Good answer from John.
I think that if you are selling what I think that you are selling, then you chose a really good time to do so.
If you can not get it sold in this market, it is because you have a price problem. You will likely find a ready buyer if you hire the right agent to help you navigate the market.
In your case, that is exactly what you should expect. I suggest that you contact 2 or 3 or whatever number makes sense to you of the Atlanta agents who have responded and find out what they have to offer.
Who better to answer your specific questions about your Atlanta property?
I pulled up Tax Records and have run some numbers on your property at Park Lane.
Email me at firstname.lastname@example.org and I will provide you with:
1) Estimated Value of your Property with and without repairs;
2) A Couple Exit Strategies
3) Assuming you owe about $71k?
Keller Williams Realty Signature Partners
Better Homes and Gardens Real Estate Metrobrokers
I would highly recommend you hire a certified appraiser who has covered homes in your area. I understand you want out, but the best way to get out is to properly price your home. An appraisal is the best tool to have the most accurate estimated value. Most homeowners who get a pre-listing appraisal have a better chance of selling their home than a homeowner who lists their home off of numbers other than the market value. Having someone pull CMAs are great. However, those values are very broad. An appraisal actually narrows it down not only to homes within your area, but by square footage, renovations, we pull public records etc. If you need any assistance with your condo feel free to call me at (404) 955-9997. I would be glad to be of service. I'm actually a Certified appraiser here in Buckhead. Buckhead is one of my coverage areas and I have been appraising homes for 12+ years.
Appraisals By Michael
the question suggest you believe folks LIKE to do short sales. Short sales are not a selling strategy but the result of an economic situation.
Whether a short sale is in your future depends on:
1. How long you are willing to endure the current pain.
2. If the market value is much lower than the loan balance
3. If you have the cash to pay the sold price/ loan balance difference
4. If the bank can see you have the resouces to pay the balance.
The primary buyer for you condo is someone who is willing to take on a project, This can be a end user or flipper or investor. ALL of them will want to pay you 40 to 60% of ARV adjusted for costs.. Then you get to feel a new pain.
Your understanding is revealed in "where I won't lose too much money?"
Yes there is. The sale of your condo (if it is FHA approved) can be structured to get the end user in at their anticipated cost, without a credit check and you will not take a big hit. This requires a buyer meeting special qualificatons. These buyers are everywhere and this solution is a win for everyone envolved. If your agent is unaware of this solution, have him/her give me a call.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Move to the Front of the Line
Please confirm. Your question implies that you don't believe that you can sell it for what you paid for it. Let's double check that point.
This is my email. If you would like me to run a quick CMA, please provide your full address and how many bedrooms you have along with the name of the community. I will help you any way that I can. Of course I am available to take a phone call as well. No matter what, I wish you well on this project.
Keller Williams Realty Atlanta
The play here is to sell to an Investor... based on your post, do you feel you owe more on the mortgage that the Condo is worth? If so, how much negative equity do you think you have? Once I know this, I can make a recommendation.