Personalized Real Estate Service in Georgia
About Me
Broker, ABR, SRES, e-Pro (22 Years Experience)
Specialties
Buyer's Agent
Listing Agent
Relocation
Short-Sale
What Is a Short Sale?
A short sale is the sale of a property for less than what the owner still owes on the mortgage. A short sale is an alternative to foreclosure when a homeowner needs to sell and can no longer afford to make their mortgage payments. The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later. Lenders agree to a short sale because they believe it will net them more money than going forward with a lengthy and costly foreclosure process.
Can Any Real Estate Agent Effectively Handle My Short Sale?
No. A short sale is a very complicated real estate transaction with significant implications for you. More than any other type of residential real estate transaction, a short sale should be handled only by a real estate broker who has substantial experience with the short sale process and a strong track record of success in negotiating short sales for their clients. You wouldn't have your family doctor perform heart surgery. And, you shouldn't expect any real estate broker to be qualified to handle this highly complex real estate transaction for you.
Why Should I Choose A Short Sale Over Foreclosure?
Whether you should make a short sale or let your property go to foreclosure depends on several factors. In most instances, a short sale makes more sense than foreclosure. In general, when you want to obtain a loan to purchase a property in the future, more opportunities will be available to you if you make a short sale. And, contrary to popular belief, you can be current on your payments and still make a short sale. In fact, if you are current on your mortgage through a short sale, you can qualify for an FHA loan afterward without any waiting periods. The same option will not be available following a foreclosure.