Information on Atlanta Short Sales

Short Sale Assistance

So exactly what is a Short Sale?

A short sale is when a mortgagee agrees to accept less on a mortgage than the current balance owed.

Why would a mortgagee consider this type of transaction?

It has been estimated a lender could save as much as 25 to 30 percent over the cost of a foreclosure.

Is selling your home as a Short Sale Right for your situation?

We make recommendations based on our knowledge of short sales, but we always stress the importance of consulting with your accountant, financial advisor and/or your attorney before considering a short sale.

Can any agent initiate a Short Sale?

Answer: Yes, any licensed Real Estate Agent in the State of Georgia may initiate a Short Sale through their local MLS Listing service.

What is a CDPE agent?

CDPE stands for Certified Distressed Property Expert. A CDPE agent has been extensively trained in the short sale process. This training is offered via the CDPE designation training program. (I am a CDPE designated agent!)

If your agent is a CDPE designated agent, does this guarantee a closed transaction?

Answer: No, even though a CDPE agent is specially trained, many variables come into play which are out of the control of the agent(s) involved.

Some of the more common reasons short sales fail to close are listed below:

What is the Mortgage Debt Forgiveness Act of 2007?

The website explains The Mortgage Debt Forgiveness Act of 2007 as, "Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence."

Are there time constraints on the Debt Relief Act?

Answer: Yes.

The Debt Forgiveness Act is set to expire at the end of 2012. Congress has the ability to extend the relief act. Update- 2013: The American Taxpayer Relief Act which extends the deadline of the Mortgage Debt Relief Act to December 31st, 2013.

Do Second Homes or Investment properties qualify for the Debt Relief Act?

Answer: No

To qualify for the debt relief act the loan must be tied to your primary residence as that property must be used as collateral to secure the loan.

Why consider a Short Sale

Short sales are covered under the Debt Forgiveness Act. A short sale is usually less damaging to your credit than a foreclosure.

Future Job Employment may be another reason to consider a short sale.

Due to the extreme complexity of Short Sales an experienced agent counts. Let us help you navigate the maze of information. Please visit our Contact page when you're ready to proceed. We are honest agents working for an honest living.

CALL ME at 678-617-7167 to discuss your Real Estate needs. We handle Real Estate Investments, Residential Real Estate, Commercial Development, Commercial Sales and Leasing, REO Properties, Short Sales and Atlanta Foreclosures.

Mark Tidwell 678.617.7167
Linc Realty of Atlanta 678.394.3200