If there has ever been a “BUZZ” word flying around in the Real Estate circles, it would hands down be the term “Short Sale.” Everywhere I go I am asked about the state of our local housing market to which the conversation quickly turns to the topic of Foreclosures and Short Sales. I am finding that most people do not understand the meaning of a Short Sale, how it could benefit them, or whether or not they could be a candidate for “shorting” their home. Atlantas Elite Team of RE/MAX Greater Atlanta is dedicated to providing our clients in north Metro Atlanta, Johns Creek, Alpharetta, Cumming, Duluth, Norcross, Roswell, Suwanee and many other North Metro Atlanta Areas with professional Short Sale or Pre-Foreclosure representation. We know how to qualify you as a Short Sale Candidate, have you approved into your Banks Short Sale Program, and successfully complete your Short Sale transaction.
So what is a Short Sale? A short sale occurs when a homeowner owes more on their property than the property is actually worth, however their bank agrees to accept less than what is owed as “payment in full” in an effort to avoid the foreclosure process. In other words, if the Seller meets the lenders criteria, the lender agrees to “write off” the portion of a mortgage that is higher than the value of the home.
Did you know? In 2008, of all of the Foreclosures that happened, 50% of them could have been avoided through the process of a Short Sale! That number is staggering. Between 85 and 90% of Homeowners that were were Foreclosed on in 2008 never contacted their Lender or a Real Estate Professional.
Who Qualifies For a Short Sale? Every case is different. Generally though the homeowner is in default with their mortgage lender, the homeowner has little to no equity in the property, and the homeowner has a legitimate hardship situation as defined by their bank. Please contact me today to determine if you qualify for a Short Sale
The Three Stages of Pre-Foreclosure. It is important to understand your legal rights as a homeowner as it relates to the pre-foreclosure process. I spoke recently to a couple that was behind on their mortgage payments and were worried that a sheriff would show up the next day on their doorstep to kick them out of their home. Can you imagine the amount of stress these homeowners were under, and the lack of sleep they were getting because they did not understand the process! There are three stages that must occur in Georgia before you will kicked out of your home, and those stages are;
|
1) Default Stage
1 - ? Months |
2) Notice of Default
30 Days |
3) Foreclosure
37 +/- Days |
It is important to know which stage you are currently in. Most loans are due on the 1st of the month and considered late after the “grace period” by the 15th of the month. Most banks consider you to be in “default” 30 days following this “grace period” or 45 days from the 1st of the month. As you can see you must still proceed through stage 2 and then through stage 3. During stage 3 your property will be advertised in the paper and then sold on the courthouse steps the 1st Tuesday of the month.
If you are unsure where you are in this process or what to do next please contact me directly at 678-523-3112 or by email at scott@atlantaseliteteam.com. I look forward to seeing how I can help you avoid foreclosure.
