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Can a Short Sale Benefit You?
Welcome > For Sellers > Can a Short Sale Benefit You? ...

A short sale is an "arrangement" between the current owner of a home and the bank that lent them the money to buy their home to accept an offer for less than the total amount owed to pay off the home. The "deficiency" is the difference between the amount owed and what the bank collects at the short sale. 

The elements of a short sale are generally these: 

1) The property is worth less than is owed. 

2) The seller has some hardship that makes it impossible or extremely impractical for the seller to keep the property. 

3) The seller is cooperative and willing to work with a real estate agent to process a short sale. 

4) The lender is contacted and expresses willingness to entertain a short sale. 

5) The property is listed, with appropriate caveats and protections for the seller, properly priced, and effectively marketed. 

6) The lender is presented with an offer, accepted by the seller, along with a completed short sale package and narrative explaining why the short sale is necessary and desirable. 

7) The lender approves the offer and escrow closes as usual. No proceeds go to the seller.

What constitutes a Hardship: 

Most lenders focus on and require "changed financial circumstances". Loss of job, unusual medical costs, death of an owner, natural disasters, even extended military service for reservist, can be hardships. 

To inquire about listing your short sale please call us at 678-569-4044 

Ask us ANY question about selling your home or property. Or request our FREE in-home presentation of how we would market your property in Woodstock, Towne Lake and Cherokee County! There's no obligation, and we promise to get back to you quickly... 

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Real Estate Tips
Real Estate Contracts >Purchase Agreements

Whether it consists of several pages of big type or a few pages of fine print, a real estate purchase agreement is a serious, legally binding document. In most areas, there are "boiler plate" forms that spell out what each party agrees to do by certain dates and what happens if either side breaks the contract.

The best time to familiarize yourself with these forms is when you are beginning your search. Ask the real estate agent for a copy of the purchase agreement and then review it, keeping in mind that it has the force of law. If you don't understand the document, consult an attorney. If there is a dispute between buyer and seller, a court will hold you to what the purchase agreement specifies, not what you thought it meant or what you thought the real estate agent said it meant.

There are several key points you should be clear about. What are the deadlines for loan application and obtaining financing? If you decide to back out because of the structural inspection report, can you do that? Do appliances convey? When will the closing take place? If you understand these clauses before you find the perfect house, you will avoid a lot of stress and minimize the likelihood of misunderstandings.

See All Tips In The "Real Estate Contracts" Category >
See Complete Library Of Hundreds Of Tips In 30+ Categories >

Real Estate Trivia
Q 
What U.S. state is home to the world's richest woman?

A 
Alice Walton, daughter of WalMart's founder and heiress to $16.5 billion, lives on a ranch in the state of Texas.
See More Real Estate Trivia >


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Ursula Dahle, REALTOR®, real estate agent and broker for Woodstock, Towne Lake and Cherokee County, Georgia home listings, property and land for sale - NUMBER1EXPERT

Ursula Dahle
Keller Williams Realty Platinum Partners

220 Heritage Walk, Suite 101
Woodstock, GA. 30188
Direct: 678-569-4044
Main Office: 678-494-0644
Fax: 678-484-4044
Direct Fax: 678-484-4044
Email Ursula: ursula@callursula.com
Email Renee: renee@reneepruitt.com

Accessibility is what we are all about. When you want to buy or sell a home, you want to know that your REALTOR® is there and working for you. Why do some agents have all of the listings and others are just getting by with a few? It's the Experience, Service, and Results that a good REALTOR® brings to the table.

I specialize in the sale and marketing of residential real estate and have lived in this area for many years. My team understands your needs and wants the outcome of your transaction to be as smooth as possible. Whether you are buying or selling a home, we are there for you.

Equal Housing MLS REALTOR


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