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ATLANTA SHORT SALES... What You Need to Know
 
Short sales are becoming an option for homeowners throughout the country who may be facing foreclosure. Atlanta short sales, for all intent and purposes, have become more common place in our real estate market; whereas a year ago most of us hadn't even heard the term "short sale". Currently our listing services do not track the number of homes listed and/or sold as short sales in the Atlanta market. But what I do know..we are beginning to see more and more of them.  So if you face the potential of a short sale, there are some things you will want to know. 
 
First, what is a short sale? 
A short sale is when, due to the homeowner's financial hardships, the mortgage lender and/or bank have agreed to accept a reduced amount against the mortgage balance. Or, in some instances, the homeowner finds they must sell their home and as a result of the current down turn in the real estate market the home is worth less than when they bought. However, in most instances a short sale is an attempt to prevent the home from going into foreclosure.
Why a short sale vs. foreclosure?  In some instances, a short sale may not have the same impact on your credit vs. a foreclosure other than showing the short sale ... more

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