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Atlanta Fine Homes Sotheby's International Realty Blog

Monday, October 10, 2011   /   by Lynn Horner Baker

North Metro Atlanta Short Sale Question: I Have A Moral Dilemma. What Should I Do?

North Metro Atlanta – Horner Baker Partners recently received a question from another agent named Beckie. Here was her question.

I have been waiting on my lender to approvce or deny my short sale for 7 months. We finally received an answer last week in the form of a counter offer to the price.

The buyer was offering to pay $315,000. The lender countered at $345,000. The buyer is not willing to pay any more than $315,000. My agent told him that he will try his best to negotiate at that price, but could make no promises.

Before my agent could send the comps to the lender, the lender ordered an appraisal. My agent tells me that my property is worth more than $315k, but less than $345k.

So, we put the home back on the market just to prove to the lender that at that price there may be no bites. We were mistaken.

We received an offer for $341,550. We told the first buyer if he goes up to what the lender wants, then we will close the deal with him. He didn't budge so we accepted the ...

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Thursday, October 6, 2011   /   by Lynn Horner Baker

How To Ensure Accurate Appraisals And A Successful North Metro Atlanta Marietta Short Sale

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North Metro Atlanta – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate.

Here is the process your agent needs to follow to ensure an accurate appraisal.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The person doing the appraisal doesn’t understand why the home is selling for a specific sales price. They don’t understand why buyers are only willing to pay X. That is why your agent must explain that to them.

First, your agent should always meet them at the property and bring a detailed Comparable Market Analysis (CMA) with them.

The CMA should include at least 3-5 comparable sold homes, 2-3 comparable homes currently under contact, and 3-5 active competing homes currently on the open market.

They should put together a detailed CMA using the sold comparable sales. They will give that CMA along with the actives and pendings to the pe ...

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Wednesday, October 5, 2011   /   by Lynn Horner Baker

Why Your Agent Should Check That Appraisals Are Accurate For Your North Metro Atlanta Short Sale

North Metro Atlanta – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate.

There are a lot of opinions on how to ensure the appraisal is correct and accurate. You need to check and make sure your agent is willing to do the extra work.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

I will tell you what happened to an agent that decided it was too much work. This agent decided not to do the extra work. Then, short sales started getting turned down for no reason at all.

This agent thought they were doing everything right. They couldn’t see how they were doing wrong. The buyers were only willing to offer so much and the bank only willing to accept so little.

The buyer’s offers were higher than the property would have sold for after being foreclosed on by the bank. So they kept turning down the buyer’s offers. “We think the house is worth 300k”, they would say ...

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Tuesday, October 4, 2011   /   by Lynn Horner Baker

The Biggest Threat To A Successful Cobb County & Marietta Short Sale

Cobb County & Marietta – The biggest threat to your short sale is a high appraisal. Banks consider short sales for economic reasons.

A bank will approve a short sale only if they think they will net more money taking the short sale offer. To make sure they aren't selling the house for too little, they order an appraisal.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The problem is that most homes are selling for less than appraisal. In one example, a non short sale listing sold for 225k. However, the property could have appraised for 300k.

That means the short sale lender would never have approved it. This is why your agent needs to make sure the appraisal is accurate. There is nothing unethical or illegal about doing this. Let me explain why.

80% of the loans handled by big mortgage companies are actually owned by an investor. These front companies (such as Wells Fargo, Bank of America, SunTrust, or Chase) are acting as a "servic ...

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Tuesday, October 4, 2011   /   by Lynn Horner Baker

When A Bank Should Accept A Buyer's Offer To Buy A North Metro Atlanta Short Sale

North Metro Atlanta – A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan.

If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible.

So, a lender should accept an offer if it will net the most money.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The answer is that it is unlikely that any of that will happen.

Here is how we can assure the negotiator that the offer will net them the most money. Your only job is to prove that to the lender.

Do that by showing them that the property has been on the open market for 60-90 days. It is best to be able to show that the house was easy for buyers to see and other agents to show.

Explain the following to the lender’s negotiator, "As the listing agent selling the home you are an experienced agent. The house has been on ...

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Atlanta Fine Homes Sotheby's International Realty
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Atlanta, GA 30327
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