Foreclosures, Short Sales & Bank Owned Properties


What is a foreclosure?

The legal process by which a mortgagee, or other lien holder, usually a lender, obtains a termination of a mortgagor's equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Many foreclosures here in north Georgia are owned and being marketed by local banks. Some are owned and marketed by lenders outside the area.

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Short Sale

What is a short sale?

A property that has been approved for short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. I have worked with buyers and sellers on numerous short sales, and let me tell you... research is the key to understanding the value in a short sale. When I represent a buyer, I guide them through the twist and turns (and there are MANY) and emotional ups and downs of the short sale process!

Things you should know about a short sale:

  • The seller need not be in default — to have stopped making mortgage payments — before a lender will consider a short sale.
  • A lender may consider a short sale if the seller is current but the value has fallen.
  • The seller may have over-encumbered (owe more than the home is worth), so a discounted price might bring the price in line with market value, not below it.
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