Short Sale Track Record
March 16, 2012 by Matt Newman · Leave a Comment
Matt Newman and the Newman Property Group have been successfully closing on short sales since 2007 in Metro Atlanta. Bank of America, Chase, Citi, SunTrust, Regions, RBC, and Wells Fargo are just a few of the mortgage lenders who have approved short sales for our clients. In some cases, the difference between the amount owed and the amount accepted by the lender has exceeded $600,000. Most of our clients have been able to re-establish themselves financially since their sales.
Some of our successful short sales:
150 Stone Pond Lane, Alpharetta, GA 30022
2034 Valley Brook Way, Atlanta, GA 30319
2919 Skyland Drive NE, Atlanta, GA 303 41
3324 Peachtree Road NE Unit 1512, Atlanta, GA 30326
3468 Dunlin Shore Court, Norcross, GA 30092
350 Chelsey Court, Alpharetta, GA 30044
4052 Statewood Road, Atlanta, GA30342
5301 Westchester Ridge, Atlanta, GA 30329
6050 Grand View Way, Suwanee, GA 30024
7025 Dressage Way, Cumming, GA 30040
9375 Stoney Ridge Lane, Johns Creek, GA 30022
103 Grandmar Chase, Canton, GA 30116
1258 North Coleman Road, Roswell, GA 30075
1660 Cobble Creek Way, Cumming, GA 30041
2725 Ivy Brook Lane, Buford, GA 30519
If you or anyone you know is facing a financial hardship or is being faced with having to sell for less than they owe, please contact Matt and the Newman Property Group today at 678-250-4500 for a free consultation.
Short or Stay Calculator
February 24, 2012 by Matt Newman · Leave a Comment
Short or Stay Atlanta Calculator
We are pleased to announce our new “short or stay calculator” (www.ShortorStayAtlanta.com) for the Atlanta Metro Area. This powerful tool will help you evaluate your current situation in regards to how much you owe versus the estimated current value of your home. This tool should just be used as a guide and should never replace the assessment given by a professional. For a free/no-risk consultation, please call 678-250-4500 to schedule an appointment.
Georgia Short Sales in 2012
January 23, 2012 by Matt Newman · Leave a Comment
The real estate market in the north Atlanta area is showing some signs of balance. That being said, we have seen prices slide fairly consistently since our peak in the summer of 2007. The Case-Shiller Home Price index (all of metro Atlanta) shows our market has dropped more than 33% since the peak in July 2007. Even with the market showing signs of stabilization, or slight improvement, we on average have seen prices return to those not seen since the late 1990s. These market facts mean a high percentage of homeowners are underwater (owe more than their home is presently worth).
With such a high percentage of homes underwater, homeowners who find themselves needing to sell are left with only a few options. In many cases the dollar amounts needed to sell far exceed what most homeowners have available. This very fact is what I feel is actually going to help stabilize our market. Many are just opting not to sell at these price levels which is greatly reducing inventory in many local areas. The problem arises when a homeowner does not have this option available to them. Perhaps they are forced to relocate due to a job change, family change, or some other reason that leaves them no choice. One solution which many opt for are to lease their homes. While this may work for some, it may not for others. Many HOAs in our market place limitations on rental properties. That forces a seller/homeowner to find an alternative that will allow them to move on. The solution: “short sale”.
Since short sales have become so popular in the Atlanta market in recent years, most homeowners are aware of what they are. What they are not aware of are the many details that one involves. I just want to address one detail or issue that might have an impact on the number of short sales in our market in 2012.
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation was passed in 2007 and it generally allows taxpayers to exclude income from the discharge of debt on their principal residence. For full details on the Act please visit the IRS web page. Since we are not tax professionals, you must contact your CPA to find out more information and how it may apply to your specific situation. The point I would like to highlight is that without an extension on this act, short selling a primary residence after 2012 might have additional tax consequences that will have to be factored into a homeowners decision.
What this means for our market is that unless there is a move to extend this act by our government officials, we might see a flood of new short sale listings hit the market before the end of the year. If you find yourself in this position and would like more information, call us today at 678-250-4500.
Short Tips June 2011
June 7, 2011 by Matt Newman · Leave a Comment
Short sales continue to dominate our market with more and more homeowners facing the reality of owing more than their home is currently worth. Right now I am working with sellers on short sales with SunTrust, CitiMortgage, Bank of America, Chase and Wells Fargo. Overall, the processing of short sales seems to be taking less time from start to finish. Both Wells Fargo and Bank of America are using an on-line transaction management system/software to manage the short sale process.
The thing to remember is that no two short sales are exactly alike. There are many moving parts to a short sale and understanding how each piece impacts the deal is crucial to success. Here are some things to keep in mind when it comes to short sales.
1.) If you live in a condo or town home community, you must continue to pay your HOA dues. More and more lenders and investors are not willing to pay these expenses as part of the short sale. Further more, many HOAs have language that allows them to personally pursue you legally for back HOA dues. While some HOAs might take a settlement, getting a lender to pay them as part of the short sale might a huge roadblock in trying to navigate the short sale process.
2.) Have your financial documents in order and ready for your agent/attorney to submit to the lender. Many short sales drag out because these required documents are not submitted in a timely fashion or are not complete. All lenders have what are called gatekeepers that screen short sale requests for all required documents before the file actually moves along to the phase where someone that has authority to approve a short is actually assigned to your file. When lenders ask for 2 years of tax returns, make sure you have signed the signature pages. With most homeowners filing electronic tax returns, they never had to sign the signature pages. Every lender wants to see your signature on these documents. Also, when they ask for 2 months of back statements, be sure to include the most recent two months and include EVERY page even the blank ones. These statements are numbered and if page 8 of 8 is not included, that could delay moving along in the process.
3.) If you do not have one of the lender required documents for some reason, like a paystub because you are unemployed, provide a letter of explanation in place of why the requested document is missing.
These are just a few of the tips to follow when attempting a short sale. To learn more about the process of short sales, contact one of our short sale specialists today at 678-250-4500.
CitiMortgage and Keller Williams Partner on Short Sales
June 2, 2011 by Matt Newman · Leave a Comment
CitiMortgage
This is great news if you are a homeowner who is facing a hardship and has their mortgages through CitiBank or CitiMortgage. Any agent listed on the CitiMortgage letter will have completed a minimum of 3 short sales.
If you are someone you know is facing financial hardship, owes more than their home is worth, and needs to sell, please have them call us today at 678-250-4500. We have experience and success working with almost EVERY lender including Bank of America, Chase, CitiMortgage, SunTrust, BB&T, Regions, RBC, Wells Fargo, GMAC, and more.
