How long does a short sale take in Atlanta?
A typical short sale takes 60 to 90 days from listing to closing. On average, the lender responds about 10 days after the listing is signed. The lender's review is the slowest part. Missing documents, a second lien holder and a late hardship letter are common causes of delay, and the investor that owns the loan often has the final say.
What does a short sale cost me as the seller?
In most short sales the seller does not pay the agent out of pocket; the commission comes out of the proceeds the lender approves.
Short sale or foreclosure: what is different?
| Short sale | Foreclosure | |
|---|---|---|
| Who decides | You sell; the lender must approve | The lender sells at auction |
| Timing | Typically 60 to 90 days from listing to closing | Set by the notice and the first-Tuesday sale date |
| Credit effect | Generally less severe; depends on your history | Generally more severe |
| Remaining balance | Depends on the lender's written terms | Depends on Georgia law and the lender's actions; ask an attorney |
Who is a short sale not right for?
If you have enough equity to sell normally, or the lender has already approved a loan modification you can afford, a short sale is probably the wrong tool. If your home is listed with another agent, we cannot solicit you.
What we see on Atlanta short sales
- 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.
Last updated October 15, 2026 by Constance Boyce, REALTOR®, SFR®. General information, not legal or tax advice. We do not solicit properties listed with another agent.