Short sale Atlanta website banner

John Marion is a Real Estate Agent with REMAX Town & Country in Canton, GA

What is a Short Sale?


Follow Me on Twitter

Upside Down Mortgage

An upside down mortgage is when the payoff amount of the loan is greater than the value of the property. This is also called negative equity.

Homeowners who are upside down on their mortgages cannot sell their house and payoff the loan.

Bank Approval Required

When a home owner can no longer make payments on the loan due to a hardship, the lending bank may agree to take a lower payoff than the balance of the loan if the house is sold. The transaction requires bank approval.

The lender will review the home owners financial hardship case, and if the owner meets the criteria set by the bank, the sale of the home at a lower price than the mortgage payoff can be completed.

The Short Sale Process

The type of home sale described above is called a Short Sale.

The process of a Short Sale can be long and tedious. Some real estate pros who have been in the business for a while refer to Short Sales as "Workouts".

The bank will require the seller to submit financial statements and other documentation related to the seller's hardship case. Short Sale packages can easily contain over 100 pages of documentation which the bank must study before approving a Short Sale.

Buyers of Short Sale homes must be patient throughout the process!

The buyer will normally have to wait for 45 to 60 days (or longer) to get an answer that the sale is approved. Even then, the sale can be denied and the buyer will lose the opportunity to buy the house after a long waiting period.

Do You Need to Short Sale a Home in the Atlanta Area?

If you are upside down on your mortgage in the Atlanta area and you need to sell, call or text me on my cell phone at 703-371-9548. I can find a buyer for your home and assist you through the Short Sale process.

 

John Marion is the agent who buys houses in Cherokee County Georgia and throughout North Metro Atlanta
Call or TEXT John @ 703-371-9548