Find out about Short Sales
Buying a Mableton Short Sale can be the best way for you to purchase a nice home at a great price. The real estate market has changed but is still growing in different segments and one of those are Short Sales.
If you are behind in payments and facing a possible foreclosure, a short sale may be your best option before bankruptcy or simply walking away.
If you have a house in Atlanta or the surrounding areas of Mableton, Smyrna, Vinings, Atlanta and Austell, we can help you stop foreclosure with a short sale so you can sell your upside down house and move on with your life.
Many Atlanta families walk away from their homes every month, unaware that a short sale could have stopped their foreclosure and allowed them to sell their property for what it is worth in today’s market. Stopping a Georgia foreclosure with a short sale won’t cost you a penny when using our team of short sale specialists.
What is a Short Sale?
A short sale is when a homeowner is in default or otherwise distressed and can not sell his or her property in the current market at the amount that is owed on the mortgage. The bank or mortgage lender agrees to discount the loan balance(s) so that the property can be sold and they can recoup part of the loss they would have had if the homeowner let the property fall into foreclosure.
This negotiation is handled by the listing agent or seller's agent or can be handled by a 3rd party Short Sale company. They work with a bank’s loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. The bank in most cases will all this to satisfy the debt owed to them. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower’s financial situation.
A short sale typically is done to prevent a from going into foreclosure, but the decision to do a short sale is dependent upon the most economic way for the bank to recover the the loss they will take on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. A bank will typically determine the amount of loss they will take by determining the probable selling price from a Broker Price Opinion BPO or through a valuation of an appraisal. For the home owner, advantages include avoiding a foreclosure on their credit history and partial control of the monetary deficiency. A short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not dissolve the remaining balance unless settlement is clearly indicated on the acceptance of offer. Some home owners may be wary of having to still pay the balance of the loan, but to owe a bank say 10% of an old mortgage is must better than being on the hook for the full 100% of the balance.
We understand that defaulting on your mortgage can be very stressful and could be a scary situation. Many people don’t realize that they have options before foreclosure and one of them is a short sale.
Some of the benefits of a short sale are:
We NEVER charge you ANY out of pocket fees. We are only paid by the bank when it closes
You will ALWAYS deal directly with our team from the first phone call to closing. We handle the negotiations directly and you will never be passed off to another agent, processor or third party negotiator.
We offer free discreet consultations over the phone, at our office, or in your home and there is never any obligation.
Contact us to help you sell your home in Mableton, South Cobb or South Fulton
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Jackye Mumphrey the Mableton Real Estate Maven will sell your home your Mableton Georgia Home whether is is a Condo, Townhome or Luxury Estate Property