Short Sale Questions in Sandy Springs Georgia

Only 2% of the agents in the U.S. know the formula to do a short sale even though they attempt to do a short sale with a listing. Don't make the mistake that can cost you time and money. Hire Rhonda.

Short Sale Agent in Sandy Springs Georgia

Frequently Asked Questions about Short Sales in Sandy Springs

Top 5 questions that home sellers ask about short sales:

  1. How much will it cost to sell my home? The seller doesn’t pay the Realtor.  When the bank accepts the short sale, they will pay for the commission for both the listing and buyer’s agent. 

    The bank pays our commission - you pay nothing.

  2. What are the reasons that a bank will consider selling the loan short?
    * You have suffered a financial hardship that will not get better within 6 months and is outside your control.
    • * Your spouse/partner has suffered from a medical illness that keeps them from working or getting financial support to help pay the mortgage.
    • * You became over-extended financially which prohibits you from making your payments and could be a
      result of a job layoff, job termination, divorce or having your overall living expenses (like gasoline) increase greatly.
    • * You are overcome with foreclosure and cannot catch up on payments.
      * You can forsee that you are going to be late on your payments in the near future.


  3. What are the financial consequences? Most banks, under the right circumstances and proding of an agent, will give you a Satisfaction of Mortgage and waive any debt owed. You will get a 1099-C for your taxes and at that time, you may arrange with the IRS for a settlement after excluding any improvements made on the home if you are short selling a home equity mortgage.

  4. How does a real estate agent proceed with a short sale?Remember, not all agents are the same. There are many elements to a short sale, the paperwork, the strategy, the pricing, and the marketing. So, your job as a homeowner is to find someone who is certified as a short sale specialist, has years of experience in marketing and has the money to market your home.

    Rhonda Duffy is the only Elite CDRS short sale specialist in Georgia. She is also ranked as the #1 Agent in Georgia and has been for the last 6 years for resale homes sold.

  5. Do I have to move out of the house to sell it? No, you can certainly continue to live in the property. 

  6. How does a short sale benefit my credit versus a foreclosure? First, when you foreclose, the bank will come after you for a default judgement. That can last for up to 10 years on your credit. You also loose more points on your credit score for a foreclosure than a short sale. If you choose to purchase a home in the furture, a short sale will only disable that plan for 18 months to 2 years. A foreclosure on your credit will hurt you for many more years than a short sale.

 





 

 

 

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