Local Real Estate Comments and Ramblings

head_left_image

My first "Short Sale" 2003

2003 and it was my 1st "Short Sale"

It was back in 2003 and I had been licensed for maybe a year. I was still on a team (although I use the word loosely).  Short sales were not unheard of then but they were nowhere near as common as they are today. Some old friends of mine had hit hard times and needed to sell or be foreclosed. They had refinanced their home AND taken out a second mortgage. They owed $135,000 and the very highest comp in the neighborhood had recently sold for $132,000.  That was for a home in good condition.  This one needed some TLC.

Yes, they were friends of mine, but since I was newly licensed they had called some other agents first.  For some reason nobody would list it.  

In retrospect there were a few things working in our favor to get this done.  Even though there was a 2nd mortgage, the sale price of $109,000 would pay the 1st and leave about $5000 for the second.  So the second at least got something out of the deal.  We also had a very well qualified and very patient buyer.

We got the home under contract and I got the neccesary permissions from the seller to contact the lenders. Oh my, I just was not prepared for what I was in for.

Lender told me we need a BPO.  

me:A what?

lender:Broker Price Opinion.

me: I'm only an agent, not a broker.  How can I do that?  Yes, I really said it :-)

lender:We need a HUD closing statement.  

me: How can we prepare a HUD when we don't have a payoff?

OK, we were also fortunate that the loss mitigator was helpful and patient :-)

Somehow or another, we muddled through it and got to closing.  The house sold for $109,000.  The first mortgage got paid in full.  The second got their $5000 or so.  The seller avoided foreclosure and the buyer got a good deal on a solid home.  Woohooo! I lived through my 1st short sale.  My team lead made most of the commission and I got a real good education.
*************

Postscript- A few years later after I had left the team and gone out on my own, I was driving down the street and saw a "For Sale by Owner" sign.   Yes, I made the call! Hello Mr. homeowner...remember me?  I got the listing, sold the house, and got a real nice referral letter.

Are you underwater on your home? Behind on payments?  Has your listing expired with another agent?  I sell the homes that the other agents can't (or won't) sell!  If you want serious marketing and exposure for your home to get it sold fast, even in today's market, give me a call or email!  I'm always here to help.

Marietta, Kennesaw, Acworth, Powder Springs, Smyrna, Cobb, Roswell, Sandy Springs, North Fulton, Cherokee, Bartow, Paulding, Douglas, Short sale, expired, 

*****

 

 


Bob Southard
Broker - Owner  Atlas Realty Service LLC #75911
1% Listing Commissionand BuyerRebates

www.1PercentListingSolution.com

O:678-439-SOLD(7653)

CALL ME DIRECT: 770-656-9134

Buy a home, Sell a home, in Powder Springs, Marietta, Kennesaw, Acworth, Smyrna, Dallas, Hiram,and Cobb, Paulding, Douglas, North Fulton, South Cherokee, County, Ga. Call me for all of your real estate needs.

Visit my website

www.AgentBobSells.com

 

bob@agentbobsells.com

Call me for all of your Real Estate needs

678-439-7653

Copyright © 2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018 By Bob Southard, All Rights Reserved

 

 

