Winter 2009/2010 Short Sale Update

My team is currently working several short sale files on behalf of our clients.  SunTrust Bank seems to be overwhelmed with short sale requests at this time.  A few files are taking more than 60 days from the date they were submitted just to have SunTrust order the BPO (their internal opinion on value).  Meanwhile, Bank of America (notoriously the worst bank) has launched their new online short sale tool.  It remains to be seen if there new system will speed up the short sale process.  One good thing is that this will save us Realtors hours on the phone just to check the status of a file.

If you are a homeowner and are facing financial hardship, a short sale maybe the answer.  One important point to remember is that if my team agrees to list your home and attempt a short sale with your lender(s), you are not obligated to pay us.  Our fee (commission) is paid for by the lender and taken account into the short sale request.  I most recently had a homeowner ask me if I would discount our commission.  The home is valued currently around $300,000 with total outstanding mortgages/liens of nearly $400,000.   Lenders are willing to pay realtor commissions because they understand the role we play in helping get a home sold before it becomes a foreclosed property.

Please feel free to call me directly at 404-372-8462 to discuss your options.