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Old 01-12-2009, 02:42 PM
 
Location: Originally from Cali relocated to Inman Park/Old 4th Ward/Westside Atlanta
987 posts, read 3,912,422 times
Reputation: 352

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Me and my brother are interested in purchasing a certain property that is in pre-foreclosure/short sale status and wanted to be put in contact with an agent(s) who specializes or who is familiar with the nuances of these type of transactions.

If anyone knows anyone who could help please Private Message me asap. Thanks!
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Old 01-12-2009, 06:10 PM
 
1,755 posts, read 5,682,958 times
Reputation: 556
I don't think agents really specialize in foreclosure/short sales etc, as they usually don't get comp'd as much. I know the short sale we just bid on has been a PITA, but we knew that getting into it. The selling agent and our agent would each only get 2.5% instead of the normal 3%. And the prices is 45% of the what it was originally trying to sell for.
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Old 01-12-2009, 06:52 PM
 
81 posts, read 292,917 times
Reputation: 36
Wow, gt...if they can be that picky about doing a deal, then they're not living in the same world the rest of us are living in.....

Congrats to them!
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Old 03-02-2009, 07:01 PM
 
5 posts, read 17,498 times
Reputation: 10
Default Short sale or deed in lieu?

Due to my transfer to Texas, I've had my Atlanta 5 bd+21/2 ba, plus office, sunroom and lake in the back of this professionally decorated 2 story home on the market with a 30K decrease. It is now at $179K. I'm now considering either a short sale or a deed in lieu. Do I need an real estate attorney or can a realtor who specializes in Pre-Forclosures help me.
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Old 03-03-2009, 03:21 PM
 
Location: City of Milton
63 posts, read 212,814 times
Reputation: 17
We do a lot of work with foreclosures and short sales so here is some advice for you - Short Sales can be tricky, most of the time the lender will not consider one unless you have fallen behind on your payments. You will need to contact you lender and explain your situation and that you would like them to consider a short sale. They will have you fill out a ton of paperwork and explain your "hardship" scenario. First get them home listed, A Agent will need to give a BPO (Broker Price Opinion) to the bank and the bank will also order one (or several) BPO's as well. Once this is complete they will give you the amount they are willing to sell the home for. This whole process can take several months, don;t be surprised to call and find out the bank didn't get your paperwork and you may need to resend several times. If you are working with a good agent who understnad the process you can give the bank a letter that give your Realtor apporval to talk to them on your behalf. Hope that helps! Please feel free to pm me if you have any questions!
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Old 03-17-2009, 11:54 AM
 
5 posts, read 17,498 times
Reputation: 10
Thank you so much for your response. I've decided to go with the Deed In Lieu. I can't take this stress associated with this property.
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