How to Do a Short Sale in Georgia

How to Do a Short Sale in Georgia

This article is from E-How and offers some general advice.  If you hire a certified short sale specialist with training and experience, this will be done for you.  You can hire Rhonda Duffy, the Only Elite CDRS Certified Short Sale Specialist in Georgia and you will be good to go.  678-366-7846

A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender.

Difficulty:Moderate

Instructions

1. • 1

     Verify the value of your property. If you are selling the property through a real estate broker, your broker will provide you with an estimate of market value. If you are selling the property yourself, do your own market analysis of the area and your property.

   • 2

     Add up all the costs of selling the property. If you are using the services of a real estate broker, the broker will provide an estimate of closing costs. If you are selling the property on your own (for sale by owner), call a local title company or real estate attorney and ask, as a seller, what the closing costs will be.

   • 3

     Determine the amount owed against the property. This will be the total of all loans against the property.

   • 4

     Do the calculations. Subtract the total amount owing against the property from the estimated proceeds of the sale. On a short sale, this will be a negative number.

   • 5

     Contact the lender or lenders. Talk to someone in the customer service department and tell them the situation. They may direct you to a specific department. Talk to a supervisor or manager if possible; this person will have more authority.

   • 6

     Ask the lender what its procedures are for a short sale. Some lenders are willing to work with you by reducing the amount owed or making other arrangements. Others will look to the agents involved (if any) or anyone else who's making money off the transaction to see if they are willing to make concessions to make the transaction happen. Still other lenders will tell you that your debt is your responsibility, one way or the other.

   • 7

     Sell the property.

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