Thank you for your question. To qualify for a short sale your must have a hardship, and the list of acceptable hardships is long and includes too much debt. Yes, both banks need to agree on a short sale (at the same time which can be tricky). Yes, you can put in a clause regarding no deficiency judgement. There is a great deal more to talk about and I am available to you. It is my goal to help you reach your personal real estate goals....never any pressure, just information. Sharon RE/MAX Center 770-846-5252. www.7708465252.com... more
You can go to georgiamls.com and specify foreclosures or have an agent do the search for you. Most times the properties show active (available) but it may have an accepted offer and an agent can sort tru it.
Call me if you need help. 678-575-0656.... more
Hi Robert, according to the tax records that are given from MLS, this home hasn't been taken over by the bank as of yet. It is still showing to be owned by an individual. Sometimes it can take a few months, if it doesn't sell on the courthouse steps, for the bank to assign an agent and to get it listed. How did you come to find out that this property was a bank owned property?
Atlanta Real Estate Agent
Keller Williams Realty Consultants â€“ Roswell, Georgia
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Every lender has different rules they follow but there are guidelines we can use. I will base this on a price from 2005 or 2006 as a starting point.
If the market has dropped 20% from 2005 that would give you an approximate fair price for the market. This is driven by location and condition. The lender would order an Broker Price Opinion (BPO) to verify that number and typically would accept something in the range of 20% less than the current market (BPO) value. This is where the lender rules come in. Some can only accept an offer of 88% for a VA loan or 82% for an FHA loan. If it is a conventional loan then the rules are different and it could be less than that.
If you are offering less than 80% then they will likely reject it or hopefully counter offer something they will accept. If they are rejecting the offer without a counter then the price was just too low for them to accept and start negotiations. Everyone expects to end up in the middle between the asking price and the offering price. It doesn't always work that way but many times that is how we start out.
I have done several short sales successfully and it can be done. You have to realize there are lots of buyers out there looking for a deal and some are trying to steal but if you are willing to work on it you can get a good deal today. If I can help you please just email me back.
Depending on the bank's policies ... sometimes they counteroffer and sometimes they do not. If there are multiple offers on the property, most banks will put out a call for everyone's 'highest & best' offers. After the 'highest and best' call they may take one of those offers or counteroffer the best offer. It all depends on the bank's policies which some listing agents will share with you and others do not.... more
You won't. The auctions are held in Lawrenceville for the county of Gwinnett (where most of Suwanee is located). The auctions are advertised in the LOCAL paper. The only way to see them via the internet is to use one of the foreclosure websites OR go to the individual attorney websites and local paper websites and look for foreclosures there.
RealtyTrac usually does a decent job of posting them, and believe it or not, Foreclosure.com does as well.
Neither site will have ALL of the foreclosures or up to the minute information. You'll have to be present for that.... more