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Short Sale Specialist – Georgia FAQ

Short Sale Specialist

Are you looking around the internet on how to avoid foreclosure or how to do a short or you simply have questions regarding what to do in the middle of your hardship.

As the Atlanta Short Sale Specialist, we created this site to walk you through the process of dealing with a financial hardship as it relates to your home.   We are the premiere short sale real estate agents in the state of Georgia and no one can come close to what we do.   Your search didn’t include us so…

Before we get into that, let us answer some questions and give you some information about short sales.

What is a Short Sale?

Simply put, a Short Sale is the term that describes what happens during a sale in which the bank is owed more than the balance of the loan of the home. Or rather bank agrees to allow the home to be sold for less than what is owed (AKA “Short Sale”).

Basically, the bank is agreeing to take less money for what is owed on the loan.

How do I qualify for a short sale?

It’s not hard to qualify for a short sale. In fact, we had one client joke that everyone who is selling is either a bank or a short seller. The only requirement is that you have little to no equity in the home and are not able to sell it to pay off your current debt.

If you owe more against your home than it is currently worth and want or need to sell it but can’t or won’t bring cash to closing to make up the difference between what you owe and what your home is worth, then you most likely qualify for a short sale.

Why Would A Bank Agree To A Short Sale?

Foreclosures are everywhere in Georgia. Banks are looking for any way they can to decrease the amount of loss due to these foreclosures.

Basically, it is much more cost effective for a bank to do a short sale rather than a foreclosure.

Banks have the added cost of owning homes that are largely targets of vandalism, insurance on the home a duty (that they don’t always uphold) to maintain the property and other costs.  In addition, foreclosures typically sell for less than short sales.

The truth of the matter is that a bank can minimize their loss by 10%, 20% even 30% in a short sale over a foreclosure.

How Soon Should I Start Working on a Short Sale?

This is a hard question, not because of the answer but rather it’s hard for most people to accept the reality of losing something as meaningful as a home until, it’s too late.

As soon as you know you can no longer afford the home or as soon as you need to move from a home that has no equity, you should start the short sale process with us, the Atlanta Short Sale Specialist.

How Can I Get Started?

Simply fill out the form below and The Jarvis Team (Atlanta’s Certified Short Sale Specialist) walk you through the whole short sale process.

If I have received a Foreclosure Notice is it too late?

The short answer is no.  It’s never too late.

Foreclosure notices come in different flavors.  If you get the kind that says, “we’re foreclosing on you on the first Tuesday of the month.”  Then you need to hustle.  In fact, for the clients that Short Sale Specialist work with in that scenario, it’s more effective for you to be the one uploading and begging for an extension.


Most lenders will postpone the foreclosure if there is a good reason.  Like an offer, or it’s your first time.  Contact us today as soon as possible to get the ball rolling.

Which Banks Do You Work With?

All of them.  We don’t like working with all of them, but there are no banks that we “turn down” short sales from. We wouldn’t be called short sale specialist if we said no to a specific bank.

What Are the Tax Ramifications of Doing A Short Sale?

There’s a long explanation as to why there are typically no tax consequences. Here’s the cliff notes.

Due to the mortgage debt forgiveness act of 2007 (extended to 2013) if you short sale your primary residence then you would have no obligations to the taxes.  If you are an investor the answer is usually the same, except you could be liable.  The determining factors become how the debt gets “forgiven,” and if they “forgive” the debt at all.

Before making your final decision, first consult a CPA or Tax Preparer.

Or you could just listen to the expert!

What’s the Difference Between A Short Sale and Foreclosure (Short Sale VS Foreclosure)?

Let’s answer that in reverse.

A foreclosure last for 5 years on your credit and is devastating to your actual score.  In addition, you are putting the control in the hands of the bank and have no protection if they decide to come after you for the difference.

Short sales on the other hand offer the best alternative (aside from selling your home outright).  They are only on your credit for 2 years, you suffer less damage to the overall score and in the process of mitigation we normally get your debts completely forgiven.

What About Those Postcards or Yellow Letter I received About Someone Buying My House?

We have a word for what these so called investors are pulling. “SCAM”  We have a high success rate of closing over 90% of  our short sales.  The top 3 reasons we lose them to foreclosure include our seller’s being taken by a supposed investor that never actually closes.


Get Started Today with a True Short Sale Specialist Real Estate Agent