"Short Sales" are becoming more and more common in the Augusta Real Estate market. A short sale is the sale of real estate when the value of the property is less than the amount of the mortgage and any other debts on the property. Short sales are completed as an alternative to foreclosure. While they can potentially have negative impacts on the homeowner's credit, this negative impact is typically much less than the results of foreclosure.
The property owner or borrower must present their financial hardship to their lender which should include a written statement explaining why they need to short sale the property and copies of tax returns and bank statements to demonstrate their lack of financial ability to keep the property. Additionally, the property owner's real estate agent should send the lender a market analysis of the property to confirm the value of the property.
The short sale approval process can take as little as a few weeks or up to a few months, just depending on the bank. Over the past year, the process has become much more streamlined and typically happens in a reasonable amount of time.
For buyers, the short sales can offer an opportunity to purchase a property at a great price. The purchases do require some patience as again they do take some time.
Here is an up to date list of Augusta area short sales.
If you are interested in a short sale as either a seller or a buyer, Andy Ackerman has successfully negotiated many short sale transactions and can help you determine if a short sale is right for you. Call Andy at 706-254-2322
Short Sale Testimonial: In 2009 my family and I received military orders to a different state. We owned a home in our previous state and buying was to our gain in our new state. We tried to sell our previous home with several different real estate agents. We had no success. In 2011 we went with Andy Ackerman. We decided to do a short sale. Within a few months our family was down a mortgage and back on our financial track. Andy worked with us when we could not be present. He is flexible, professional, knowledgeable, and someone our family hopes to do business with again. I recommend him to anyone I know looking to buy or sell!
-Hermie and Lauren Ilagan, U.S. Navy Active Duty