Comment balloon 4 commentsBob Southard • March 18 2010 09:29AM
My first "Short Sale" 2003
share
2003 and it was my 1st "Short Sale" It was back in 2003 and I had been licensed for maybe a year. I was still on a team (although I use the word loosely). Short sales were not unheard of then but they were nowhere near as common as they… more
Humor-What Is Generation Y??
share
Humor-What Is Generation Y?? Well, I've always wondered about this myself.. & now I know. People born before 1946 were called The Silent generation The Baby Boomers are people born between 1946 and 1959. Generation X are… more
Short Sale? Consider your credit.
share
Do you need to sell your home for less than what is owed? This is possible to do and it can be a good alternative to foreclosure or simply mailing the house keys to the lender. With a short … more
St. Paddy's day joke…
share
What's green and irish and sits outside all night? * * * * * Patty O'furniture. Happy St. Patty's day! more
Georgia Hud Homes
share
HUD Homes in Georgia The U. S. Department of Housing and Urban Development (HUD) oversees the Federal Housing Administration (FHA). Whenever an FHA insured loan is foreclosed it becomes a "HUD home". In the arena of foreclosures, HUD… more
The "Move Over" Law
share
Move over Law There is a new traffic law that everybody should be aware of. : If a patrol car is pulled over to the side of the road with their lights flashing, you have to move to the next lane (away from the stopped vehicle) or slow down to 20… more
It's Good To Be #1!
share
The sales results are in for 2009! Once again, Solid Source is the top performing Real Estate office in Atlanta. There a lot of different reasons for this but one thing is certain… It… more
Just listed 4805 W. Village Way, #1404, Smyrna Ga.
share
4805 W. Village Way unit 1404, Smyrna, Ga. 30080 This is a great short sale bargain in a fantastic Smyrna location. Located right at 285 and Atlanta road, this condo is convenient to… more
Kennesaw Ga. - Honest car repair!
share
Kennesaw Ga. - Honest Car repair at Rapid Rotation! Honest car repair shops are few and far between. A few years ago I was having problems getting my car… more
Foreclosure, short sale, loan mod or bankruptcy? What's a seller to do?
share
Foreclosure, bankruptcy, short sale, or loan mod? Distressed home owners here in Georgia, or anywhere else for that matter, have many choices to make. Some of those may involve us as real estate professionals. However some do not. We… more
It's Official, the New Good Faith Estimate Hurts the Consumer and the…
share
Larry Bettag, an Illinois FHA specialist, wrote this great article on the new good faith estimate that is required for new loans. It seems that like many government programs, the intent is good but the result is a mess. The end result… more
Online tax revolt and march on Washington
share
Do think our tax system needs an overhaul? Join the online tax revolt. It is a virtual march on Washington that will culminate with a live event. Signing up easy. Give your name and email address, pick an avatar, pick a team. That's it! Then… more
How can a Pre-Listing Inspection Help You Sell Your Home? Here's a…
share
Why do a prelisting home inspection? Here is a great post from Sheree Wilkerson in Wichita Kansas. It has several great points for dooing a home inpsection prior to listing it for sale. This is something that I have been encouraging sellers… more
Chef Mac, cooking up even more!
share
Chef Mac, cooking it up again! I have had a couple of posts before about my friend and Powder Springs neighbor, Chef Rian MacDonald. Here is a recent feature in Living in… more
It's a flyer, it's a sign, flyersign?
share
Its a sign, its a flyer, its always there! I got tired of always filling up flyer boxes, owners calling because the box was empty, flyers get all wet, yucky and crinkly, etc. I think I saw this idea on ActiveRain and I liked it. I had the flyer… more
Daytona, scariest thing I ever saw!
share
Daytona Racing, scariest thing I ever saw… Whenever Daytona 500 time rolls around I remember this one. Here is a slide show video of a fiery crash in the Daytona 500 consolation race… more
Alexander Farms, Marietta, Ga
share
Neighborhood blog plus evaluation Subdivision search blog Alexander Farms subdivision, Marietta Ga., West Cobb Alexander Farms subdivision, Marietta … more
Bill Cosby, 200 MPH! Its a real car
share
Bill Cosby - 200MPH, It's a real car Bill Cosby did a really funny routine about a car that Carroll Shelby Gave him. What a lot of people don't know is that it really happened and it was a real car! It was a 427 Cobra souped up with not 1, but 2,… more
After foreclosure, Do I still owe any money?
share
After foreclosure or short sale in Georgia, Do I still owe any money? After foreclosure or short sale in Georgia, Do I still owe any money? Believe it or not the answer may be yes! Georgia is one of over 30 states that does allow the lender to… more
Cobb County Ga, Code Red Alerts
share
Cobb County Ga. - Code Red Alerts Marietta, Kennesaw, Acworth, Smyrna, Austell, Mableton, Powder Springs Cobb county has a system set up so that you can receive emergency alert … more