Saturday, June 6, 2015

What Exactly Is A Short Sale Anyway

As a Remax Real Estate agent, I am often ask, what exactly is a short sale and how does it differ from a foreclosure?
In a nut shell I explain that a home for sale as a short sale is a home that the seller is planning on asking the bank to sell the home SHORT of what the seller owes. 

Part of the problem, and the reason why short sales can take a long time to negotiate, is the bank that is holding the loan, really is not interested in getting less than what they were planning to receive. Banks have gotten faster since the crises arose a few years ago, systems more in place if you will.

A foreclosure is a property already owned by the bank and therefor a price on that real estate is usually already been appraised and decided on by the bank, what they want for the property, so the transaction usually goes a lot more smoothly.

If you are interested in looking at North Atlanta Short Sales for sale in the Georgia MLS, visit the resource below and let us know if we can be of any assistance in your buying or selling process.

Search By City Short Sales In North Atlanta Georgia MLS