The 5 Month Short Sale [Atlanta, GA]


 

A short, short sale story.  There recently was a buyer who wanted a nice home in the Atlanta area.  This buyer (referred to as Bob & Nancy from this point forward) wanted a newer home, 2 story style, 3+bedrooms with little or no yard.  After some extensive searching the perfect match was discovered.  Bob & Nancy, house and price were all in sync.

The desired home turned out to be a short sale property.  It was also already under contract with another buyer.  Bob and Nancy placed an offer, which went in to a back up position.  After 60 days the original buyer decided to terminate their agreement, thus moving Bob & Nancy into the primary under contract position with the seller.

During the remaining months, Bob & Nancy, their agent, lender, the seller, seller’s agent and seller’s lender (due to short sale) worked diligently toward a closing.  Short sales require the seller’s lender approval, which can take upwards of 30 days to obtain.  In this case the process was in excess of 5 months; in addition to the 60 days in back up position.

There is no answer to the short sale process and it’s intricacies that are being worked in today’s market place.  Different lenders have different timelines and process specific procedures, agents have varying levels of experience with short sales and the changing real estate requirements, buyers and sellers have emotional and financial influences and the entire ordeal can become draining.

In Bob & Nancy’s case there were experienced agents on both sides of the transaction, a well-known lender who proceeded as expected with similar delays known industry wide, and a ready willing and able buyer.  So from this standpoint you would assume a swift end result.  Unfortunately no one person has ultimate control over the process and each party can only react as required by the issue that comes from another.

Bob & Nancy closed and are currently enjoying their home.  They participated in a short sale transaction that allowed the seller to sell for less than what they owed, helped the bank avoid the foreclosure process, related attorney and carrying costs, helped to alleviate a vacant property and foreclosure effect on the neighborhood and purchased a great home at an affordable price.  Definitely a win-win.  Keep in mind they did not get there easily nor did it happen within the desired time frame.

Short sales are a part of our local market.  The East Metro Atlanta area especially has a good deal of property available via short sale.  Many buyers and sellers are achieving the desired outcome – just remember it’s a process with many unknowns.

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IMPORTANT NOTICE

Prudential Colony Realty is not associated with the government and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
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