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Buying a short sale in Savannah GA, Potential vs Approved Short Sale: Do you know the difference?

Monica Spillane: Real Estate Agent in Savannah, GA

Buying a short sale in Savannah GA, Potential vs Approved Short Sale: Do you know the difference?


Many buyers looking for a great deal on a home in Savannah, Ga, often turn to short sales as an alternative to foreclosures. Depending on your needs and expectations, this can be a great idea. But if you don't know the difference between a potential vs approved short sale, it can be a truly frustrating experience. First, the definition of a short sale is a home that a seller is trying to sell for less than the current balance on his mortgage. There are two parts to the sale being successful, the seller being approved based upon his financial situation, and the price which is agreed upon, being approved by the lender.


What is the difference between a potential vs approved short sale?:


A potential short sale is one in which the seller has not been approved based upon financial hardship or the price that the home is listed for has not been approved by the lender. Sometimes both of these conditions have not been met. As soon as a seller requests a short sale, some of the larger lenders will order a Broker Price Opinion (similar to an appraisal), to get an idea of a reasonable expectation of what the home is worth. They then convey that information to the Listing agent so that the listing price can be adjusted accordingly. The lender may also request preliminary information from the seller, to assess their financial situation.


An approved short sale is one in which the seller has been approved based upon her hardship and the price that the lender is willing to accept has been agreed upon.


For a buyer, either one of these scenarios can result in a successful home buying experience, but there are two major difference between Potential vs Approved Short Sales:


1) Time- a potential short sale can take up to a year to get through the process. The lenders have made great strides recently in shortening the time to get through the process but is not unusual for it to be a six month ordeal.


2) Unfortunately, after waiting through all of it, the seller can be turned down. An approved short sale can usually close within 45 days of the lender approving the final negotiated price.


As a Realtor in Savannah, Ga, I have seen this process change, literally monthly. So now you are asking, "why buy a short sale ?" The lenders realize that it is in their best interest to negotiate with sellers before the foreclosure takes place. It costs the lender more money if the home goes into foreclosure. And from a buyer's standpoint, they will be able to find out information about the home from the seller. When the bank owns the home, there is no seller's disclosure, as the bank doesn't know anything about it. Also, the buyer can potentially incur additional costs as compared to a short sale, such as appliances, deferred maintenance and repairs.


I have experience representing both buyers and sellers of short sale homes in Savannah, Ga. To view homes that I have currently available in Savannah, Ga click here


I would love to assist you with the process of buying potential or approved short sale home in Savannah, Ga.Please contact me at 912-629-2700 or 912-657-1802.

Outstanding Home in The Landings (Savannah)

01-26-12
Don Callahan
Don Callahan: Real Estate Agent in Savannah, GA

JUST LISTED! Outstanding home in The Landings on Skidaway Island in Savannah, GA.

18 Black Hawk Trail -

This home is situated on a beautifully wooded lot in The Landings - one of Savannah's premiere gated, waterfront communities. At almost 2300 sq ft it features a spacious living room with fireplace and French doors leading to a rear deck. There is a cheery sunroom adjacent the living room and a separate dining room. The expansive kitchen boasts a breakfast area and pantry as well as stainless steel appliances throughout. There are three bedrooms and two full baths. The beautiful master suite presents trey ceilings, double vanities, ample closet space, and a separate garden tub and shower. The common areas of the home have hardwood flooring, bedrooms are carpeted. The two-car garage has ample room for a golf cart and has a family/bonus room above it. This is your chance to live in one of the nation's top-rated master planned communities featuring remarkable amenities including multiple golf courses, marinas, restaurants, tennis courts and more.

For More Information on this Landings home: http://www.buyorsellsavannahhomes.com/listing/mlsid/345/propertyid/94270/syndicated/1/cgltguid/192A4DFD-A13D-4C54-BA91-9B338E3FF0A0/?ts=crg

More on The Landings Community:

A celebrated master planned community, The Landings offers a wealth of amenities in a gated setting. Located on Skidaway Island just minutes from Downtown Savannah, the community boasts two deep water marinas, three tennis courts, six golf courses and a state-of-the-art fitness center. There are more than 40 miles of paved walking and biking trails and the community boasts its own dog park. The "neo" Low Country architecture is framed by a lush sub-tropical setting including marsh land and lagoons. Rated one of the "Top 100 Master Planned Communities" and a "Premier Golf Property" The Landings offers the peace and tranquility of a resort-like island setting with easy access to the entire greater Savannah area.

