short sale information Archives -

Mortgages – Speeding Up Short Sales–There Could Be Hope and Help?

May 28, 2012 by Thom Abbott

See on Scoop.it – Midtown Atlanta Conversations and Condos

Starting June 15, Fannie Mae and Freddie Mac will be required to respond to short-sale offers within 60 days.

Starting June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days. (In a short sale, a lender agrees to accept less than the balance on a mortgage.)

Fannie and Freddie must also respond to initial requests for a short sale within 30 days of receiving the buyer’s submission.

Read more and let’s hope this infact DOES speed up the short sale process…

See on www.nytimes.com

Short Sale Condos in 30308 Atlanta GA

May 21, 2012 by Thom Abbott

So, you’re considering purchasing a short sale condo in 30308 Atlanta, GA? Keep in mind, a short sale is not an indication of how quickly you will be able to buy a property, but it where the owner of the property owes more than the condo is worth, and is asking the lender to let them sell it and the bank write off the balance of the loan.

Short Sale Condos in 30308 Atlanta GA

The 30308 Zip code covers Midtown Atlanta. A search as of today (May 19, 2012) brings up just 8 short sale listings! Really? Well, this is probably not correct. When a real estate agent enters a listing into the MLS, many fields on the listing are optional fields for us to fill out. One of those optional fields is called “special circumstances.” In fact, here is all the different special circumstances I have to choose from when entering a listing:

Agent Related to Seller
Active Adult Community
Cert. Prof. Home Bldr
Corporate Owner
Estate Owned
Fixer Upper
Foreclosure
Government Owned
Historical
HUD Listing (see remarks)
Investor Owned
Lease Purchase
Live/Work
Lender Owned
No disclosures from Seller
None
Other
Owner Will Consider Exchange
Owner Transferred
Owner/Agent
Potential Short Sale
Recently Renovated,
Short Sale Pre-Approved
Sold As/Is

As you can see, there are lots of choices…and probably two of the worst are “other” and “none.” So, when asked to search specifically for a short sale by a Buyer such as yourself, it’s a bit more involved than that! I can’t simply enter short sale and search….as the condo we might want to make a offer on will not show up!

How Do I Search for Short Sale Condos in 30308 Atlanta GA

Well, the easiest way……let me do all the work! What I will do is discuss with you exactly what you are looking for in a Midtown Atlanta condo. Once I know the features and amenities you are looking for, I’ll do an overall search of ALL THE CONDOS listed in 30308. From there, I can look at prices as well as “private remarks” that may indicate to me the listing is in fact a short sale. But, I’ll also be looking for right prices properties that are NOT short sale and may also be foreclosures. Just by searching on MyMidtownMojo.com, or any website does not mean you will be able to find the home you are looking for.

Let’s go back to the list above. Some agents will list foreclosures as “Corporate Owner.” So again, if we search JUST for foreclosures, we might miss an opportunity.

The best way to find Short Sale Condos in 30308 Atlanta GA is to let us do the work for you!

For More Information on how we can best serve your InTown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

We specialize in InTown Atlanta Real Estate single family homes and condomiums. If you are planning to Buy InTown Atlanta real estate, let us help you explore all the possibilities available to you and help you find just the right home you will LOVE!

Need to SELL your Intown Atlanta Real Estate and look for new digs? We’d be happy to talk to you about the market, marketing your home or condo and having you sing the Pending Sales Song! Let us know how we can help you!

Please use the following links to Search for Homes by Intown Atlanta Neighborhoods or Zip codes!

Brookhaven/Ashford Park 30319	Buckhead 30305
Buckhead 30327	Buckhead 30342
Chamblee 30341	Decatur 30307
Doraville 30340	Downtown Atlanta 30303
Druid Hills 30329	Dunwoody 30338
East Atlanta/Ormewood Park 30316	East Lake/Kirkwood 30317
Grant Park 30312	Midtown Atlanta 30308
Midtown Atlanta 30309	Midtown West/Collier Hills 30318
Morningside 30306	Morningside 30324

Are you looking for a specific Intown Atlanta neighborhood to focus on? Contact Thomas Ramon Realty and we can set up a search for any specific neighborhood you are looking for!

Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure

February 20, 2012 by Thom Abbott

Via Scoop.it – Other Atlanta News Events

To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process.

I might differ with the comment in the article that Short Sales do NOT bring down the value as much as foreclosures. This might only be valid in that the sales price might be higher than if the bank lets the home go to foreclosure. I’ll need to discuss this with a few appraisers!
Via www.dsnews.com

Dear Wells Fargo… Congratulations! You Bought a House for $8,000 less than offered!

