Atlanta Short Sales for Sale
Atlanta Short Sales for Sale
Finally! The most popular Atlanta listing service FMLS has added “Short Sale” as options for a Realtor to click off when inputting a home or condo for sale in the system.
That is great news….now they currently offer the following options “lender owned”, “estate owned”, “foreclosure”, “owner transferred” and “fixer upper”. I love the fact that Short sale was added. Now buyers have the opportunity to negotiate with banks pre foreclosure! Here is the Wikipidia definition of a Short Sale just incase you are not hip to this newer term.
short sale: In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.[1] In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor.
Atlanta Short Sales come in All shapes in sizes…Lofts, Highrises, Mansions…you name it…and we are well prepared to help you.
If you have any questions about Atlanta short sales for sale please feel free to contact us. We have seasoned agents that have dealt with many special situations like Short sales and Atlanta Foreclosures.
February 21st, 2009 at 12:26 am
Thank goodness. This has been a long time coming. Selling agents no longer have to put on their Columbo hats in order to figure out the status of a listing. Great site by the way as usual Ian.
February 21st, 2009 at 2:56 pm
Thanks Paul, I took a look at your Roswell site…Really easy to navigate and lots of good information!….Thanks for dropping by and checking out our new “Atlanta Short Sales For Sale” post!
February 21st, 2009 at 4:35 pm
I am an agent in the Fort Myers area. We have been living the “short sale” issues for some time. We have had short sales, noted on the mls for about two years now. If someone needs a fast close, they avoid the short sales. The next big step, was cutting off the offers once the bank had an offer in hand. Clients often wait many months, only to have a slightly higher offer accepted, making buyers very unhappy. Thus we noted, that once a short sale was signed by the seller and submitted to the bank, the seller’s agent had to put the property “active-contingent”, so that another offer would not be accepted, while this one was under consideration. Many agents avoid the short sales, especially if there are two banks involved in the mortgage. Initially only about 5% of short sales closed, the banks just let them go to foreclosure. I think they are starting to accept some of the offers now, and hopefully we will see a much higher percentage of short sales closing.
February 22nd, 2009 at 2:40 pm
I too am glad to see more Agents who are educated on how to negotiate the Short Sale properly…first with the Seller and then with the Bank. By signing off on the deal and then presenting the contract to the bank, at least there is a little more confidence in the ‘process’. Great news that Realtors and Buyers can search this key term since this market is going to continue to provide Short Sale opportunities.
February 23rd, 2009 at 3:44 pm
Short Sales, Foreclosures…. sounds like an immediate bargain. Well, at least to the unknown buyer. There is so much in the media today about short sales in the Charlotte area. After closing on a couple of short sales in Charlotte, I have some tips and advice: (in my opinion as a real estate agent in Charlotte)
1. Short Sales can get you a better deal than foreclosures. At this level, the seller is selling the house at a loss for the bank to sell it before getting the title of foreclosure on their credit and another notch on the bank’s belt. The sellers are more eager to work something out if the bank allows.
2. Condition is better – I mean this b/c in some homes that I have shown in the Charlotte area, foreclosures have been destroyed by vandalism, the previous owners, or have just been sitting so long. Banks will not pay for repairs for the majority of the time and sell the property As-Is. This can be something simple to a hole in a wall or missing appliance, to mold in a HVAC or leaks in the roof. Short Sales, depending on the level it is at, you may be able to negotiate this or at least the condition of the property is better.
3. Patience is the name of the game. Sometimes it can take months to hear back from the bank on responses so please do not be in a rush to get a short sale.
Take Advantage of the market today, especially in Charlotte. There are great deals/ bargains out there that aren’t necessarily all just short sales. Purchasing a home is one of the best investments you can ever make!
KATIE GRAY, ABR, e-PRO
2008 KW Top Producer Award
2007 5-Star Best In Class Client Satisfaction Real Estate Agent
NC & SC Broker / Realtor
Keller Williams Realty
Cell: (704) 560-9699
Katie@KatieGrayHomes.com
http://www.KatieGrayHomes.com
February 27th, 2009 at 3:43 pm
Long time comming. I remember talking to an associate of mine a couple of years ago about having the option to list the house on FMLS as a “Short Sale” and how much traffic you could drive to your listing because short sales are typically a much better bargain than a foreclosure and are usually in much better condition! Anyway, thanks for the great article Ian. As always you are ahead of the curve!
February 27th, 2009 at 5:35 pm
Short Sales can be long and drawn out, but as the market turns and more homes have become short sales, profesionals have been able to have a better understanding of what exactly a short sale is. Some banks are responsive, others are not. I believe it is important to set your clients expectations by explaining the process to them.
March 1st, 2009 at 8:03 pm
Short sales will become even more popular over the next 2 years. The foreclosure process is costly and takes too much time. I believe some of these banks will start to examine their balance sheets; realize they may benefit to take an immediate loss and move on plus they run the risk of a customer filing bankruptcy, and keeping the property tied up in the court system. Banks in the Atlanta area will become more aggressive in this process due to the excess in inventory.
March 11th, 2009 at 12:54 pm
Are you Buying a New or Resale Home? Have you ever dreamed of receiving a certified check after closing from your real estate agent? It’s Now Possible! We pay a GUARANTEED Rebate of 1.5% of Home Purchase Price to you, the home buyer.
Rebate Examples: If you purchase a $300,000 home with us, your rebate would be $4,500! and paid to you by certified funds or cash if you prefer.
1.5% of your $200,000 home purchase = $3,000 Rebate to you. 1.5% of your $500,000 home purchase = $7,500 Rebate to you.
We pay a Guaranteed Rebate of 1.5% of the home purchase price to you, the home buyer. That’s 50% of the buyers agent commission paid to you.
March 11th, 2009 at 12:56 pm
Great article Ian! Incredible insight. You are ahead of the industry as usual. Dennis Berdis