Gayle Barton has earned the Nationally recognized (SFR) Short Sales and Foreclosure Certification

Gayle Barton, a Realtor with BERKSHIRE HATHAWAY Georgia Properties in Blue Ridge, GA has earned the Nationally recognized Short Sales and Foreclosure Certification (SFR) from the Real Estate Buyer’s Agent Council of NAR. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the certification, she completed a one-day comprehensive classroom education program including passing a written test and three one hour webinars. The program provides resources to help stay current on national and state-specific information as the market for these distressed properties evolves.

Gayle will be contacting and assisting Fannin County lenders dealing with REO issues as well as homeowners facing foreclosure. She is also available to address the many Short Sale questions generally asked by cabin owners in distress, and to discuss options other than foreclosure.

Though the timeline related to the foreclosure process depends mainly on your lender, new programs were put in place on 4/5/10 so you may still be able to avoid foreclosure if you act immediately

If you would like to schedule a confidential consultation or proceed with the short sale of your home, please contact her by phone at 866-413-1781 or email gaylebarton@inbox.com.   **All communication will be held in strict confidence.

Guest writer - J. Byron Wyndham, Real Estate Attorney, blogs on “Short Sales”

Blue Ridge Georgia Real Estate is pleased to welcome guest blogger and local real estate attorney J. Byron Wyndham.  Today, Byron shares with us his perspectives on understanding the secret side of short sales.

Short Sales...Continued


We are seeing more and more “short sales” in recent transactions. With many homes being “underwater” (the outstanding mortgage is more than the home value) in order to sell the house, the owners are asking lenders to accept less than the outstanding loan balance to release the house from the lien of the loan.

The “catch” ? Many owners don’t realize that just because the lender agrees to accept less than the loan balance to release the lien, that does NOT relieve the owner (the maker under the Note) from the obligation to repay the balance of the loan. The lender may file suit against the owner/seller for the balance of the loan that was not paid at the short sale.

The owners may also not understand that their credit can be adversely affected by the short sale. Usually, by the time the seller/owner has requested the short sale, they have missed several payments and have accrued late charges. This will appear on their credit report. But the seller may think that by doing a short sale, at least the stigma of a foreclosure has been avoided. However, in a short sale situation, the lender may “write off” the loan. This write off will appear on the credit report as a negative credit factor.

What options does a seller have? The seller can request that the lender agree to accept the short sale balance in full satisfaction of the loan and that it be marked “paid in full” on the credit report. This will avoid the actions noted above. However, the lender is NOT required to agree to these terms. It is an affirmative request to avoid the negative affects of the short sale. Though the Lender does not have to agree to this, many lenders are trying to avoid foreclosures and having more real estate on their books. In order to have a smaller loss than what would happen in the case of a foreclosure, the Lender might agree to this scenario.

The bottom line-it doesn’t hurt to ask. All they can do is say No! But if they say Yes, the seller can realize the full benefits of a short sale. JBW



For more information about short sales or other real estate related matters, please visit his website or email him at jbwyndham@tds.net


J. Byron Wyndham
2460 E. First St. Suite B-6
Blue Ridge, GA 30513
706.258.6222






This North Georgia Real Estate blog is hosted by
Gayle Barton of BERKSHIRE HATHAWAY Georgia Properties  located in the quaint mountain town of Blue Ridge, GA.

Please feel free to call (866-413-1781) or drop me an email gaylebarton@tds.net if I can assist you with buying or selling your mountain home or property.

BLUE RIDGE, GA Real Estate Foreclosures Seem to be Slowing Down

People are constantly asking us for updates on the current real estate market and the overall economic climate in our area in general.

For the most part, this area has been suffering through the same economic downturn experienced by the rest of the country, but things may be changing for the better!

This article points to the first signs we've seen that the forelcosure crisis in our area may be on the mend.
This would be great news for the small local banks, the Realtors and the owners of "non-distressed" properties who have suffered as a result of the real estate market slide.

Below is a posting of a recent article from the News Observer (local Blue Ridge paper)


Real estate closings rise, foreclosures decline


BY DUB JOINER, STAFF WRITER

Monday, February 15, 2010 1:28 PM CST


Real estate closings are up and foreclosures are down slightly, according Multiple Listing Service statistics for Fannin County and from a check of legal foreclosure advertising over the past six months in The News Observer.

June Slusser, past president of the Northeast Georgia Board of Realtors, said the number of closings reported to the board through MLS listings has increased each month since last July compared to the same period last year.

“This is a wonderful trend and we are excited to see increases,” Slusser said.

She said the closing statistics includes both land and housing units, and most of the closings are in Fannin County.

Meanwhile, a check of the legal ads shows that the number of foreclosures has been dropping since November.

In August, there were 62 foreclosure ads. That number increased to 86 in September. The number dropped to 41 in October.  In November, there were 66 foreclosure ads, 55 ads in December and 51 in January.   The foreclosure ads include those for property and housing units.




I hope that this is not an anomaly, but a sign of better things to come!  I'll keep you updated as the story progresses.

This North Georgia Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY Georgia Properties  located in the quaint mountain town of Blue Ridge, GA.

Please feel free to call (866-413-1781) or drop me an email gaylebarton@inbox.com if I can assist you with buying or selling your mountain home or property.