Get the Facts about Mortgage Short Sales
If you are a landlord who is facing foreclosure on a real estate investment, you may want to find a short sale real estate company in Atlanta and discuss a mortgage short sale as an alternative. In a mortgage short sale, a lender may discount the remaining amount due on a defaulted loan. This can be far more advantageous to the borrower than a foreclosure.
You may be eligible for a short sale if you are unable to refinance your mortgage, if you are experiencing extreme hardship, if your remaining loan amount is more than the home is worth, or if you have been unable to sell the home. Watch this video to learn more about short sales and how they work.
How to Sell Your House Quickly /h1>
Selling your home can be a smooth and successful process with the right strategy. This video provides tips on how to sell your home within a short period of time. Talk to your real estate agent about setting a competitive price that will bring in buyers and interest quickly. Make sure your home is clean and in good repair. Reducing interior clutter will help buyers visualize your home as their own. During open house events, let your real estate agent do the work—he will know how to handle interested parties without over- or underselling your home.
If you need to sell your home quickly, you’ll need the help of an experienced real estate company serving Atlanta . Your real estate agent will help you develop the perfect strategy to attract interested buyers while garnering you the sale price you deserve.
Tenant Screening Tips
If you rent out real estate in Atlanta, you probably know that screening your potential tenants prior to renting to them can afford you a lot of peace of mind. There are many risks that come with renting to people you haven’t fully vetted, such as damage to your property, loss of rent, and the added hassle and expense of legal fees associated with evictions and lawsuits. Luckily, there are a number of things that you can do to protect your investment and yourself from harm.
Always Use a Rental Application
You can find various rental applications online, or you can create a specialized one for your property. A good rental application asks for basic verifiable information for each person who will be renting from you, such as name, current address and phone number, employer, current and former landlords, employment and banking information, and personal references. If you allow pets in your rental properties, you will also want detailed information on the number, type, and breed of pets owned by the applicants. Verify all of this information by calling the applicants’ employers, references, and landlords.
Run a Background Check and Credit Check
You can check the applicants’ credit reports through one of the three credit reporting agencies. If an applicant is in major debt or has a history of paying bills late, he or she will likely not be a responsible tenant. Running basic background checks will provide you with the applicants’ criminal records and inform you if an applicant has ever been evicted. You can also find out if an applicant has filed for bankruptcy or has been sued by bill collectors or previous landlords.
Consider Using a Property Management Company
A property management company can be of great assistance to a landlord who lives far away from his or her rental properties or who simply doesn’t have the time necessary to conduct proper tenant screenings. A residential property management company will help you find and screen tenants, manage lease agreements, and handle maintenance issues and evictions.
An Essential Guide to Renting Your Home
In today’s housing market, more homeowners are choosing to reap the benefits of renting their home. Renting your home rather than selling it allows you to maintain ownership of the property without shouldering the burden of paying for it alone. If you are considering becoming a landlord in Atlanta, the help of a qualified rental property management agency can help you throughout this process.
Update and Clean
An updated, clean environment is not only safer for future tenants, it is more appealing as well. Offering a desirable living space will help you attract interested tenants quickly so you can rent out your home without a long waiting period. An updated interior can also allow you to ask for a higher rent based on your upgrades and amenities. Keep in mind that your home will likely require a safety inspection before you can put it up for rent. You’ll need to make sure your home meets all safety regulations, including fireproofing and electrical safety standards.
Seek Property Management Assistance
A qualified real estate agency serving Atlanta can also help you manage your property. Real estate agents specializing in property management offer services such as tenant screening, property maintenance management, and more. This means your renters will go through your real estate agent rather than contacting you directly with their needs. Having a trusted professional managing your rental property and directing calls to you only when necessary will reduce the amount of time and effort it takes to rent your home. Additionally, a real estate agent can help you determine the right amount of rent to charge based on your home and your area. Renting your home can be a great choice, whether you need to move quickly or simply don’t want to sell your property. Working with an Atlanta-area rental property management agency is a great way to receive professional help and advice to ensure you enjoy your experience as a landlord.
Explaining Deficiency Balance
If you own commercial or residential real estate near Atlanta , you may have taken out a loan to initially pay for the real estate. If you put up collateral with the loan and then default, and the collateral is sold for less than the outstanding balance, the remaining amount owed is the deficiency balance.
