The economic downturn has hurt the real estate market in Georgia especially hard. According to RealtyTrac®, a provider of foreclosure trends and data, Georgia ranked fifth in the United States with 28,608 properties with Foreclosure Filings during the First Quarter of 2009. The organization, ShortSaleGA.com, was created in 2008 to give Georgians a viable alternative to foreclosure.
In March 2009 Georgia had over 13,000 properties with foreclosure filings, an increase of 31% from February 2009 and 20% from March 2008. Many of these foreclosure filings could be avoided through the short sale process. A short sale occurs when ShortSaleGa.com negotiates with a lender to accept less than the mortgage amount when a property is sold. A foreclosure is costly for a lender and they have a serious incentive to avoid it.
ShortSaleGA.com offers a full service product by selling the home and working directly with the homeowner’s lender/mortgage company on the seller’s behalf at no cost to them. The lender pays the real estate agent’s commission.
Since 2008, ShortSaleGA.com has developed the reputation of being the leader in the Georgia market of short sales. They have sold many houses using the short sale process and have started consulting other realty groups on how to sell their listings as short sales. Matthew Sipera, President of ShortSaleGA.com, talks about the benefit of real estate short sales and the contribution his organization is making in Georgia. “The number of foreclosures in Georgia is staggering. In 2008 we saw the advantages that short sales give to the home owner, buyer, and lender and knew that we could help homeowners avoid foreclosure and save their credit. A short sale is extremely time consuming and involves intense negotiations, but it usually leads to a win-win situation for all parties. Other realtors have noticed and we are very happy to pass on our knowledge. Our experience with short sales is unparalleled in Georgia. Through our education program we can make a bigger impact and help even more home owners in our community.”
