Atlanta Home Owners - No Equity, No Money - What Options are There?

We are getting more and more calls in the Atlanta real estate market to assist home sellers that do not have equity.  Sometimes the terms the use are "pre-foreclosure" "foreclosure" "Short sales" but the reality is those terms are very specific!  There could be many reasons for being in this postition.  The Atlanta home owner may have purchased a home with no money down, or be in a loan that is adjusting from a teaser rate to a much higher monthly payment!  They may not have fallen behind on the payments, but homeownership has become a major financial burden.  They may have purchased the home at the wrong price, perhaps they even purchased it right but refinanced the equity out and now they are at a break even point!  There seems no way out of the situation they are in and that is why they call looking for other solutions. 

Short sales may not be a solution if you have a second trust, nor may it be a solution if you have the ability to repay the loan...so there are less options available.  If a home is worth 150K even in this market it has to be cleaned and painted.  The costs unless you can do it your self will be about $3500 for new paint and carpet.  There will be a commission due to a buyer agent and a listing agent for their marketing efforts.  There will be advertising expenses, and in lieu of the current market there is no guarantee of a sale. If the home is sold you may end up going to closing with 25K in cash to make up the difference.  Sometimes the money is borrowed from retirements, or loans from relatives, but in doing so, you can avoid damaging your credit. 

The Atlanta real estate market now has about 86000 active real estate listings and only sold 2900 last month!  That is not very good odds.  It is sad to say they're are not as many options as you may believe.  Lease purchase options for the most part never work out, and it is just a waste of time.  Persons that say they will bail you out are scam artists!  They prey upon your known needs and emotions!  The bittersweet in life is the truth! The biggest mistake a homeowner can make in this market is that tehy can fix it themselves, they cannot!  They waste too much time and call the Atlanta real estate agent too late inthe game to assist them.  It takes a lot longer than 30 days to sell a home in this market!  CALL NOW! 

Here are some options:

• Experience  Deal with an Atlanta real estate agent that has personally sold over 100 homes! 
• Prep home for sale Clean up, paint and new carpet! 
• Short Sale - have permission of lender to do so.  Talk to a lawyer first!
• Deed in lieu of foreclosure - hand keys back to the bank or mortgage lender instead of foreclosure process
• Price to Market or below  Sell the home and try to get most realistic price and you may have to take money to closing to pay agents, and deficit!
• Rent the home if you can.  Most cannot, the market is in oversupply!

Atlanta Homes for Sale

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