Going Green Homeowners may want to research going green tax credits as presently tax credits are in place for everything from attic insulation to tankless hot water heaters. Consult with your CPA or tax advisor and check for deadlines, qualifications, and upcoming legislation regarding converting to an energy efficient home. Short Sales on the Rise The banks have become much more open to working 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. 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 legal councel from a Certified Public Accountant, Real Estate Attorney or other legal counsel. Interest Rates Remain Low There may never be a better time to purchase real estate as interest rates reamain around 5% 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. Join the 5/50 Club Now. Tour my 5 top REO/Short Sale Homes in 50 minutes. This is a fun fast paced way to see what's going on in the market. Driving time is usually less than 5 minutes between homes! Bobby Light Direct 404 731 9959 or LightBobby@yahoo.com
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