A lender in Georgia has the right to start foreclosure proceedings as soon as a homeowner fails to make a single mortgage payment. However, this is doesn't mean that the home is going to be taken back. A homeowner has the option of selling the property or asking the lender to agree to a short sale. If an individual owes less on the mortgage than the home is worth, it can generally be sold like any other property.
Deciding what to do with the family home during a divorce may be difficult for many Georgia residents. In many cases, each party in a divorce has different ideas about what should happen to the home. However, one of the most popular options is to sell the home and split the proceeds between the two former spouses. In order to do this successfully, it will be necessary for both parties to work with one another.
Many homeowners are surprised at the amount of effort it takes to sell a home in Georgia. Some are shocked when their homes sit on the market for months or when their home sells for less than market value. However, by following a few guidelines, homeowners can sell their homes quickly and for over market value.
In real estate, a short sale is when a homeowner sells their property for less than what they owe on the mortgage. The word "short" comes from the idea that the seller is short on the cash needed to pay off their loan. While these types of sales spike during bad economic times, especially the last housing crash around 2008, they tend to be rare in Georgia when the economy is growing and housing prices are rising.
The late spring and early summer is traditionally the busiest home-selling season in Georgia and around the country, but the winter months are no longer as slow in the real estate business as they once were. A shortage of inventory has made the residential real estate market extremely competitive in recent years, and buyers looking for a bargain seem willing to venture out in poor weather if it means finding a good deal.
When buying a foreclosed home in Georgia, it is important to know as much about the property as possible. In most cases, a buyer will acquire the property in an as-is condition. This means that the buyer assumes responsibility for any upgrades or other work that needs to be done on it. It is possible that the previous owner of the property intentionally damaged it just prior to being forced to leave.
Georgia residents may believe that it is a good idea to buy a home with a friend or sibling. However, there are issues to consider before signing an agreement to purchase real estate with other people. For example, creditors could put liens on the home if another person in the group is past due on a loan payment or tax bill. Furthermore, everyone in the group should be realistic about how much they can afford to pay.
Georgia residents may believe that they need to put 20 percent down to buy a house. However, there are loan options available that allow a person to buy a home with a lower down payment. According to a U.S. Mortgage Insurers study, the median down payment in 2017 was only 10 percent. The Realtors Confidence Index Survey from November 2017 found that 61 percent of first-time buyers made a down payment of 6 percent or less.
Georgia homeowners generally want to get the most from their properties when it comes time to sell. While some factors influencing a home's value are not in their control, there are several ways to get a higher price. For instance, a homeowner can improve the home's curb appeal by planting flowers or painting the front door. By making the outside look nice, buyers are more likely to want to see what's inside as well.
Only 15.9 percent of homes that were flipped in the first quarter of 2018 were sold to those who bought them with Federal Housing Administration loans. That is the lowest rate in the last 10 years. Rising home prices are one of the reasons why first-time buyers in Georgia and elsewhere are not buying flipped properties. The median price of a flipped property was $215,000 through the first three months of 2018.