Atlanta Short Sales | Atlanta Short Sales are a Better Buy!

Atlanta Short Sales! Looking for great opportunities in buying a home at an unbeatable price? Have you considered buying a short sales in Atlanta?  Do you know what a short sale is? A short sale is when a person owes more on the home than they can repay, and the lender is willing to take a look at purchase offers and may accept less of a payment in return for a quick resolve to the potential foreclosure. Short sales are different. Think of a short sale as a "pre-foreclosure!" Here is some reasoning on the difference between foreclosures and short sales.

Everyone knows about Atlanta foreclosures, and assume they are a great deal, but they aren't! A foreclosure is when a lender takes back a home that the buyer has not been able to repay the debt or mortgage. If all went well a foreclosure could be a great deal, but in the real world they aren't! The foreclosure process should be a very quick process in the state of Georgia because we are a non judicial foreclosure state, but there are impediments that stall the sale. Court filings, motions, appeals and bankruptcy filings slow the process to a crawl! During that stage the home falls into total disrepair! When a foreclosure finally comes on the market, it is usually neglected and in need of a lot of work! But what about short sales?

Since Georgia mortgage lending in the last few years had a very large percentage of 100% non money down borrowers that purchased homes with "teaser rate" mortgages! These mortgages re-set, and after an initial low monthly payment, re-adjust to a much higher monthly payment that is unaffordable to the home owner. Rising gas prices and energy cost may have pushed many homeowners over the edge and they are not able to repay the loan! So what do they do? Since there is no equity and sales prices are declining, the owners may owe more than they can sell the home for. So should they just walk away from the home? What if they petitioned the bank to help them out? Some banks may! This called a short sale process! It is not so much the sales price of the home that a bank considers, but rather the carrying costs, and legal fees of vacant properties, vandalism, maintenance and declining appeal! Banks an lenders may also include in making that opinion is the number of homes in total home inventory and rising foreclosure inventory!

For the consumer they represent a better purchase, a home in better shape, and a quicker close!  Short sales offer incredible great deals and opportunities for Atlanta home buyers!

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