How does a SHORT SALE work in Georgia?
A conversation with Brad Woodall and Attorney Josh Rand
Brad Woodall: Short sales were once common, especially during the housing crisis in 2007-2009. But with homeowners having more equity in their homes today, they’re less frequent. Josh, you’ve handled many short sales in the past. How often have you seen banks reject a short sale offer?
Josh Rand: Short sales are unique situations where the home’s value is less than the mortgage balance, leaving homeowners in a tough spot. Short sales offer a potential solution by allowing the bank to accept less than what’s owed on the property. However, this process can be challenging, as dealing with banks often is.
Brad Woodall: You have to be diligent and provide extensive information to the lender, but there’s no guarantee they’ll approve the short sale. Additionally, the bank might agree to a lower sale price but require you to continue paying on the mortgage through a promissory note.
Josh Rand: That’s right, Brad. It’s crucial to consider whether you want to be completely free of the mortgage after the sale.
Brad Woodall: You might not be off the hook for the remaining balance. Ultimately, the bank’s approval is key, and the process can take 30 to 60 days or even longer.
Josh Rand: Absolutely. If you’re considering a short sale, contacting your bank early is essential because they don’t always move quickly.
Brad Woodall: Thanks for watching! If you have a property you’d like to sell, I’m a licensed real estate agent in Georgia and can help you list it. If you prefer a fast cash offer, we buy properties as-is. Or, if you need legal advice, Josh can assist you. Fill out the form below, and we’ll be in touch soon.