to December, after months of a steady decline in the number of homes on the auction block.

According to legal notices published in the Marietta Daily Journal last month, 393 properties are scheduled to be up for auction in January, an increase of less than 2 percent from the 387 properties that were listed for December.

The amount of foreclosed properties scheduled for January is a 56 percent drop from the 898 homes that were on the action block a year ago in January 2013.

Finishing the year, 6,045 properties have been advertised for auction in 2013. That is down 45 percent from the 11,065 properties that were advertised during 2012.

Year-to-date figures are calculated using the number of listings for foreclosure sales from February to January.

A foreclosure is the legal process by which an owner's right to a property is terminated, usually because of default.

In Cobb, the foreclosure process begins when a mortgage company issues a notice of default. After a notice of sale is advertised, the property is auctioned off for cash to the highest bidder on the court house steps on the first Tuesday of each month.

"If no one bids on the property then it goes back to the lender to be processed as Real Estate Owned," according to the website run by LLC, a Marietta real estate agency specializing in buyers wanting to purchase homes in the foreclosure process and short sales.

Four years ago, Jeremy Ball began working for The Family Mortgage Team of LeaderOne, a firm located off Powers Ferry Road in Marietta that creates a mortgage for a client's specific needs.

The biggest challenge when it comes to purchasing a foreclosed home that is up for auction is not being able to finance the purchase.

"How many people do you know that have that kind of cash?" Ball said.

The Cobb County foreclosure rate had been increasing for the past several years, with September 2011 being the worst in recent history.

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