Home Buying in Atlanta>Question Details

ME, Both Buyer and Seller in Atlanta, GA


Asked by ME, Atlanta, GA Sat Sep 14, 2013


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Just about every home worth looking at in ATL is being purchased by someone else with a more abundant mindset...
2 votes Thank Flag Link Sat Sep 14, 2013
With any short sale there are no normals, they all vary and will be frustrating for sure. 1 month to 9 is possible depending on the number of liens and how willing the banks are to lose money, not to mention how much money. The listed price on a short sale is not approved by the bank, so be ready for the bank to counter your low offer at more than the listed price. These are just the facts you deal with on short sales.

Have fun, be ready for a rocky ride.
2 votes Thank Flag Link Sat Sep 14, 2013
Good answers on the short sale timeline - 120 days to 18 months. The numbers matter a lot when buying real estate - all the numbers not just the purchase or list price. But the assumption appears to be you think short sales are the only deal in town? IF so, that is way wrong and holding onto that belief will not help you in the long run. Prices are already trending downward as the market cools.

There are several different approaches to buying in a market like this, but the best approach depends on whether you're an investor or an owner occupant.

If you aren't buying with cash, consider this - mortgage rates have gone up over 1% since June - they are still excellent by historic standards, but they will continue to rise.

The risk - by the time you make it through a short sale, rates could have gone up to the point that you no longer qualify - or the property no longer looks that good anymore.
1 vote Thank Flag Link Sun Sep 15, 2013
I am not sure what part of town you are looking in, but Short Sales are far from the majority of the Atlanta market. I am seeing a lot of re-sales with regular Sellers right now.

As everyone else has indicated, every Short Sale will take a different amount of time. How prepared and thorough the Seller is with their Short Sale package will play a major part.

Purchasing a home via short sale is not at all an easy process. A lot will depend on how experienced the Listing Agent is and how prepared the seller is. You can expect for most short sales to take at least 3-6 months from when the Seller first contacts their mortgage lender(s). If they have a 1st and 2nd mortgage, they must get approval from both companies. This of course, will lengthen the process.

Short Sales have so many ways in which they can go wrong. Many Short Sales simply never close after several weeks or months of work. This is a fact that every Buyer needs to completely understand. If you are purchasing a property and must close by a certain time, then a short sale is probably not your best option.

A lot of the reasons for the fallout depend on the Seller. To qualify for a short sale, the Seller must submit all of their financial documentation AND prove that that currently have a financial hardship. Many sellers don’t submit the proper paperwork resulting in delays. Some Sellers cannot demonstrate the required financial hardship that is required for a short sale approval. If a Seller files Bankruptcy during the process, that will cause a delay. There could be unpaid property taxes of HOA dues to deal with. There are countless other things that can and often will go wrong. Some can be overcome, some cannot. No Listing Agent, no matter how good they are, can control every action of a seller.

It is critical to keep in mind that the Seller’s lender(s) is taking a loss on every short sale. They must to their due diligence to ensure that the short sale is justified and that it minimizes risk to the lender. There is also a lot of fraud with short sales so that must be invested as well. The buyer are seller re not able to have prior relationship with each other.

A short sale is VERY time consuming for all parties involved. A Buyer’s Agent has absolutely no control in the short sale process. They are solely dependent on the Listing Agent and the Seller.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
1 vote Thank Flag Link Sun Sep 15, 2013
From my experience BOA short sales have been 8 months to a 1 1/2 year to receive approval. Keep in mind though; if you have the right BUYERS AGENT which is free to you then they should be able to find you a home cause they ALL no matter what type of sale go on appraised value. Even the bank on a short sale orders a BOP and can counter your offer. If you need further assistance feel free to contact me.
Amanda Vanwinkle
Keller Williams Cityside
Cell: 678-923-7323
1 vote Thank Flag Link Sat Sep 14, 2013
As others have said there is no normal here. I tell anyway who wants to buy a short sale you must be prepared to wait. The only guarantee is that it's going to take a long time and you must be prepared to wait.

Ava Anderson
Solid Source Realty Inc
770 369-5121
1 vote Thank Flag Link Sat Sep 14, 2013
ME I do not know what agent you are using but this isn't the case. It might be the property search they are using but may of them allow an option to exclude short sales. Please feel free to inbox me with exactly what you are looking for and the specific areas. I would be more than willing to assist you and hopefully we can find you a home right here RIGHT NOW :D
0 votes Thank Flag Link Sun Sep 15, 2013
Normal turnaround, ME? Really? Read back through your previous posts' answers. Normal can be from 120 days to 2 years. Good Luck!

Michael Hammond





0 votes Thank Flag Link Sat Sep 14, 2013
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