** To Find Homes For Sale Around Atlanta ** Please Click Here


Please Try The SearchBox Above For Additional Info Within This Site

Short Sale Homes:
Must Know details Before You Buy

Short sale homes is a phenomenon that, although not new, came much into the front lines – and into the media headlines -- during the burst of



 the real estate bubble circa 2008.

I happen to think that it would be better expressed by short pay, as at times it is also known. It happens when the current owner wants to sell a house whose market value is less than the amount still owed to the original lender…

In turn, the lender has to approve it in order the sale to go through. Because if the sale goes through, it will not generate enough funds to the pay the original loan, in other words, in will come short.

It is never a straight shot as it would be in a “normal/traditional” sale or even as I a foreclosure would.

And those details -- “the devil is always on the details” -- that you need to be well aware before you set your heart in SS home: Please read some more below.


Short Sale Homes Buyer: Expect Delays To Close

Perhaps the first and the foremost thing you need to keep in mind when buying a home in short sale is that you need to allow for plenty of delays.

And unfortunately I do not see any changes in the horizon.

How much delay? A lot! Four months can be considered fast. Five to six months will be the normal. Longer period is possible - and there is no much guarantee on the outcome.

So I need you to be prepared and plan for it.

I specially warn people who have kids in school age as well as people who rent and whose lease will be up rather soon. I think that any kind of delays in closing are inconvenient in many different ways but these two situations can throw a family to the verge of desperation.

A while back, I was representing a couple who was in the market to buy a home. He was retiring from the military and they had a period of time around 90 days to vacate the military housing they were living in.

Most of the houses they liked were short sale homes although there were still many that were not. However, as faith would have it, they decided to put an offer on a short sale thinking that the 90 days period would reasonable for them to close.

Well, around the 45 days mark we had not receive a word from the lender and the buyers started to get nervous.

They would search the internet and send me information about some guidelines the Obama administration had put forth “ordering” the lenders expedite relief to the housing problems.

One piece of info was that lenders would have respond within 10 days to any offers…


Old News

Actually that info was not new to me and, at the time, it was already over a year old. Please citation from Reuters, the news website, posted on Monday Nov 30, 2009:

“The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures.
(…)
Guidelines address barriers that have often sidelined short sales by setting limits on the time it takes a bank to approve an offer,

Among requirements, mortgage servicers have 10 days to approve or disapprove a request for short sale” Reuters.com


No quick solution

I am standing here to tell you it would have been great if it would be that simple – however short sale homes just do not work fast. Period!

Unfortunately, it never became the norm. And up to this day there is so much red tape that it is not even funny.

The President has a lot of clout in many different levels, but apparently not with home lenders: At the time of this writing which is another additional 2 years since the event of those clients mentioned above, banks still do not comply with that “presidential order.”

Bottom line: If you are contemplating to jump in the short sale homes market, be advised that it will not be quick.

There is a lot more to learn about short sale homes - please click here to visit my entry “Short Sale Reasons” page

Short sale sunset is schedule for 12/31/2012 – do not be caught uninformed. To learn more please click here


Visitors’ Corner:
Share YOUR Tips,
Comments And Questions

Now it is YOUR turn: Please give us your input!

Do you have some great comments on this topic you would like to share? Any question burning on your head? I would love to publish

YOUR Short Sale Story / Tips

Share it here and now! No membership required. No signing in bugger here. Anyone can contribute. Yes, even professionals in the field – lawyers, social workers, mortgage consultants or even other fellow real estate agents!

Everyone is welcome: Just open your heart!

I’d love to hear from you – simply click and follow instructions below




JC Fagundes, Head Broker
EQUAL SERVICE TO ALL.
Residential. Commercial. Investments.
Ph: 404 801 4141



› Short Sale

Return To The Top Of This Page

Disclosures

Contact Us

To Search All Georgia Properties Listed
On This Site, Please Click Here:
Sitemap


MORTGAGE CALCULATOR
To Calculate Your Mortgage Monthly Payments, Please Click Here:

Mortgage Monthly Payment Calculator


"All Real Estate Is Local:"
Here Are
Homes For Sale
In Many Communities
Around Atlanta that I specialize.
I Also Will Be Honored
To Serve As Your Agent -
If You Still Do Not Have One To Represent You.
Immediately below You will find links to daily updated for ALL homes for sale
in the following areas:


HOMES
FOR
SALE


Featured Property

908 Lakeside Court
Loganville GA 30052

SOLD!
In 29 days!!

