Home Selling in Atlanta>Question Details

Rushellepj, Both Buyer and Seller in Atlanta, GA

What are my chances?

Asked by Rushellepj, Atlanta, GA Thu Jun 28, 2012

Hello! I have a home that is preparing to go on a short sale in my area. I just want to know. What is the likely hood of it selling with in the next 6 months? It's located in a VERY unfinished Subdivision with baracaded streets and only one entrance to that side of the sub division. It sits on a corner lot and the utilities can be VERY high do to the fact there are no trees surrounding the house to help cut costs. The subdvision is located in an area that can be hard to locate via gps as well. It's in Fairburn GA..Not close to highways shopping maybe with in a 15 min drive of the property.

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I am not familiar with your subdivision or the Atlanta Area, but are you working with a local Realtor who put your home on as a short sale? And are you still living in the property to keep it in good showing condition or is it vacant?

I think all this is important and a local Realtor and especially the one who listed it for sale as a short sale should give you some answers to your questions. Although the time frame is always hard to
predict, just like with any other sale of a home the right buyer has to come around at a price acceptable to the bank....

Hope things will work out for you....Best of luck :)

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Fri Jun 29, 2012
These homes are selling as REO and Short Sale. Most are being purchased by investors. Prices range from 20-35% of the original loan balance depending on condition. When these homes go vacant, they are typically striped of everything HVAC applainces, cabinets and copper. Sometimes vandalized with all the window broken out. It is very risky to hold these proeprties vacant.

Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
RE/MAX Hall of Fame – REALTOR Phoenix Award
CRS, CRB, ABR, MSRE, CDPE, CIAS, e-PRO, ESQ
Certified Residential Specialist
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Attorney
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
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bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
0 votes Thank Flag Link Thu Jun 28, 2012
I got a few other suggestions to you: 1. Find a renter. There is very little inventory right now for rent to own and there are a lot of people with bad credit who can't get a house right.now. 2. Find out if your loan is assumable. If you have an FHA/VA and sometimes Freddie Mac loan, your loan may be assumable and you don't face short sale status. 3. Modify the loan first (I know really good modifiers) and then rent it OR modify and then sell it for what it's worth and avoid the short sale process.
0 votes Thank Flag Link Thu Jun 28, 2012
You paint a very gloomy picture:
Most Shortsales do not garner multiple offers.
From your description, it will not be very desirable.
This will be reflected in the BPO that the bank has someone do.

One the other side of the coin;
Every piece of Real Estate has a Price and if you reach that price, there will be a buyer.
Therein lies the KEY; will the appropriate Price be reached.

This property will have a very limited audience.
But don't under-estimate the pull of a good price.
0 votes Thank Flag Link Thu Jun 28, 2012
If it is a short sale, the decision about whether an offer is accepted is really up to the bank. A good Realtor who specializes in short sales or a consultant who's sole business is to manage short sales can help you make the best case to your bank. I work with someone who falls into the latter category. Contact me if you would like me to put you in touch with them.

Best,

Dave Herren
Best Atlanta Properties
404-425-4945
0 votes Thank Flag Link Thu Jun 28, 2012
I am the tenant moving into the property until it sells. I just didn't want to live there and have to move a month or 2 later. So that was my biggest concern. I like the home honestly. And My credit isn't at it's best. I considered asking the owner, who I know pretty well, if they would consider doing a Lease purchase because.. That home has been sitting vacant for over 2 years.
Flag Thu Jun 28, 2012
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