High End Short Sales in Atlanta – Hot Properties
By Ryan Ward | October 18, 2011
Right now there are 64 short sales listed for sale above $750,000 in the FMLS and 25 of them show as under contract. No segment of the market is immune to the perils of this market, but there are some advantages that luxury short sales have over short sales in the average price range. Typically, high end short sales are easier to close than other short sales as they typically have different loans that are either jumbo loans or some form of construction loans which means that they are portfolio loans held by the banks and not sold or serviced by outside parties.
View Luxury Atlanta Short Sales
Want to see what is available in the high end short short sale market? You can view them here: Atlanta Luxury Short Sales
Buying Luxury Atlanta Short Sales
Since these properties are handled differently by the banks, the decision time is often much shorter than it is with normal short sales because it’s easier to make contact with the lender making it easier and faster to get approvals. Another advantage is that these properties have huge discounts from their original or previous values making them relative bargains in the market. This is evidenced by the large percentage founder contract to total active short sale listings. People recognize them as exceptional deals and are willing to go through whatever additional headache that may be associated with them. If you are looking for a home in this price range, you should know that competition for the properties is heavy. They are often pre approved so the final sales price is typically close to the list price – sometimes above the its price so don’t expect to make an $800,000 offer on a $1,000,000 short sale.
Selling Your Luxury Atlanta Short Sale
If you read the paragraphs above, it should be clear to you now that the process is not as difficult as you may have hears although there are exceptions and they are more difficult than traditional sales. That said, if you find yourself in a place where you think you may need to sell as a short sale, there is hope for you. It may be better than your other alternatives and worth investigating further. If you have any questions about selling your home as a short sale, give us a call and we will let you know. No obligation of course.
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What is a Short Sale
By Ryan Ward | February 10, 2010
There are a lot of complicated definitions of what a short sale is so let me try to give you one that is easy to understand instead.
A short sale occurs when a lender or lenders agree to allow a home to sell even though the proceeds of that sale are not enough to pay off the loan. Typically, the lender, which could be a first mortgage, a second mortgage or a HELOC (Home Equity Line of Credit) will also agree to pay additional costs such as attorney fees, commissions and sometimes even repairs for a new buyer on top of taking a reduced amount of money that does not cover the loan.
It’s not as simple as applying for a short sale though. The lender will not simply give you a short sale because you are upside down and want to get out of this mortgage so that you can get a new home. The lender is going to look for a hardship which can come in many forms. Some may be like the one I describe on my about me page or they could be due to a loss in income, health or various other reasons.
One thing is for sure though, short sales and short sale transactions are not like regualr sales and require specialized knowledge and training. Whether you want to buy one or you need to sel one, you want to work with someone who has taken additional training to become an expert in the field. It can often be the difference between a succesful short sale and foreclosure.
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Atlanta Short Sales
By Ryan Ward | February 10, 2010
Welcome! My name is Ryan Ward. I am the Principal agent with Premier Atlanta Real Estate, LLC and this is our website and blog that is dedicated to helping sellers who have reached a point in their lives that may force upon them the difficult financial decisions which may including leaving their home.
There is hope and there are options. I am an expert who is experienced and I am a trained Certified Distressed Property Expert. For some of you, we may be able to help you stay in your home, for others we can at least help to keep your home out of foreclosure and perhaps prevent less desirable people who looking to take advantage of you from being successful.
We will have much more to come to help you in a time where you may need it most.
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