Short Sales on the Rise 

The banks have become much more open to work with buyers either by helping modify their loan terms, or by working with an agent through a Short Sale.  Georgia has a non-judicial process and the foreclosure process can be quick.  The Mortgage Debt Relief Act of 2007 is set to expire on December 31st, 2012 with up to 2 million of debt forgiven.  Go to the My Team Page to read more.  In addition many banks are helping home owners with moving expenses from $1000 to as high as $10,000.  This money will be added to the HUD-1 at closing.  The terms and conditons of short sales vary widely and every closing is different and subject to change.

Frequently Asked Questions about Short Sales

What is a Short Sale?

It's when the bank agrees to take a shortened amount on the loan amount due.  If your loan pay-off is $250,000 and the bank agrees to settle your debt for $200,000 this would be an example of a Short Sale.  The bank is short $50,000 on the loan amount to be paid back.

If my house is scheduled for auction/foreclosure can I still do a Short Sale?

Yes - but you must act quickly.  Georgia is one of many states that forecloses by non-judicial process.  This means the bank can literally take back your property in as little as 2 months once you stop making payments.

What's in it for the bank?

The bank does not want a non-performing asset, not to mention vagrants living in the house, theft, and loss of value.The bank gets the house sold by saving them the cost of foreclosure, and the buyer gets a home at a reduced price most of the time.

How much work will I have to do?

Fortunately for the seller there is very little work to do once the process is started. It is however, important to stay in contact with me as we work on the banks schedule and usually need to respond quickly.

What will this cost me?

Typically the bank or lender will pay the commission to list and sell your home.  As with all real estate transactions most are never the same, buyers and sellers should seek advice from a Certified Public Accountant, Real Estate Attorney or other legal counsel.

Must I Use an Agent?

In a short answer - yes.  The home must be listed on the open market to achieve highest and best price. 

Why Should I Use You?

I have over 10 years real estate experience and work with most major banks in the short sale process, including Wells Fargo, Bank of America, GMAC and others.  I am also an associate broker, of only which a small percentage of licensed agents in Georgia are designated.  It simply means I have an additional level of education and state issued licensing to provide the highest level of knowledge, ethics, and service possible.

Interest Rates Remain Low

There may never be a better time to purchase real estate as interest rates reamain around 4%for well qualifed applicants.  When selling real estate in the 1980's most people are unaware interest rates from banks was over 12% even for well qualified applicants.  The use of wrap around mortgages and owner financing was the way many buyers would purchase, where the seller might produce income from the sale and financing.

Bobby Light Direct 404 731 9959 or LightBobby@yahoo.com for a free consultation.