We Specialize in Short Sales, Short Sales in Georgia, Short Sales in Atlanta

A SHORT LESSON
ON
SHORT SALES

What is a Short Sale?

A Short Sale is a real estate transaction in which
the lender agrees to allow a property to be sold for less than what is owed on the note.

How Will a Short Sale
Affect My Credit?

Your FICO score will take a loss of approximately 100 points.

How Long Before I Can Buy Another Home?

The good news for Short Sale sellers vs those who go into Foreclosure is that the wait is much shorter before being able to buy another home. You can usually buy again in about 18-24 months at a good interest rate, IF your credit has stablized.

What About Deficiency Judgments?

The bad news is that a seller could be subject to a deficiency judgment for the difference between the loan amount and the amount paid by the buyer. The questions must be handled at the beginning of the negotiating process. Until last year the lender also gave the seller a 1099 showing the forgiven amount as income to the seller. Congress has eliminated these taxes until 2012. Click Here for More Info from the IRS.

How Long Does A Short Sale Take?

A lot longer than a normal real estate transaction. It can be anywhere from 30 days to 9 months or longer. The Lender is in charge!

Can The Seller Leave the Closing Table with a Check?

Unfortunately the answer is no. The lender is losing money and part of the deal is that they will not allow the Seller to walk away with any money.

More Questions Answered for Sellers and Buyers of Short Sales

Click here to read what John Adams has to say about Short Sales

IS YOUR SITUATION RIGHT FOR A SHORT SALE?

This question can only be answered by talking with your lender. This is one of the areas in which we specialize. If you are in financial distress and fearful that you may be facing foreclosure, please call us and see if we can help you negotiate a short sale with your lender. Don't be embarrassed. We do these all day, everyday.
Call

Vince Leccese at 404-421-4224

Carol Wilson at 404-819-0591

We are Short Sale Experts, Call Us Today!!!

Vince @ 404-421-4224 or Carol @ 404-819-0591