Tag Archive | "Atlanta Short Sales"

Tags: ,

It’s a New Day

Posted on 16 April 2012 by Aaron Hofmann

Bank of America made some changes over the weekend and are now hoping that these changes will reduce decision times on short sale offers to 20 days, which is down from 45 days or longer (with emphasis on the longer). BoA will now be conducting tasks simultaneously, such as document collection, valuations and underwriting. Of course now that BoA says they’re expediting everything, they’re also expediting the back end so that agents only have five days to submit a backup offer should the primary buyer walk away. This should be less of an issue as most buyers walking from short sales do so because they’re waiting a lot longer than the new 20 day period that BoA is targeting.

As of Saturday, April 14th, Bank of America is requiring a new third-party authorization form for newly initiated short sales initiated. And due to the system changes, five documents will be required to process short sales initiated with an offer in Equator (their online short sale management tool):

  • A purchase contract including buyer’s acknowledgment and disclosure.
  • HUD-1.
  • IRS Form 4506-T.
  • Bank of America short-sale addendum.
  • Bank of America third-party authorization form.

So for all of us Atlanta Short Sale Realtors, let us hope that this is truly meaningful change and not something more than another attempt for some positive PR from BoA. We certainly work hard to help Atlanta homeowners avoid foreclosure and we definitely appreciate it when the banks are up to the task. But rest assured, no matter how the processes change, we will continue to assist your short sale needs and keep fighting for you every step of the way.

Our team is led by a Certified Distressed Property Expert and experienced in the nuances faced when negotiating Atlanta short sales. Protect yourself and work with the short sale experts.

Contact us to get started today.

 

Comments Off on It’s a New Day

Tags: ,

Atlanta Distressed Property Update

Posted on 30 January 2012 by Aaron Hofmann

Distressed property sales continue to be a major factor in Atlanta. As you can see from the chart below, 2011 saw a marked increase in Atlanta short sales and Atlanta foreclosures. An interesting point to note is that in 2011, short sales outpaced foreclosures in the last three quarters. This is what we’ve been expecting as banks have been working harder to get more homes sold via the short sale route rather than foreclosing on homes. A short sale is a win-win for both the homeowner and the bank and in most cases a much better alternative to foreclosures. One other statistic to note is the significantly higher number of Atlanta foreclosure sales in both the first quarters of 2010 and 2011 compared to all other quarters. Will be interesting to see if the trend repeats itself in the first quarter of 2012.

As noted above, distressed property sales (Atlanta short sales and foreclosures) amounted to 41.7% of all properties sold in metro Atlanta in the fourth quarter of 2011. And in general, we’ve seen the distressed sales numbers increasing. While at the same time, the percentage of active listings that are distressed properties is still quite a bit lower than the related sales numbers. What that tells us is that a higher percentage of distressed properties sell than their non-distressed counterparts. Seems logical. Distressed properties are priced aggressively. But the flip side to this is nearly 60% of all homes sold aren’t distressed properties. They’re homeowners just like you and I that understand that they have to be competitive in today’s market to get their home sold and are willing to stand toe-to-toe with distressed properties and show buyers why their properties are better.

The other point to take away from the chart above is that if inventory levels of distressed properties have doubled in the past year, expect to see a further increase in the percentage that distressed properties make up of all Atlanta homes sales in 2012.

Understanding the market in 2012 will be key to your real estate success. If you need assistance with an Atlanta short sale or are interested in purchasing an Atlanta short sale or Atlanta foreclosure, contact us today. We’ll be glad to sit down with you and strategize on the next steps.

 

 

Comments Off on Atlanta Distressed Property Update

Tags: , , ,

Short Sales Do Work for First-time Homebuyers

Posted on 28 January 2012 by Aaron Hofmann

You’ve probably read lots of horror stories online about how long a short sale can take, but what you probably don’t read about are all the short sales that close without any issue. Why is that? It’s probably just human nature to want to voice complaints more than shouting out to the world about the great deal you just got.

For Atlanta first-time home buyers, purchasing your first home can be stressful. But a short sale could fit the bill for a first-time homebuyer who has patience and flexibility. A short sale is a pre-foreclosure home, one in which the homeowner is asking the lender to take less than is owed on the mortgage balance in order to sell it before it is foreclosed. Atlanta short sale homes are generally priced aggressively for the market and represent good deals. However, short sales are complex and can  take a lot of time.

Unlike with a foreclosure, the bank generally hasn’t made a decision on the value of the home before it is listed. So all the review and valuation process comes after they receive the buyer’s offer. With a foreclosure, this is all done before it comes back on the market as an REO property, so the buyer never goes through that portion of the process when looking at foreclosed homes. In general, you can expect to wait 2-3 months to get a response from the bank on your offer, but it will vary from property to property. There are a lot of factors that go into making a decision on a short sale.

