Short Sale Agent in Atlanta, GA: Sell Before Foreclosure Takes the Home
We sell your home for less than you owe, with your lender's approval, so you can avoid a foreclosure sale.
My Short Sale Atlanta is a licensed real estate team that sells homes for less than the mortgage balance, with the lender's approval, so homeowners behind on payments can avoid a foreclosure sale. Your agent is Constance Boyce, REALTOR®, with 18 years in Atlanta real estate. Atlanta Communities, Georgia license #333626.
Is a short sale the right move for your Atlanta home?
A short sale is usually worth considering when you owe more than the home would sell for, you cannot catch up on payments, and you would rather sell than lose the home at auction. It is not right for everyone, and we will tell you when it is not.
Often a good fit if
- You have missed payments and received a notice from the lender or attorney
- The home would sell for less than you owe
- You have a hardship such as job loss, illness, divorce or a big rise in payments (see the reasons we see most)
- You want a sale on your record instead of a foreclosure
Probably not a fit if
- You have enough equity to sell the normal way and keep the difference
- You can afford a loan modification the lender has already offered
- Your home is currently listed with another real estate agent (we cannot solicit it)
- The auction is only days away and the lender has not received any package. Call anyway, but we will be honest about timing
Short sale and pre-foreclosure services in Atlanta
How a short sale works in Georgia, step by step
Georgia foreclosure sales are held on the first Tuesday of each month at the county courthouse (the Wednesday after, when that Tuesday is a holiday), so the calendar sets the pace. Here is the sequence we follow.
What does a short sale cost the homeowner?
In most short sales the homeowner pays nothing out of pocket for the agent, because the commission comes out of the sale proceeds and the lender approves it.
Timeline: a typical short sale takes 60 to 90 days from listing to closing, and the lender usually responds about 10 days after the listing is signed. Delays usually come from missing documents and second-lien holders.
Where we help homeowners with short sales
These are the metro Atlanta counties where short sales are happening, and where we work: Atlanta and 17 counties, from Fulton, DeKalb, Cobb and Gwinnett out to Cherokee, Henry, Spalding and Walton.
- Barrow County
- Bartow County
- Cherokee County
- Clayton County
- Cobb County
- DeKalb County
- Douglas County
- Fayette County
- Forsyth County
- Fulton County
- Gwinnett County
- Henry County
- Newton County
- Paulding County
- Rockdale County
- Spalding County
- Walton County
What we see on short sales across Metro Atlanta
The homes
There is no typical short sale house. We see every age and style across metro Atlanta, and every homeowner's situation is different. The common thread is affordability: the payment stopped being affordable.
Lenders and loans
Most of the loans we work are FHA. The servicers we deal with most are SPS, Wells Fargo, Chase and Bank of America, and how smoothly a file moves depends a lot on which person at the servicer you reach.
Second mortgages
About 35% of our short sales have a second mortgage. It can be held by anyone, sometimes the same lender as the first. Now and then a homeowner has kept the second current while falling behind on the first.
HOA dues
When HOA dues are delinquent, they have to be brought current at closing. The lender limits how much the HOA can collect, so the HOA usually does not get everything it asks for.
Sale dates and postponements
Georgia foreclosure sales are held on the first Tuesday of the month, or the Wednesday after when that Tuesday is a holiday. Most homeowners reach us about two weeks before the sale, so the first job is getting the sale postponed, and a signed purchase and sale contract is what usually makes that possible. The lender still decides.
Prices and approvals
Prices are falling, which makes approvals harder, and some lenders now order their own appraisal. The lender approves a price based on the home's market value, not on what is owed. What most often slows or sinks an approval is not the servicer but the investor that owns the loan and sets its rules.
Short sale questions homeowners ask us
Can a short sale stop my foreclosure in Georgia?
A short sale can stop a foreclosure only if the lender agrees to postpone the sale while it reviews your package, or if the home sells before the auction. We ask for postponements, but only the lender decides, and nobody can promise one.
How long does a short sale take?
Typically 60 to 90 days from listing to closing. The timeline depends on the lender, the number of liens and how quickly the paperwork arrives.
How does a short sale affect my credit?
A short sale is generally less damaging than a foreclosure, but it still affects your credit. The effect depends on your history and the lender's reporting. A mortgage lender can tell you how long you would wait to buy again.
Will I owe the difference after a short sale?
It depends on the lender's written terms. Some lenders release the remaining balance and some do not, and there can be tax consequences. Get the terms in writing and ask a tax professional. We are not tax or legal advisors.
What if my home is already listed with another agent?
Then we cannot contact you about it, and we will not. Work with your listing agent, or wait until the listing agreement ends.