Atlanta GA Real Estate Information

The nation is requiring Realtors to be more professional and be more educated in order to provide assistance to home owners facing foreclosure.

The goal in a Short Sale is to create a win-win solution for the Home owner and their lender. The Realtors hopes are to be resource, providing the tools to assist the home owner negotiate away out of the home with the least out out their pockets.

What is a Short Sale? A short sale is an option to work out a plan when the buyer is no longer able to afford their home, and the equity on the property is too low to sell or refinance for the balance of the loan.

When does a home owner  have a Short Sell? There is a Short Sale when the Lender agrees to take less that owed to avoid a foreclosure action or worse. Instead of buying from the home owner, the property is purchased directly from the bank at a discount.

What is the causes of a Short Sale? Short Sales happen when the homeowner losses a job, becomes ill, or has an option arm about to reset at a higher rate, have no assets to keep the home, and when the home is worth less than the amount mortgaged. When any of the above occur the lender will often take less than the full amount due. i.e, Short Sale.

How do Short Sales Work?  Short Sales will only work with the cooperation of the Home owner, Realtors, and lenders. It is best to use a experienced Realtor with extensive knowledge in short sale policy and Procedures. Short Sales are an art that must be handle correctly. There may be only one shot at before impending foreclosure finally happens.