But in general, first-time homebuyers should definitely consider short sales because they offer a great opportunity to get a home at a discounted price. In fact, first-time homebuyers often have more flexibility than move-up homebuyers and are actually better positioned to not just be patient, but also be flexible in terms of when they actually close on their new home. Buyers who need to move within a specific timeline aren’t necessarily good short sale buyers, say a homeowner whose home just went under contract and is closing in 45 days. Unless they want to find temporary housing, then a short sale is really not an option for them. Conversely, most first-time home buyers are currently leasing and have the option to extend their lease a month or two if needed to ensure they get that great deal.

We see more short sales in today’s market than foreclosures as the banks try to be more proactive. So to exclude short sales, will definitely limit your purchase options. So whether you’re looking for a Smyrna short sale, Roswell short sale or a short sale in East Cobb, there are lots of opportunities that you don’t want to overlook.

One important aspect to realize about short sales is, that much like foreclosures, the property is typically sold as-is, which means the seller won’t make repairs. In many homes this isn’t the issue as a large percentage of short sales are actually fairly new homes having been purchased when the market was at it’s hottest. We tend not to see as many repair issues in a five year old home as we might in a 15 year old home. Despite a short sale being sold as-is, we always structure our offers so that an Atlanta short sale buyer can inspect the property and if the repair items are too significant, then they can get out of the contract.

The real key to buying a short sale is to ensure the buyer’s agent and the listing agent are experienced with short sales.  First-time buyers should interview real estate agents to find a buyer’s agent with short-sale experience in addition to a deep knowledge of the local real estate market, so they recognize the value in a specific property. Buyers should choose an agent with experience in their price range, so they will know whether the offer is in line with current market conditions.

If you’re interested in pursuing Atlanta short sales, don’t hesitate to contact us. We are short sale specialists and ready to help you find your new home. We also offer a complimentary search of all Atlanta distressed properties. The search tool will allow you to strictly search Atlanta short sales or foreclosures if you want.

 

 

 

Comments Off on Short Sales Do Work for First-time Homebuyers

Tags: , ,

Important Short Sale Facts

Posted on 15 February 2011 by Aaron Hofmann

Many people in Atlanta have lost their jobs or had to accept reductions in their pay and are no longer able to pay their mortgage. Filing for bankruptcy will destroy their credit rating and will, most likely, strip away the last shred of dignity they have left. Their family will be embarrassed, and depression is bound to set in. Fortunately, there is another less drastic solution that can end the financial turmoil. With the approval of the lender, a home owner can request a short sale in Atlanta.

A short sale is a decent solution to preventing the destruction of someone’s credit rating and financial future. The following frequently asked questions and answers can clarify some of the mysteries often surrounding Atlanta short sales.

Q – What exactly is a short sale in Atlanta?

A – this occurs when a lender approves the sale of a property for less than the outstanding loans against it.

Q – What happens if the home is worth more than the loans, but the owner cannot pay the requested closing costs?

A – Most often, lenders will authorize the payment of taxes, closing costs and real estate commissions from the money received from the property sale. A lot will depend on the value of the property. Talk to your lender for more details.

Q – What documents are required when requesting a short sale in Atlanta?

A – Each lender has different requirements. In most cases, they will request proof of hardship, purchase and sales contract, pay stubs, bank statements of all your accounts, and a personal financial sheet or monthly budget.

Q – Can the owner stay in the house until it has been completed?

A – In most cases, they can

If you are behind in your mortgage payments, don’t delay in contacting us to discuss your options. There is no cost to you and the longer you wait, the fewer options that will be possible. Our team includes Certified Distressed Property Experts, Certified Public Accountants and Real Estate Attorneys experienced with these issues and trained to assist you.

Comments Off on Important Short Sale Facts

Tags: ,

Happy New Year Atlanta

Posted on 01 January 2011 by Aaron Hofmann

Happy New Year!!!

Welcome 2011!

We just said good-bye to 2010 and welcome in 2011. The past year just flew by, so here’s hoping for a little more time to savor life, smell the roses, play with the kids and be thankful for having such a wonderful life and spending time with those you love.

2010 has been a difficult year for a lot of Atlanta homeowners and 2011 may prove to be just as trying. If you’re facing foreclosure, don’t delay, contact us today to see how we can help you stop Atlanta foreclosure.

Best Wishes,

Aaron

Comments Off on Happy New Year Atlanta

Tags: ,

Black Friday in Atlanta

Posted on 26 November 2010 by Aaron Hofmann

I always look forward to Thanksgiving every year. It’s time for some turkey, time to give thanks and time for some extra football. Thanksgiving time. It’s certainly a time of year when we get to spend time with friends and family and realize that we are fortunate.

But for some savvy shoppers, this is also the time of year to prepare to assault the stores on what has become known as Black Friday. Now while you may be looking to take advantage of the latest deals, keep in mind that not all deals are found in the stores.

For example, you can find lots of great deals online.

Another option is in the Atlanta real estate market. Home prices have been reduced and, interest rates are great right now.

