Fayette County

As a broker in Tyrone, Georgia (Fayette County) I am often asked “What is a Short Sale?” A short sale occurs when a homeowner owes an amount on their property that is higher than the current market value and the homeowners mortgage lender accepts less than the full balance of the loan at closing.

In order for the homeowner to qualify for a short sale there must be a financial hardship, a monthly shortfall of income, no assets and approval from the mortgage lender. A homeowner without a financial hardship that is underwater with their mortgage payment will most likely not qualify for a short sale.

There are several different financial hardships that qualify for a short sale. Most common are:

Payment increase (can be due to interest rate adjustment, tax or insurance increase)

Loss of income/Job Loss

Military relocation

Divorce/Separation

Death of a spouse or family member

Medical bills

Damage to the property

Here’s my formula Hardship+Monthly Shortfall+No Assets=Short Sale+Release of Liability to qualify sellers for a short sale.

The reasons a short sale is beneficial to the seller is that

• they are released from their debt owed to their mortgage company
• after a foreclosure the mortgage lender can still file for a deficiency judgment against any amount not recuperated at the bank sale
• 3.)Many employers run credit checks and will not hire those with foreclosures
• Security clearances can be jeopardized by a foreclosure
• a foreclosure on your credit report could lower the score by as much as 300+ points
• After 2 years you can apply for a mortgage with a short sale while foreclosures have a 7 year period.
• Lenders report short sales differently, many report “paid in full for less than agreed,” “debt settled,” and some report the short sale as a charge off. Any payments missed will remain on your credit however.

Unfortunately, many distressed homeowners don’t know this option is available. However many Metro Atlanta foreclosures are available.

In 2008, I became a specialist in this field as a result of our declining real estate market in Tyrone and Fayette county in general. Since that time, I’ve helped many Metro Atlanta sellers avoid foreclosure by helping them sell their homes using a short sale transaction.

The southern states have a lot to offer and Georgia is no exception to that rule. Fayette County is a beautiful diverse county that is blessed with beautiful land and weather alike. The reasons to become a real estate agent in this county are many.

The profession of a real estate agent is very interesting and full of great opportunities. If someone is very personable and knowledgeable of the their surroundings the real estate field could be very profitable for them. There are many classes that are offered to help one get their real estate license and these classes are informative on the laws of real estate and how to negotiate better deals for your clients. It helps for the real estate agent to know many people in the community since most real estate transactions is done with people you know are were recommended to you. With this being said, the agent will want to have morals and integrity in the community so that the public which may use him to buy or sell their house or land will have faith and trust in the agent. There are several excellent real estate agencies in the Fayette County area and many of the existing agents would be happy to sit down with you and explain more of the everyday happenings in the real estate agents life. All of this information would be extremely helpful in helping you make the determination if the real estate market is the right fit for you.

I would love to sit down with you and talk about transferring to a new real estate agency, or becoming a real estate agent in Georgia.  Please call me today.

With the downturn, in the real estate market more homeowners are defaulting on their mortgages causing short sales to reach the real estate market at record rates. Many potential buyers ask, “Should I buy a short sale?” The answer requires a candid assessment of the customer’s time frame for buying, information gathered, and general tolerance level. While significant savings abound for short sale purchases, many pitfalls still exist.

Short sales require a lengthy process that takes anywhere from six weeks to three months to receive a response from the bank. Understaffed banks along with large caseloads contribute to the delays. It is up to the bank to complete the transaction. Banks accept about 43% of all short sales offers. Many short sales involve second mortgages, which complicate the matter further, especially if the second lien holder is a separate bank.

Determining how many payments the seller missed offers insight regarding the bank’s probability of accepting or declining the offer. For example, if the seller is in the early stages of pre-forclosure and only missed a single payment or two the banks might reject any short sale offers until the situation becomes dire. If the seller has an attorney, the process will run smoother. In addition, obtaining an agent with short sale credentials saves time and frustration.

I have an expert knowledge in short sales and can help navigate the bank channels to help you find the best house, for the best price, the easiest way possible.  Call me today for short sale help in Fayette County GA.

The real estate market in Fayette County GA is just as distressed as it is elsewhere in the country. There has been a lot of talk lately about short sales and this new awareness has probably led to their increased numbers in Fayette County GA. There are a couple of other factors that probably come into play here as well.

A short sale is when the bank or other lending institution agrees to take payment on a home loan that is less than the amount on the original note. And this discrepancy in the numbers happens when the home loses value in a distressed market. Banks are not in the real estate business so much as they are in the business of buying something outright, in this case a home, then putting on paper that you the customer will pay them back.

With the employment picture being what it is though people are finding it hard to fulfill that agreement. Couple that with the fact that when a certain area see’s a lot of home foreclosures every other house in that area loses value. So what you end up with is people paying, for example, $200,000 for a home that was worth that when they first signed the note, but now is only worth half that.

It can be hard to understand if buying a short sale is best for your family.  It can be hard and confusing to determine whether or not you should short sale your home.  I am an expert in short sales and want to make this process as easy and less stressful as possible.  Please give me a call to help you today.