Need help to SELL YOUR house?

Contact Us!!!


Homes Listed
BY COUNTY:

Homes For Sale In 
Cobb Co

Homes_For_Sale_In
DeKalb_Co

Homes_For_Sale_In
Fulton_Co

Homes_For_Sale_In
Gwinnett_Co


Homes Listed 
BY CITY

Links To
Single Family Homes
For Sale  
In Alphabetical Order

By City:

Homes For Sale In
Acworth

Homes For Sale In
Austell
Homes For Sale In
Alpharetta

Homes For Sale In
Atlanta
Homes For Sale In
Avondale
Estates

Home For Sale In
Buford

Home For Sale In
Centerville
Homes For Sale In
Chamblee

Home For Sale In
Dacula

Homes For Sale In
Decatur

Homes For Sale In
Doraville
Home For Sale In
Duluth

Homes For Sale In
Dunwoody

Home For Sale In
Grayson

Homes For Sale In
Hapeville

Homes For Sale In
Johns Creek

Homes For Sale In
Kennesaw
Home For Sale In
Lawrenceville

Home For Sale In
Lilburn
Home For Sale In
Loganville

Homes For Sale In
Mableton

Homes For Sale In
Marietta
Homes For Sale In
Milton

Home For Sale In
Norcross

Home For Sale In
Peachtree
Corners

Homes For Sale In
Powder Springs

Homes For Sale In
Roswell

Homes For Sale In
Sandy Springs
Homes For Sale In
Smyrna
Home For Sale In
Snellville

Homes For Sale In
Stone Mountain

Homes For Sale In
Vinings


CONDOS &
TownHomes
FOR SALE


Condos 
&
TownHomes
Listed By County

Condos For Sale In
Cobb County

Condos For Sale In
DeKalb County

Condos For Sale In
Fulton County

Condos For Sale In
Gwinnett County


Condos
&
TownHomes
Listed
BY CITY

Links To Condos, Townhomes and Lofts
For Sale
In Alphabetical Order
By City:

Condos For Sale In
Acworth

Condos For Sale In
Alpharetta

Condos For Sale In
Atlanta
Condos For Sale In
Austell

Condos For Sale In
Avondale Estates

Condos For Sale In
Chamblee

Condos For Sale In
Decatur

Condos For Sale In
Doraville

Condos For Sale In
Dunwoody
Condos For Sale In
Hapeville

Condos For Sale In
Johns Creek

Condos For Sale In
Kennesaw
 
Condos For Sale In
Lawrenceville

Condos For Sale In
Lilburn

Condos For Sale In
Loganville

Condos For Sale In
Norcross

Condos
 For Sale In
Mableton

Condos For Sale In
Milton

Condos For Sale In
Marietta
Condos For Sale In
Peachtree Corners

Condos For Sale In
Powder Springs
Condos For Sale In
Roswell

Condos For Sale In
Sandy Springs
Condos For Sale In
Snellville

Condos For Sale In
Smyrna

Condos For Sale In
Stone Mountain
Condos For Sale In
Vinings


Commercial
Properties
FOR
SALE


Links To Commercial Properties For Sale Or Rent: 
COBB COUNTY HUB
Commercial
Properties

For Sale/Rent In
Cobb County


DeKALB COUNTY HUB
Commercial
Properties
For Sale/Rent In
DeKalb County


FULTON COUNTY HUB
Commercial
Properties
For Sale/Rent In
Fulton County


GWINNETT COUNTY HUB
Commercial
Properties
For Sale/Rent In
Gwinnett
County



Related Pages With
Great Useful Info
to Newcomers and old-timers in these areas - where I work:

COBB HUB
Cobb County Homes For Sale


DEKALB HUB
DeKalb County Homes For Sale


FULTON HUB
Fulton County Homes
For Sale

Sandy Springs Homes For Sale


GWINNETT HUB
Gwinnett County Homes For Sale


To Calculate Your Mortgage Monthly Payments, Please Click Here:
Mortgage Monthly Payment Calculator


To Search All Georgia Properties Listed
On This Site, Please Click Here:
Sitemap