Atlanta Pre-Foreclosures and Auctions
According to a survey by the Mortgage Bankers Association, one in eight Georgia mortgage holders were in pre-foreclosure in the fourth quarter of 2008. While most of the foreclosures are happening on the south side of Atlanta, there are still some great deals in Buckhead and north Atlanta. You can get limited access to a website that I subscribe to through the Atlanta Journal Constitution. It’s called EquityDepot, and it provides pre-foreclosure information on Metro Atlanta homes. I’ve written about short sales and pre-foreclosures on my website. The AJC also has a great...
Read MoreShort Sales
A couple of years ago you would have been hard pressed to have found someone who could have adequately defined a “short sale” for you. Unfortunately, as a sign of the times, “short sale” seems to be ingrained within our our vernacular. If you are considering selling your home in a short sale you’ll need to consult with an attorney, your mortgage company and probably a CPA – since there may be some forgiveness of debt as income issues. The following is a brief explanation from the purchaser’s side of a short sale. A short sale occurs during the...
Read MorePre-Foreclosure
When a property initially enters pre-foreclosure status, the owners typically have two to three months to reinstate the property by paying off their behind payments. If the property is in this status then the owners are in danger of losing their home, any equity in the property and having a black mark placed on their credit record. If the property is on the market, the owner, who is in default on his payments, will use the proceeds of the sale to payoff what is owed on the home. It will be important for us to find out what is owed on the home. The owner will not be able to sell the home...
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