I hear this question a lot. Atlanta area sellers have seen a lot of distressed property sales come on the market in recent years -- some that were successfully closed and some that fell apart. So we often have mixed ideas and misinformation when it comes to these tricky transactions.
So, what if you really need to relocate, but like many Georgia home sellers, your house has not quite recovered all of the equity it lost during the downturn? You you need to sell, but the current market value of your property is less than you need to break even. On top of that, you cannot bring any money to the table without incurring crippling financial hardship. You can't afford to sell, but neither can you afford to stay. You might feel as if you are drowning in mortgage debt that you cannot get out of.
Sometimes we all could use a lifesaver, couldn't we? If you are underwater in your mortgage but need to sell your home, your lifesaver could be a short sale.
But you may be wondering if it is still possible to have a successful short sale in Georgia. Now that the housing crisis is over and the Georgia real estate market is normalizing, will lenders still work with owners to get short sales approved?
Yes. Short sale is still a viable option for those who owe more on their mortgage than the current market will bear. In fact, short sale is considered by many as the single best option available. In times of economic upheaval and tight real estate markets like this one, every successful short sale translates to a foreclosure that will never happen. That's always good news for homeowners and communities. And that's why short sale is an increasingly popular choice for upside-down property owners.
You've heard that short sales help people get out of a bad situation and get on with their brand new life, free of the old mortgage debt.
But, you've also heard horror stories: short sales are complicated transactions, they take forever and are very stressful, sometimes they never close.
It is true that short sales are much more detailed transactions than tradition market sales. They do require a very specialized skill set on the part of the real estate agent and a lot of participation on the part of the sellers. That said, short sales have proved to be the only acceptable answer for many Georgia sellers.
How can you have a successful short sale? Our best advice is to be prepared. Have a plan in hand before you get started. A simple guide like this one from Best Atlanta Short Sales will show you how to help your lender approve your sale. You've come to the right place to start getting ready. Find answers to your short sale questions here, answers that will arm you with the knowledge you need to stay in control of your own short sale from start to finish.
Then locate expert local assistance to get your short sale on the market and approved. For best results, it's important to choose an experienced short sale expert with a proven track record of success. We can help with that.
Here's to your short sale success!