You are here: Atlanta Short Sales » Archives for FAQ

Posts tagged as:

FAQ

Common Short Sale Misconceptions

by Atlanta Short Sale Agent on June 15, 2010

Common Real Estate Short Sale Misconceptions

  1. The bank owns the home – Nope! The home owner owns it until the bank takes it in foreclosure (or deed-in-lieu).
  2. All offers on the home go to the bank – Actually, by Georgia Real Estate Law, all offers need to go the seller.  If the seller decides to send them all to the bank or just one, that’s up to the seller. [click for more short sale info...]

{ 0 comments }

Who are the Real Short Sale Experts?

by Atlanta Short Sale Agent on June 9, 2010

Key Questions to determine if you’re dealing with a True Short Sale Expert

If you are in the unfortunate majority of home sellers who are upside down on your home and needing to move, it can be a stressful situation.  Add to this the complexity of choosing someone to help you.  You have supposed short sale attorneys, loan modifications, forensic auditors and more knocking on your door to assist you.   On top of that you need to sell your home and of course that means you need a Realtor.  [click for more short sale info...]

{ 1 comment }

HAFA (Home Affordable Foreclosure Alternative) Qualifications

April 10, 2010

I’ve been fielding calls about the HAFA program for the last month and it’s so unfortunate that the “powers that be” decided to market this program so heavily but did not decide to use their “power” to inform the public. Here’s a quick run down of the qualifications:

You must be 60 days behind
Your home [...]

More Short Sale Information…

HAFA – Home Affordable Foreclosure Alternative – Video to Realtors

April 8, 2010

Understanding HAFA is going to take some time from Realtors and home owners alike. What this video fails to mention is that only 30% of the loans out there would even be eligible for this program. The shocking part is that what % of that 30% actually qualify by being behind 60 days [...]

More Short Sale Information…

Short Sales Aren’t Short or Simple

March 24, 2010

Short Sales can be really simple, or very complex. Let’s us a real life example of a short sale we are working on with Suntrust.
In this example, Suntrust is just a servicer, while another “investor” is holding the “investment”  Suntrust takes orders from this investor which can delay the process significantly.   This situation [...]

More Short Sale Information…

You HAFA learn about HAFA

March 23, 2010

The HAFA (Home Affordable Foreclosure Alternative) programs is going to be rolled out on April 5th and there’s a lot of hub-bub about it.  Let me ask you, did you remember or notice the HAMP plan?  Probably not.  Home Affordability Modification Program was a failure.  With good intentions, the servicers found out ways to get [...]

More Short Sale Information…

Short Sales Affect Your Credit

March 10, 2010

You probably know by now that completing a short sale is much, much better then giving up and quitting and letting the bank take the home via foreclosure.  You probably also know that although, much better than a foreclosure, the short sale will affect your credit.
What you probably don’t know is that in most cases [...]

More Short Sale Information…

The Bank’s View

February 25, 2010

It’s important to understand the bank’s viewpoint.
BPO (Bank’s Appraisal is High)
They think the home is worth more so their REO comparisons have a “happy ending.” Meaning, they think they can resell the home for more then your offer.
You Want More Closing Costs so You Increase The Price (the Net to Seller Remains the Same).
They believe [...]

More Short Sale Information…

I need my home listed ASAP!

February 5, 2010

This happens quite a bit.  I get a call from someone about their short sale and they are frantically wanting to get the home on the market.  In some cases, they want to get their home on the market but they can’t make time to meet with our team or make the home available for [...]

More Short Sale Information…

Lenders Pursue Mortgage Payoffs Long After Home Owners Default

January 28, 2010

According to business week, this is a common practice, one that makes it scary to even think about a deed in lieu or a foreclosure.
Deficiency judgments were rare in the 15 years since the last real estate slump, said Ben Hillard, a former investment banker who now is a real estate and corporate attorney at [...]

More Short Sale Information…

← Previous Entries