Short Sale Completed - Another East Atlanta Home Sold By Michael Neville & Associates

Well, After 3 other agents failed to sell 2141 Stockbridge Drive Atlanta, GA 30316 in the East Atlanta neighborhood I received a call from the Seller saying she was frustrated and didn't know what to do with the Short Sale process.

After a quick Q & A session it became clear to me that the Seller had not been dealing with serious agents committed to the process, no intimate knowledge of the neighborhood (1 of them lived over an hour away!!), or experience in knowing how to successfully navigate a short sale of this type.

Every Short Sale is different. You must determine how many loans are outstanding on the property, is there mortgage insurance involved, are there additional liens (tax, credit card, judgments, etc.) that have been levied on the property. Is the Seller current or behind on payments, how inverted are they (beyond certain thresholds it becomes next to impossible to get the short sale approved). What assets does the seller have, extenuating circumstances, etc.

After determining those factors it was within reason that this property could have a decent chance of being approved for short sale. This involved nearly 6 months of contact & negotiation with the Seller's bank, multiple appraisals ordered by that bank, and multiple offers coming in on the property.

The property eventually sold for $262,000 - nearly $90,000 LESS than it previously sold for only a few years ago.

It is an incredible value - almost brand new construction 4 bedroom/3 bath with 2 car drive under garage in EAST ATLANTA!!!! That's a serious steal since many 3/2 renovations are selling for the same exact price range (250k-275K) with no garage and about half the square footage!!!!

It was a win-win, the Seller was able to get out of an incredibly challenging personal situation that involved far more than merely the mortgage on her home & move forward to the next chapter of her life, while the Buyer got an incredible deal and the neighborhood avoided having a foreclosure negatively impact the quality and value of the immediately surrounding homes to a far greater degree.

To see the level of relief & appreciation from the Seller was truly a blessing - all she could say is "I wish I found you a year ago." She's now referring me friends, family members, and colleagues who are facing similar situations of inverted values, adjustable rate mortgages, job loss, divorce, and medical issues that are making the monthly mortgage payments impossible burdens.

The fact is short sales are here to stay for quite some time & that this route is far more beneficial to stabilizing home values and protecting people's credit than foreclosure. The key is to having an experience realtor who knows how to properly navigate/problem solve in the ever-changing world of short sale negotiations.

The craziest thing is that 90% of all foreclosures were never marketed for sale prior to foreclosure - meaning people either didn't know they had options or weren't connected to a realtor knowledgable enough to serve as their advocate. So if you or anyone you know is in need of a realtor who can succeed at selling a short sale in the Metro Atlanta area - please let contact me & I'll take it from there.

Michael Neville

404-310-8364

Mike@LiveInAtlantaGA.com

www.LiveInAtlantaGA.com

Keller Williams Realty Atlanta Midtown