  • Gated
  • Golf, Golf, Golf
  • Deep water marina
  • World class amenities
  • Access to Downtown Savannah

For complete access to the Savannah MLS click here: http://www.buyorsellsavannahhomes.com/search/

Designer-Owned Townhouse on Chatham Square

01-24-12
Don Callahan
Don Callahan: Real Estate Agent in Savannah, GA

Front ExteriorJUST LISTED! - Designer-Owned Townhouse on Chatham Square

124 W. Taylor Street - Conveniently located on Chatham Square and within walking distance of all Downtown Savannah attractions; this stunning townhouse is rated "Notable" by the Historic Savannah Foundation. Original 1852 masonry construction in the distinctive Greek Revival architectural style. This three-story townhouse, with a traditional side hall plan, features abundant architectural details throughout and encompasses large rooms, high ceilings, original hardwood floors and six (6) fireplaces! Garden Apartment on the ground floor with Main House on upper two floors. Main house and rental unit have been meticulously renovated by award-winning designer and include features such as: GE 'Profile' kitchen in main house, Frigidaire 'Professional' line in garden level, both with granite counters. upscale Kohler and Glacier Bay faucets with Kohler fixtures throughout. New light fixtures and Lutron accessories throughout. New Atlantic 'Premium' exterior louvered shutters are handsome and operable. Sony 'Bravia' flat-screen televisions included. Townhouse sits on a deep lot with off-street parking and room for expansion. With a total of 3 bedrooms and 3 full baths in over 2600 sq ft this is designer-styled Savannah living at its very best.

For more information on this Chatham Square Home: http://www.buyorsellsavannahhomes.com/listing/mlsid/345/propertyid/93377/syndicated/1/cgltguid/063F7C9A-C5B9-4EB4-95B1-5F545DB90100/?ts=crg

More on Historic Downtown Savannah:
Savannah's founder, General James Oglethorpe, had already planned the layout of Downtown Savannah when he arrived here in 1733. His progressive ideology involved an interactive mix of architecture and green space with the intent of blending peoples from all walks of life.

Per his plans, Historic Downtown Savannah is a blend of stately homes and townhouses along with a stock of commercial spaces all centered around the original squares. The famous squares of downtown Savannah are lush green spaces shaded by magnificent live oaks dripping Spanish moss. Benches set beneath the trees allow visitors and residents alike to witness the blur of activity. From horse drawn carriage tours to darting bicycle messengers modern day Downtown Savannah is a unique microcosm that serves to confirm its founder's original intent as a vibrant urban melting pot.

Perhaps ironically, Georgia's First City is also home to the most cutting-edge art school in America, Savannah College of Art and Design. It has called downtown Savannah home for 30 years and has grown in prestige from oddball upstart status to international acclaim, all along keeping its feet firmly planted in the heart of the city.

For complete access to the Savannah MLS click here: http://www.buyorsellsavannahhomes.com/search/

Buying Your First Home in Coffee Pointe, GA

Monica Spillane: Real Estate Agent in Savannah, GA

Buying Your First Home in Coffee Pointe, GA

Buying Your First Home

Buying your first home is a big deal! Unlike renting a home, buying your first home is an investment, and therefor there is a lot of thought and consideration to put into your decision.

Coffee Pointe, GA is a fantastic place to consider when buying your first home due to it's ideal location and welcoming community.

Established in 2004, this gated community is one of a kind. The residents of this neighborhood redefine the meaning of community, providing a genuine feeling of belonging and acceptance. If living somewhere where neighbors easily become family appeals to you, then Coffee Pointe, GA is the place for you.

My name is Monica Spillane and I am a licensed real estate agent with Signature Properties Savannah and I specialize in first time home buyers and helping you in buying your first home.

I also happen to be a resident of Coffee Pointe, GA, and in my opinion, it's the perfect place to live. It's a great location, only 5 Buying Your First Homeminutes away from shopping and close to both Armstrong Atlantic State University and South University.

Buying a home can be scary, especially when you're buying your first home. That's why as your Realtor I will do everything in my power to make sure that you find an affordable home that satisfies all your needs.

I will listen to your individual needs and desires in buying your first home so that I can find exactly what it is you're looking for. As a Realtor it is my job to be able to efficiently answer any real estate questions you may have, and thanks to my vast understanding and experience in the real estate market and processes, I will confidently take on any challenge presented.

With my knowledge and your ideas, buying your first home will come easier than you expect!

4 bed/2.5 bath home, beautiful landscaping, and lots of space!

11-10-11
Randy Bocook
Randy Bocook: Real Estate Agent in Richmond Hill, GA

126 Willow Point-

Like-new 2-story in Willow Point, an easy drive to Tybee beach. Very open plan includes 4 beds/2.5 baths, master suite with walk-in closet, separate two-person shower, large kitchen with granite counters. Incredible landscaping!

126 Willow Point

To view pictures and learn more about this home, click the link below.

http://www.randybocook.com/Richmond_Hill_Ga,_Fort_Stewart,_Richmond_Hill_Georgia_listings/6F9B4BE0-9A36-0AA5-5785C25F9056CA2D.shtml