Generalities on Atlanta Short Sales:
#1 rule for Atlanta Short Sales: Patience, patience, and more patience.
No matter how many pages of documents you are required to fill out, initial, and/or date and sign, if you want the bank to even consider your offer, Nike - Just do it, don't question it. The entire contract should include ALL paperwork (and some may come later), a copy of your earnest money check, a letter from your lender or a letter from your bank if you are paying cash. If you pile on the special stipulations, ask for closing costs, give a distant closing date, or don't want the property sold in strictly "as is" condition, your chances of consideration are between slim and none.
The term "time is of the essence" will take on new meaning. The bank will want you to jump when they say and then take weeks to get back to you. No rhyme, no reason. While the bank may have given themselves the ability to move the closing date, they will have a "take no prisoners" attitude should you want to change the closing date for any reason, valid to you or not. Let your attorney tear the addenda apart at $200 per hour, send your changes to the bank and kiss the property goodbye.
Don't be under the assumption that a given foreclosure is the deal of a lifetime, most especially if there are two mortgages on the property. I had lunch with a colleague yesterday who is in her 18th month on a short sale (notice it's not "quick sale"). There's a primary and secondary mortgage and neither bank can agree on anything at the same time. The other side of the coin-if you are willing to do all those repairs to the roof, systems, updating-you might want to look at a great deal with a builder or home listed at fair market value.
There's always that allure of "let's wait and see how far the bank will drop the price." You'd be surprised at how long banks will hold on. Other buyers may say, "let's offer half price and see what the bank says." The bank will issue a resounding "NO!" or merely ignore your offer if the pricing is at market. As the price may drop in the event the market price in the area drops, the powers that be at the bank already have the math figured out.
The coup de grâce - all sides are seemingly settled in, all's right with the world and another offer comes in.
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