Health & Fitness
Short Sale Abundant in Lawrenceville
Lawrenceville short sales more common now than non-distressed homes. Is this the sign of a revitalization?
As bad as the real estate market seems at the moment, at the close of the 2nd quarter (June 2011), distressed sales in the Metro Atlanta market were down by 16% from last June 2010. Though this is not very apparent in Lawrenceville, that is the case as a generalization.
However, looking at Lawrenceville solely, the market is still holding close to 7 months of inventory with the median sales price being between $50k - 99k.
Short sales seem to be the norm rather than not in Lawrenceville.
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A short sale takes place when the home's value is less than what is owed on the mortgage. Now, that is only a detail and one factor regarding a short sale. There must be a hardship such as financial, medical or personal. Many people seem to think that a short sale is a "piece of cake" but the reality is that what I like people to know is that when considering a short sale, you must be willing to be "transparent". You are to provide the Realtor and the lender, with all your personal information such as financials, bank statements, tax returns,etc and you must do so often (usually monthly until closing).
Why short sale, you may ask? Well, a short sale is a much better option than the alternative , foreclosure. The deficiency is usually forgiven and often times, the seller may even be provided some compensation from the financial institution for "Keeping up" the property. If you would like further understanding of why short sales are definitely a better alternative to foreclosure, contact me here.
Find out what's happening in Lawrencevillewith free, real-time updates from Patch.
I remember 20 years ago, when I first became a Realtor in Miami, FL, a foreclosure always meant that there would be no fixtures, often times, not even flooring. Since short sales became more common. the condition of the distressed homes has improved because in a short sale, the homeowner must still "maintain" the property.
Finding a home in Lawrenceville, that is not a distressed property is not an easy task anymore. The good news is that I believe that perhaps this is an indication of homes being more affordable and therefore, less homes will be vacant. Eventually, I hope this will be a sign of a Lawrenceville revitalization.
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