Short Sale Info For Sellers In Atlanta
Short Sales in Atlanta, GA have become fairly common since the real estate bubble burst a couple of years ago. More and more families in Atlanta are finding themselves without jobs, with increasing costs of living, or with changes in their income that make it difficult or impossible to stay current on their mortgages. A short sale is when the bank holding the mortgage agrees to accept an amount less than the mortgage amount if the house is sold. The term “short sale” actually comes from selling a home short of its original mortgaged value. With home values in Atlanta dropping 10-40% depending on location and markets, banks are having to take on short sales in lieu of foreclosures.
A side product of short sales is that it can keep Atlanta home values slightly higher than if homes are sold through foreclosures. Foreclosure sale prices can significantly deflate home values in the Atlanta area because similar homes that are not in foreclosure don’t sell because of the cheaper options. Short sales can still lower property values, but not near as much as foreclosures.
Avoid Foreclosure And Start The Short Sale Process
Other than a bankruptcy, foreclosures are just about the worst thing to appear on a credit report, and can lower your credit rating hundreds of points. It is very difficult to recover from a foreclosure because they tend to stay on your credit report for about 7 years. If you are faced with a financial hardship and can’t afford your current mortgage, there may be a better way out – getting approved for a short sale.
Short sales are different than foreclosures in that the bank agrees to accept a payoff less than the value of the mortgage. In order to get approved for a short sale you need to get in contact with your lender, discuss the options, and start with a range of prices to sell the home for. Then, you need to get a qualified short sale real estate agent to list your home, market your home, and help you (the seller) meet all the legal obligations and get the approval from the lender. The short sale process can be more difficult that a traditional home sale due to the extra approvals, red tape, and lengthy process. Unexpected delays can cost money, and may end up costing you the sale.
If you are looking into a short sale in Atlanta, you can trust the Dinsmore Team to help you get it done. We are trained in the short sale process. List your home with us and get the service your property deserves.
Short Sale Info For Buyers In Atlanta
If you are a short sale home buyer in Atlanta, or are looking for the best deals in Atlanta real estate, it is going to help tremendously to have an agent to help navigate the buying process. Short sales are often subject to bank approvals and a lengthy process. The Dinsmore Team is trained and knows not only what to expect when purchasing a short sale, but we also can help you find short sales in Atlanta.
Short Sale Approved Homes and Listings In Atlanta
[idx-listings city=”Atlanta” propertytypes=”238″ orderby=”DateAdded” orderdir=”DESC” count=”50″ showlargerphotos=”true”]