Atlanta Realtor Closes Another Bank Of America Short Sale In Dekalb County, Georgia

Caroline Simmons helps South Dekalb Family avoid Foreclosure by closing a Bank Of America Short Sale saving the homeowners 53% of the original purchase price. End Quote

Atlanta, GA (1888PressRelease) March 25, 2012 - REALTOR® and Associate Broker Caroline Simmons, a top Atlanta Short Sale Specialist under the brokerage Keller Williams Realty Atlanta Classic, has put together a comprehensive Atlanta Short Sale System for sellers.

Homeowners who are facing Atlanta foreclosure can request a consultation with an Atlanta Short Sale Specialist to discuss all the available options and determine the right one to fit their immediate needs. In addition, Caroline Simmons has created a custom hardship package allowing the homeowner to complete the documents required by the bank to ease the process. Although Caroline Simmons never encourages an Atlanta Short Sale, many homeowners in Dekalb and surrounding areas are facing true hardships that force them to attempt a Short Sale rather than face Atlanta Foreclosure.

Caroline Simmons just closed a Short Sale in south Dekalb county with Bank of America for a property located on Lake Edge Circle in Conley, GA. Bank of America was the only lien holder with Fannie Mae as the investor. The property was originally listed and appraised for $184,900. The original appraisal expired and due to the declining market in the area was relisted and sold for $175,000 where the purchaser paid with an 95% conventional mortgage and received 3% (or $5,250) in closing costs from Bank of America in this short sale. The Seller received an approval letter with no deficiency language, meaning they do not have to repay the remaining balance of the loan saving the homeowners over $150,000 or 53% of the original purchase price.

"Our short sale team is extremely skilled, experienced and determined. Although we had the additional challenge of a previous bankruptcy filing, we were able to move the short sale through Bank of America's extensive pipeline, negotiate with Fannie Mae and get it closed," said Simmons. "The Seller and Buyer were extremely patient and cooperative and in the end, it paid off!"

The property, which was originally built and purchased in April of 2007 for $330,000 and features 4,197 square feet of living space including 7 bedrooms, 5 baths and a custom finished third floor, was under contract in 7 days with approval obtained in 26 days of reapplication and closed 38 days later!

Lien Holders / Investor: Bank of America / Fannie Mae
Mortgage Type: Conventional
Seller Cash Contribution: $0.00
Deficiency Balance: WAIVED!
List Price: $175,000.00
Sales Price: $175,000.00
Closing Costs: $5,250.00 (3%)
Offers Negotiated: 1
Days on Market: 7
Days to Approval: 26
Days to Close: 38

"There are more than 3,500 homes in Dekalb County alone that are in danger of foreclosing. It is happening in all price range," says Simmons. "Even higher-priced, luxury homes are not immune to this real estate crisis. As national job losses have mounted and real estate prices have come down, more distressed properties are surfacing all over Dekalb county."

REALTORS® such as Caroline Simmons with the CDPE (Certified Distressed Property Expert) designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts better understand market conditions and can help sellers through the emotional experience.

"I work with sellers and provide them with someone who understands the stress of the situation in the first person. It is so rewarding to be able to help sellers save their homes from foreclosure." Contact Caroline Simmons for assistance to those needing to know their options or going through foreclosure at 404.564.9600.

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