Received A Foreclosure Notice, Now What?

{This is for properties that receive foreclosure notices in the state of Georgia}

My Mom calls them “Nasty Grams” – those letters you get from creditors asking for money or the letters from the HOA about removing that trash can from view.  However, the Nasty Gram of all Nastiness is the foreclosure notice.  To be official it needs to come from an attorney.   It usually starts with:

NOTICE OF SALE UNDER POWER GEORGIA, GWINNETT COUNTY Under and by virtue of the Power of Sale contained in a Security Deed given by Your Name

This will be followed by a lengthy legal description, loan company and amount owed, but what you are looking for is:

within the legal hours of sale on the first Tuesday in

IF you have a date on there, then it’s not a “threaten” letter from the attorney, it’s the real deal.  I would love to say you have nothing to fret if you received a foreclosure notice (also known as a Notice of Default) but time is really of the essence if you want to try to postpone the foreclosure to pursue a short sale.  We can usually help you if we have at least 30 days, but by the time you receive the notice you may only have 20 days, so you must act quickly!!!

Who Does Lower Priced Short Sales

We used to have to turn down lower priced homes for sales that were short sales.  Short Sales are more than double the work and if the home sells for $30,000 then the bank on average would only pay a real estate agent roughly $900 for the same work it takes to sell a million dollar short sale.  The good news is that we have CASH investors that want to buy these homes and are willing to do all sort of creatives things to get it done!

If you have a home that is lower priced, we can handle it! 

I posted this over at GA Homes but thought it was appropriate for our discussion on Short Sales Listings.  Often we get requests from investors about short sale listings and of course, we want interest and offers from investors.  The challenge is that Short Sales represent a great opportunity for the savvy buyer, but often don’t represent a killer deal for the investor.    The fact is that most of the money is made going into the deal and seeing the updside.  Short sales are typically in better overall shape than REO properties and the banks typically won’t let them go for outrageous prices.  However, a patient investor could get a deal, as explained in the video.

What Banks Do You Work With?

In short, all of them.

There are banks, like Suntrust that we prefer NOT to work with and others like Citi or EMC that we do enjoy working with.  However, in general, we won’t turn away helping a home owner due to their bank or servicer.

You’ve watched my videos before and you’ve likely heard that I’m not fond of the short sale designations because they have very little to do with actual short sale negotiations and more to do with marketing.  Today I am copying and pasting an e-mail I received from foreclosure.com.

Right now I would  like to offer a special deal where you can obtain a Million Dollar Producer Level Broker Network and the Certified Short Sales Agent Designation ( CSSA) for only $149.99!! regular price is 530 !!!!!!
The Certified Short Sale Agent (CSSA) designation is an industry-recognized symbol of excellence and experience. It teaches you how to make short sales an effective and profitable part of your business. It is a MUST have for any serious listing agent.

Please forgive me if I don’t sign up right away.  Our team is focused on helping our clients and education is very important to us, but we seek it out by going directly to the banks or industry leaders that are DOING the business, not just trying to profit from it.