Short sales, the road less traveled. What is it? Who is affected?
- PATCH'S HOUSE & HOME
- Nancy Minor
Friday, December 7, 2012
As I write this article about short sales, I am doing so with fingers crossed. I have been waiting for about seven months for one of my short sale listings to close. The buyers have been very patient but they are beginning to get restless. This is the story of short sales and the road one must travel when doing a short sale. But first one may ask, “What is a short sale?” When the loan amount is higher than the market value of a home, the seller cam do a short sale with the lenders permission to sell the home at a loss to the lender. The lender agrees to take less than the buyer owes on their mortgage. This has been very common over the last few years and could continue to be a necessary influence on our marketplace for several years to …
Sales numbers plus facts about foreclosures.
The market remains consistant with June. On a positive note showing activity has picked up in all price ranges. Offers are coming in and homes are selling in Peachtree Corners. July is typically a good month for real estate sales in the area and this year was no exception. Homes from the spring and summer markets that are under contract are closing at this time of the year. As you can see from the chart, there is constant activity throughout the year. So if you, as a buyer or seller missed the spring or summer market it certainly does not mean you should wait on the side lines until next year to buy or sell. Buyers are out there and needless to say there is an abundance of inventory. The number of homes currently on the market in Peachtree…