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FAQ

Vacant means Abandoned to the Bank

by Atlanta Short Sale Agent on August 30, 2010

We’ve mentioned this before and talk about it quite a bit, but if your home is vacant, you can call it “Abandoned.”  This video discusses how the bank does their evaluation and then shows you what happens to some people’s homes if found “vacant.”

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Who Negotiates The Short Sale?

by Atlanta Short Sale Agent on August 27, 2010

One of the most important questions you can ask your prospective agent is who does the negotiations?

Alarms should blare in a typical “Clark Howard Show-like” fashion, when someone says, they use a Third Party Negotiator.  If the short sale is not negotiated by the agent or their in-house team, then you should really worry and here’s why:

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Multiple Offers on Short Sales?

August 18, 2010

Do you take multiple offers when handling short sales?
No.  That’s the short answer.
The long answer is more about how the banks deal with offers and how they handle them.  In some instances, one bank may be more equipped to deal with multiple offers.  Certainly, Bank of America and GMAC who now use the Equator System [...]

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What Happens After The Foreclosure?

August 13, 2010

We talk alot about short sales and how to do them and how they work but what happens if your home gets foreclosed on.  What happens before and after this process?
This video goes into the ins and outs of this unfortunate circumstance.  A sheriff doesn’t always kick in the door and draw his gun, sometimes [...]

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Approved Short Sale Might Not Be True

August 8, 2010

Approved short sale might not be the most true wording in a listing.  In fact, with some exceptions (Suntrust Short Sales) the “approval letter” has the name of the buyer.  Which means at the very least you’ll have to get a new letter with a new name on it.  In addition, most banks will send [...]

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FHA Short Sale Guidelines PT 3 – Closing Costs [VIDEO]

August 6, 2010

FHA Short Sales can be a blessing to the home owner the short sale buyer and everyone involved since there are clear guidelines to follow.  Unfortunately, not all the guidelines are followed to the “T.”  In particular, this guideline might take away what was so good in the last video.

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FHA Short Sale Guidelines Pt 2 – Incentives

August 4, 2010

FHA Guidelines have some quirks to them if you own a home with a FHA mortgage that you should know.  In this video we discuss the really cool incentive that is offered to home owners, but at the same time try to “temper” that excitement with some understanding of how it works.

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FHA Short Sale Guideline Myths PT 1 [VIDEO]

August 2, 2010

If you have a home that is insured by an FHA mortgage then we have some good news and some other news for you.   In this video we talk briefly about qualifying for a short sale as an FHA mortgagee.  There’s a certain myth we debunk in this video.
Overall, FHA Short sales are “easier” (emphasis [...]

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Common Short Sale Misconceptions

June 15, 2010

Common Real Estate Short Sale Misconceptions

The bank owns the home – Nope! The home owner owns it until the bank takes it in foreclosure (or deed-in-lieu).
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 [...]

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Who Are The Real Short Sale Experts? Part 2

June 11, 2010

Key Questions For Determining Short Sale Expert Status
Last time we talked about the other people that try to help. There are certainly well meaning individuals out there that are qualified and can help.  However, more often then not, these “other” people are looking for another angle to get paid on the short sale than just [...]

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