These kind of deals are going to be hard to beat in the stores or even online. To make your Black Friday shopping spree, easier, we’ve compiled up-to-date lists of Atlanta short sales as well as foreclosures in Atlanta. We’ve also broken the list down to include some other popular communities in metro Atlanta.

Alpharetta
Short Sales
Alpharetta
Foreclosures
Brookhaven
Short Sales
Brookhaven
Foreclosures
Buckhead
Short Sales
Buckhead
Foreclosures
Decatur
Short Sales
Decatur
Foreclosures
Duluth
Short Sales
Duluth
Foreclosures
Dunwoody
Short Sales
Dunwoody
Foreclosures
East
Cobb Short Sales
East
Cobb Foreclosures
Johns
Creek Short Sales
Johns
Creek Foreclosures
Mableton
Short Sales
Mableton
Foreclosures
Marietta
Short Sales
Marietta
Foreclosures
Midtown
Short Sales
Midtown
Foreclosures
Milton
Short Sales
Milton
Foreclosures
Norcross
Short Sales
Norcross
Foreclosures
Roswell
Short Sales
Roswell
Foreclosures
Sandy
Springs Short Sales
Sandy
Springs Foreclosures
Smyrna
Short Sales
Smyrna
Foreclosures
Vinings
Short Sales
Vinings
Foreclosures

If you’re interested in taking advantage of the Black Friday deals in the Atlanta real estate market, be sure to contact us for your free buyer consultation.

Comments Off on Black Friday in Atlanta

Tags: , ,

Call us to discuss Atlanta Short Sale options

Posted on 22 November 2010 by Aaron Hofmann

When Ready to sell your Atlanta Home – if you owe more than the mortgage, we can help. Call us to discuss short sale options. Atlanta Short Sale Specialists with Keller Williams Realty Cityside. If you are looking to buy, feel free to use our Atlanta Home Search and Property Organizer to identify the latest Atlanta short sales and foreclosures.

Atlanta Short Sale Specialists – We can help

  • Do you owe more than your home is worth?
  • Have you received a notice of default in the mail?
  • Do you want, need, or are being forced to move?
  • Did you buy an investment property that you need to unload?
  • Are you in a divorce situation?
  • Recently unemployed?
  • Have you fallen on medical hardship?

If you answered yes to any of these questions above, you may want to consider an Atlanta short sale! Do you need to sell your home, but owe more than it’s worth? You are not alone. Many people are stuck in unaffordable loans, or simply need to move.

Atlanta Short Sale Specialists

Keller Williams Realty Cityside

770-874-6383

Contact Us

Comments Off on Call us to discuss Atlanta Short Sale options

Tags: , , ,

Understanding FHA short sales

Posted on 12 September 2010 by Aaron Hofmann

It’s important to understand that not all short sales are alike. You probably haven’t heard much about FHA short sales, but they’re coming. The advantage with an FHA short sale is that the US Department of Housing and Urban Development (HUD) lays out the rules on short sales for FHA loans. If you have a legitimate hardship, FHA will forgive you of all the debt and does not ask for a promissory note. HUD lays out their guidelines in “Mortgagee Letter 2008-43.”

Unlike the traditional short sale for conventional loans, you actually submit all the paperwork upfront to initiate an FHA short sale. Documents such as bank statements, tax returns, pay stubs, hardship letter and financial worksheet.

The short sale lender’s loss mitigation department will then review all the information. The next step is for the the loss mitigation department to order an FHA appraisal, which must be done by an FHA appraiser.

Once the appraisal comes back and the loss mitigation department has reviewed your documentation, they will issue an “approval to participate.” At that date, they are allowed to approve any offer that nets 88% of the appraised value. After 30 days has passed they are allowed to accept 86% of the appraised value. Finally, after 60 days have passed they are allowed to accept an offer that next 84% of the appraised value. Here is something that makes FHA short sales easier than normal short sales. You can start the process before you get an offer from a buyer.

Once you get an offer from the buyer, then the lender has 5 working days to approve or deny the short sale offer. If the offer meets the necessary parameters, then the rules state that they must approve it.

These clearly laid out rules make FHA short sales so much simpler than other short sales. One of the big advantages is that prior to putting your home on the market, you already have an amount that you know is approved, which is advantageous to you and to a buyer. One of the biggest concerns for buyers is the unknown of whether the short sale price will be acceptable to the bank and when, if ever, they will respond. With an FHA short sale, your Realtor can market your home as an approved short sale and clearly explain how quickly final approval will be received. This eliminates the common issue we see in the Atlanta short sale market where buyers lose patience and walk away and you’re left standing there looking for another buyer.

I am a Certified Distressed Property Expert and specialize in Atlanta short sales. Contact us today to discuss your situation and stop foreclosure.

Comments (1)


Sign Up for Our Newsletter

Name:
Email:
We value privacy and your details will be kept private.  You may unsubscribe from this newsletter at any time.


Featured Video

Advertise Here
Advertise Here