I am ready to get rid of a partially renovated condo, but I don't want to do a short sale. What are some other options?

Asked by Dickey.laura, Mon Nov 18, 2013

I have a condo in Atlanta (Buckhead) that I lived in for about seven years. I had begun renovations, but had not finished when I had to move to Florida. I rented for three years, and my last tenant tore the place up. I don't have the time or energy to fix the place, and I am ready to cut my losses and get out. I've never missed a mortgage payment, so I don't want to do a short sale. Are there any other quick sale options where I won't lose too much money?

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Lee Taylor, Agent, Decatur, GA
Tue Nov 19, 2013
Good work from Stacey.

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.
1 vote
John Juarez, Agent, Fremont, CA
Mon Nov 18, 2013
In general, I dislike answers to posts wherein the one posting the answer is saying “pick me, pick me, pick me”.

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?
1 vote
Stacey Wyatt, Agent, Roswell, GA
Mon Nov 18, 2013

I pulled up Tax Records and have run some numbers on your property at Park Lane.

Email me at stacey@flitchfinehomes.com 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?

1 vote
Jen and Mark…, Agent, Holmes Beach, FL
Thu Nov 21, 2013
You could sell to an investor. They will often buy a home like this.

Best Wishes.

Jen and Mark Bowman
Keller Williams on the Water
0 votes
Chuck Green, Agent, Norcross, GA
Tue Nov 19, 2013
Sounds like an investor would be a quick exit strategy for you based upon your post or price it right for a regular sale to a buyer looking for a great deal who has the time, energy, and financial capability to restore the condo. ....
Web Reference:  http://chuckgreen.com
0 votes
Jeff Jackson, Agent, Atlanta, GA
Tue Nov 19, 2013
I would be happy to discuss this with you.

Jeff Jackson
Prudential Georgia Realty
0 votes
LaShonda Sol…, Agent, Marietta, GA
Tue Nov 19, 2013
The best way to determine you options is to look at how much you owe on the property in comparison to the value of the property. If the value is lower than your loan balance and you are able to break even or have the cash to pay the difference, then a traditional sale should work for you. Otherwise, a short sale may be the better option. A short sale is there to help when there is an economic hardship. If you have a pretty strong credit score now, the short sale may have little effect on your score. However, if your score is lower than ideal, you may see a bigger hit to your score. Either way, consider how much it is costing you to hold on to the property. I would be happy to provide you with a no obligation market analysis to let you know how much your property is worth.

LaShonda Solomon
Associate Broker
Keller Williams Realty Signature Partners
(678) 477-5226
0 votes
Laquita Baez, Agent, Atlanta, GA
Tue Nov 19, 2013
Dickey.laura, if you aren't currently underwater on your mortgage then there is no need for you to do a short sale anyways. If you just don't want to keep and maintain the condo anymore, then team up with a Realtor to get your condo SOLD. Make some money off of it and put it towards another investment.

Laquita Baez
Better Homes and Gardens Real Estate Metrobrokers
404.843.2500 office
973.687.7095 direct
0 votes
Appraisal By…, Other Pro, Atlanta, GA
Tue Nov 19, 2013

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.

Good Luck.

Appraisals By Michael
0 votes
Christopher…, Agent, Tarrytown, NY
Tue Nov 19, 2013
Yes, price it accordingly. Maybe you can have a cleaning service and local painter go in at very low cost to spruce up the place. It's amazing what cleaning and [painting can do for a home. Hopefully there is 't a ton of available inventory in your area that would prevent you from a quick sale. If there is, you'll have to position yourself as the best value.

0 votes
Annette Law…, Agent, Palm Harbor, FL
Tue Nov 19, 2013
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
0 votes
Anthony Acos…, Agent, Atlanta, GA
Tue Nov 19, 2013
You should find a real estate consultant and do a full review of your property to find out the market value for your condo to determine the best course of action for you.
Web Reference:  http://anthonyacostajr.com
0 votes
Arkla, Home Buyer, Atlanta, GA
Mon Nov 18, 2013
email me , i might have a cash buyer for you. arkla03@yahoo.com...thanks...

btw..i own 5 condos, which are rentals in the buckhead area...
0 votes
Patricia Que…, Agent, Atlanta, GA
Mon Nov 18, 2013
Hi Laura,

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.

Patricia Queen
Keller Williams Realty Atlanta
0 votes
Stacey Wyatt, Agent, Roswell, GA
Mon Nov 18, 2013

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.

0 votes
Robert Taylor, Agent, Atlanta, GA
Mon Nov 18, 2013
Email me (robert@mandrrec.com) your address and I will do a CMA to determine the value of the unit and we can check that against what you owe to see what our options are.

Robert Taylor
Morris and Raper
Real Estate Consultant
0 votes
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