January 11, 2012 by Thom Abbott

Via Scoop.it – Midtown Atlanta Condos

Dear Wells Fargo, Congratulations! You’ve bought a house! I know you are going to be very happy there. The schools in the area have a great reputation.
Via activerain.com

Note: I share this story with you not to “scare you” from attempting a short sale on your home, but so that you, the Seller and the Buyer know that we know the frustrations everyone faces in these kinds of situations. Perhaps these kinds of things should be brought to the attention of lawmakers. It almost seems like a crime…..

How Do I Short Sale My InTown Atlanta Home or Condominium?

November 25, 2011 by Thom Abbott

As I meet with Sellers each week, we often determine that they are “upside down” in their Intown Atlanta home or condominium. What exactly does that mean? That they own more on their mortgage than the property is worth. We then discuss options and when we discuss short sales, I’m asked, How Do I Short Sale My Intown Atlanta Home or Condominium?

First and foremost, you must qualify for a short sale. You must have a financial hardship before most lenders will consider a short sale for your Intown Atlanta home or condominium. While some will say you do not need to be behind on your payments to do a short sale, you may find that some lenders will not consider your hardship until you are 90 days behind on payments. This can be determined once we know who your lender is and what their policies are.

The first three criteria you must meet are:

Owe More than the house or condominium is worth
Demonstrate that the house or condominium cannot be sold for the amount owed
Suffer from a legitimate financial hardship that makes the mortgage unaffordable.

Your real estate agent can help you determine Number 1 and 2. Number 3 is determined by your current situation. If you have lost your job, have a medical issue, or have relocated to another city, you have a financial hardship to pay your mortgage.

Once we have determined these criteria, we then need to have you sit down with our short sale attorney to assemble your short sale package. Some of the doucments maybe sent to your lender immediately, and others will go as a complete package to the lender once an actual Purchase and Sale Agreement has been received your home. These documents will include:

2 Years Most Recent Tax Returns
2 Months Banks Statements
Last 2 Months Paycheck stubs
Last Mortgage Statement
Most Recent HOA Statement and Contact information for same (if you have an HOA)
Most Recent Property Tax Bill
A Hardship letter detailing and describing your situation
Listing Agreement from your real estate agent

As a real estate agent, we are not lawyers nor accountants. Part of this process should be to meet with either or both of these individuals so you understand all options and liabilities involved and the consequences for you , the Seller.

Ideally, the documents are sent into the lender and a Broker Price Opinion (BPO) will be ordered by your lender. This is a key factor in the negotiation process. If the attorney is able to obtain a BPO number, this better helps you know the likely success of your short sale. If the bank comes back with a higher value than your real estate agent initially determined in setting your sales price, adjustments may need to be made. These are some of the steps we take to Short Sale Your Intown Atlanta Home or Condominium.

In our next post, we’ll talk about getting an offer on your home, and what it should contain to protect both you and the Buyer.

What is an Atlanta Short Sale?

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

We specialize in Condominium homes in Midtown Atlanta and other In Town areas of Atlanta. If you are planning to Buy or Sell real estate, let us help you explore all the possibilities available to you and help you find just the right home you will LOVE!

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

What IS an Atlanta Short Sale?

November 6, 2011 by Thom Abbott

While short sales have been going on now for a couple years ( or longer) I still find some Buyers do not know what a Short Sale is. So, let’s cover what a short sale is, and then in some follow up posts we will cover tips for Buying an Atlanta Short Sale.

An Atlanta Short Sale is when a home is sold for less than the amount that is owed on the mortgage (s) for the home. A short sale occurs when the bank agrees to take less than the full amount that is due on the mortgage.

As a buyer of an Atlanta Short Sale, you need to have an experienced agent working with you. You also want an experienced agent on the listing side of the sale, but this may not always be the case. There are numerous steps, documentation and follow up that has to occur from the listing agent in order for the short sale to close. In a future post, we’ll cover some of the items required by the Seller to be furnished as part of the short sale package.

As a Buyer, you should also be aware that the term “short sale” is NO indication of how quickly the sale will occur. We’ve seen a short sale close as quickly as 30 days, and as long as 8-9 months!!! When we begin looking for an Intown Atlanta home or condominium, we will discuss your timeline and when you want, or need, to be in your new home. Purchasing a short sale can get you an amazing home for an amazing price…if you have the time and patience.

In our next post, we’ll cover some tips for Buying an Atlanta Short Sale.

Thom Abbott Midtown Atlanta For More Information on how we can best serve your Midtown Atlanta Real Estate needs, please fill out the online contact form or call us at 770.713.1505.

For a Quick Look at Midtown Atlanta Condominiums:

Midtown Atlanta High Rise Condominiums

Midtown Atlanta Mid Rise Condominiums

Perhaps you are interested in Historic Midtown? Take a look at Homes For Sale In Historic Midtown Atlanta

Short Sale Condos in 30308 Atlanta GA

How Do I Search for Short Sale Condos in 30308 Atlanta GA

What is an Atlanta Short Sale?

HomeSmart