A lender can sue a borrower over a deficiency balance, though that doesn’t mean they will. The purpose of the lawsuit is to recoup the lender’s losses, so if the deficiency balance is low, it generally isn’t worth the time and money to pursue a lawsuit. Defending yourself against a lawsuit brought against you due to a deficiency balance can be difficult and costly. Oftentimes, your only defense will be the discovery of an error in the original loan process.
If you know your real estate investment will soon be repossessed, you can avoid a deficiency balance by asking the lender to reinstate your contract so you can sell the property yourself with help from a short sale realtor. This may help you avoid having a deficiency balance.
A short sale occurs when a homeowner owes more on their loan than a property is worth. In this situation, a short sale real estate agent will talk to the lender to try to get them to accept a lesser amount to close the property.
In many cases, banks agree to short sales to avoid the process of foreclosure. These sales can also help banks retain properties without ending up with deferred maintenance. Check out this video to learn more about short sales.
If you are in a tricky financial situation, it might be time to short sell your home. Find a real estate agent serving Atlanta so you can figure out the best way to sell your property and start improving your finances.
Deciding Whether a Short Sale is Right for You
Short selling a property helps you get rid of it quickly so you can avoid further mortgage payments and move on to the next phase of your life. Use this guide to decide if you should start the process of finding a short sale real estate agent so you can find a buyer fast:
You Can No Longer Afford Your Mortgage Rates
If your adjustable-rate mortgage has suddenly expanded out of your financial reach, a short sale can help you get back on your feet. The real estate agent will work with you to sell your home for less money than you owe on your mortgage and the money from the sale goes directly to the lender. In many cases, the lender will forgive the difference that you owe. If the lender does not forgive the remaining amount, you must pay it.
Your House is Worth Less than Your Mortgage
Sometimes homeowners have no choice but to sell their homes. If you have to sell your home but it is currently valued less than the mortgage, a short sale might be your best option to avoid foreclosure. Talk to a real estate agent about your current situation and he or she will help you decide if the short sale option is the right one for you.
Your Financial Situation Has Changed
Whether you lost your job or are facing high medical costs after an accident, if you can no longer afford your monthly mortgage payments, short selling can help you avoid further financial peril. Find a reputable real estate company to help you sell the home before your financial situation gets any worse.
When you work with a real estate company in Atlanta when you need to short sell a property, you get a caseworker assigned specifically to your case. You can also work with a buyer’s agent, a closing coordinator, and the billing department to ensure that everything goes smoothly and you can sell the property as quickly as possible.
Property Management Services from Realty 1st
Realty 1 st is dedicated to bringing you real estate agents and rental property management services that can help you with every aspect of buying, selling, and owning a home. If you are looking to rent out your home, our property management makes it easier than ever to find quality tenants and to keep them happy in your house.
With these services, you can find a manager for single-family homes or apartment buildings. Our rental property management services can also serve as a liaison between you and your tenants so all of their complaints and maintenance issues are handled smoothly. We can even find tenants for you, take care of property maintenance, and handle evictions so you do not have to do it.
Whether you are looking for someone to manage your rental property or you want to completely sell it, Realty 1 st has some of the most respectable and hardworking real estate agents in Atlanta. Turn to us to handle your property issues so you do not have to get as involved in the process.
How To Rent Out Your Home
If now is not the time to sell your home, you might want to consider renting it out. With the help of a rental property management company, you can find renters for your home who can help supplement your income. Use the following tips to successfully rent out your space:
Find a Quality Real Estate Company
The first step toward successfully renting out your home is to find a real estate company to handle all of the legal aspects of the transaction. You can retain ownership of your property and leave them to handle the logistics of the rental. It is up to you to decide how much of the rental process the company takes on. If you prefer, they can completely deal with the tenants so all you have to worry about is how much you want to charge for the rental.
Clean Up the Property
If you want to get your asking price for your rental, you have to make sure it looks the part. Spend some time cleaning out the property so it looks its best. If you are renting out a furnished place, make sure the furniture is in the best condition and that all of the accessories work well together. The better the interior looks, the faster you can rent out the property.
Decide on a Maintenance Plan
As a landlord, it is your responsibility to ensure that nothing goes wrong on your property. To do this, you must set up a maintenance plan. Whether you want to handle the repairs on your own or you want to leave it to the rental property management company, it is important to decide before you find a renter to live in your home.
Working with a real estate company in Atlanta helps you figure out the best way to rent a property. Once you make a connection with a reputable company, they can continue to help you for as long as you want to rent out the home. If you ever decide to sell it, you can easily find a real estate agent with which to work.
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