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Dear Homebuyer/Investor,
Buying a home in foreclosure or short sale is one of the smartest investments you can make. Yes, it takes some work on your part but the savings are worth it! We've tried our best to make the information as easy to understand and as accurate as possible. In fact, www.SeeShortSaleHomes.com and www.NewReoHomeStore.com has the most complete and accurate foreclosure and short sale data available for Fulton, Cobb, Forsyth and Gwinnett counties in Georgia. In addition to getting hard to find real estate listings of shor sale homes and foreclosure homes, you will get helpful information on Georgia foreclosure laws and tips on how to get started. In just a few minutes on our Web site you will likely find a property that you are interested in learning more about ...
Short sales are common when the bank or mortgage company realizes it makes no business sense to retain an asset (house or condo) on their books. Sellers typically pursue them to avoid a foreclosure, to save a “foreclosure” from their personal credit history. Buyers like looking for Short Sales in hopes of snagging a home or condo at a deep discount to market value.
Cobb County Short Sales | Fulton County Short Sales | Dekalb County Short Sales | Dekalb County Short Sales
Cobb County Short Sales | Fulton County Short Sales | Dekalb County Short Sales | Dekalb County Short Sales
DON'T WAIT for someone else to find it and make an offer before you. Your chances of closing on a home are much higher if you are the first buyer to approach the homeowner!n addition to getting hard to find real estate listings, you will get helpful information on foreclosure laws and tips on how to get started. In just a few minutes on our Web site you will likely find a property that you are interested in learning more about. DON'T WAIT for someone else to find it and make an offer before you. Your chances of closing on a home are much higher if you are the first buyer to approach the homeowner! If you have any questions about short sales for sale please feel free to contact us. We have seasoned agents that have dealt with many special situations like Short sales and Atlanta Foreclosures.
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Do you know enough about buying short sales?
Buying a short sale is not as simple as figuring out what brand of ice cream is on sale at your local grocer. Trying to buy a short sale may give you an opportunity to get in at a deep discount, or it might just give you a big fat headache. That's why we're here – from helping you understand what a short sale is, to the process involved between the sellers and their lender, and of course, what issues to look out for
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| What is a short sale? |
The term actually refers to the current owners needing to sell and being "short" the funds it will take to pay off the lender. So, the current owners need to negotiate with their lender an alternate repayment plan or forgiveness of the remaining debt. In today's market, banks are doing anything to avoid foreclosures, so we are seeing more and more short sales approved; very often with full debt forgiveness to the sellers.
This is truly a win for the sellers. Sure, their credit takes a hit. But, their bank accounts and immediate financial future is far better off than if they were to go through a foreclosure. And, it is expected that many of these sellers will be eligible for purchasing again in the not so distant future.
Buyers, on the other hand, need to be willing to stay the course, and hope for the best.
Because in many segments of the marketplace today, most of the available inventory is short sales, I am going to try to break down this very complex process so you're better equipped to consider buying or selling in this kind of a transaction.
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| What are the steps to buy a short sale? |
Buying a short sale can be a long and complex process, it starts when a buyer presents an offer on the property, the offer gets submitted to the bank with all the nessecary documents from the sellers proving their inability to pay their loan infull, the bank takes a while to review the documents and order what is called BPO (broker price opinion) and then start negotiations, the process could be any where from 3-10 months, So if timing is an issue a short sale may not be your best bet.
Most important step is putting together a team of professionals to help you through this process. Find an Agent and Attorney that are experienced in Short Sales.
The process may take two months or maybe six months. You have to be prepared to wait for the seller's lender to decide whether or not to accept. Also, Plainfield has a pretty stringent Certificate of Occupancy requirement, so check out the house carefully with your agent to see if there are any potential violations. In a short sale the seller generally will not take care of any problems in order to get the C.O.
Check with a tax professional about the tax credit and whether your qualify. A short sale may not be the best way for you to go as there is no guarantee that you will close in time to qualify for the tax credit.
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| What should I look out for when buying a short sale? |
Apart from the fact the seller needs to qualify for the short sale and may not -- there are other factors to consider such as whether your sales price is high enough to satisfy the short sale lender to whether the seller has two loans to whether any of those loans were hard money and, of course, whether the listing agent has experience in short sales ... |
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