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Short Sale in Atlanta
Are you considering a short sale? What is it like to Short Sale in Atlanta?
A Short Sale is when your lender agrees to sell the property for less than the outstanding mortgage balance. The lender benefits from not taking a property back at foreclosure and likely getting more for the home than they would at auction. However, the lender may not accept a low price if they believe you have the ability to continue paying for the mortgage.
According to www.Bankrate.com, the peak for short sales was from 2008 to 2012. Doing a Short Sale in Atlanta in this time period became a fairly common occurrence for sellers that had been hurt by the Housing Crash. Many people saw the values of their homes drop significantly at the same time they were losing their job or making less money. Quite simply, they could not afford to keep their home. In 2012 almost half of all homes sold were a part of the Short Sale in Atlanta housing crisis.
Fast forward to 2019, is there a market for Short Sales in Atlanta? Forecasts don’t predict that we will see another Housing Crash. Doing a Short Sale in Atlanta could be difficult with most areas seeing prices increase on average of about 6%. Remember, the Short Sale is based on 2 key factors.
- The ability of the borrower to make the mortgage payments and their verifiable hardship.
- The lender accepting that the value of the home is less than what is owed.
If you can afford the home but for some reason, you have seen values decrease in your neighborhood the lender very likely will not accept a Short Sale.
If you want to Short Sale in Atlanta be sure that you find a reputable Real Estate Brokerage that understands and know the Short Sale process. The process can take a lot of time and you don’t want to be 90+ days in and realize your agent doesn’t really understand the intricacies of this special market.
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