1613 Hickory Cove Court, NW

SALES Information:

Address: 1613 Hickory Cove Court, NW, Acworth, GA 30102

Subdivision: Hickory Chase

County: Cobb

List Price: $175,00

Year Built: 1993

Directions: I-75 N to Exit Wade Green Road. Turn LT. LT Hickory Grove. 1st RT. Hickory Grove Chase. LT into subdivision. LT. Hickory Grove Court. Home in cul-dep-sac.

Bedrooms: Upper -4, Main-0, Lower-1

Bathrooms: Upper -3 , Main – 1/2 Lower – 1/2

Basement: with Bath

Lot size: Under 1/3 acre

Lot Description: Cul-De-Sac, Level, Level Driveway, Private, Wooded

Type: 2 story Traditional

Schools: Pitner Elementary, Palmer Middle, North Cobb High School

Summary:

Descriptive Information: Needs a little TLC and priced accordingly. Great location. Convenient to everything. 4 bedrooms plus 3 full baths upstairs. Full basement offers 1 large room (2nd family room), one bedroom (or media room) and 90% completed full bath. Large, fully fenced, wooded, private cul-de-sac lot. Very large home. Motivated seller. Will go fast.

Parking: 2 Car Garage, Attached, Kitchen Level

Road: Paved, public maintained

Setting: Subdivision

Fireplace:  In Great Room/Family Room, factory built

Interior Features: Disp Attic Stairs, Double Vnty Other, Entrance Foyer, High Speed Internet Available, Other

Rooms: Family Room, Bonus Room, Media Room, Separate Living Room

Master Bath Features: Double Vanity, Tub/Shower Combo

Kitchen Features: Breakfast Area, Breakfast Bar, Cabinets Stain, Counter Top – Solid Surface, Pantry

Appliances: Dishwasher, Garbage Disposal, Gas Ovn/Rng/Ctop, Gas Water Heater, Microwave, Refrigerator, Self-Clean Oven

Dining Room: Separate Dining Room

Laundry: Laundry Room Upstairs

Additional Features:

Exterior Features: Deck, Fenced Yard, Front Porch, Garden Area, Other

Heating/Cooling: Forced Air Gas, Central Electric Air, Ceiling Fans

Sewer Description: Public Sewer

Neighborhood Amenities: Cable TV Available, Homeowner’s Association, Playground, Sidewalk, Street Lights, Swimming Pools, Tennis Lighted, Underground Utilities, Walk to Schools

Homeowners Association: No

 

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Facing Foreclosure? A short sell is your best option

In today’s volatile economy and seemingly unstable real estate market, thousands of homeowners are faced with the stark realization that they can no longer afford to keep their mortgage payments current. It is important for home owners that are faced with losing their home to become educated on options outside of foreclosure and bankruptcy. If you qualify, a short sell is the best option for an individual facing foreclosure. 

What is a short sale?

A short sell is when a lender agrees to accept less than the total amount that the home owner owes. For example, if you bought a home for 250,000 dollars and can no longer afford the mortgage payments, the lender may allow you to sell the home for 150,000 dollars and forgive you the 100,000 difference.

 

Credit Consequences: Short Sale vs. Foreclosure

The credit consequences of a short sale and foreclosure vary a great deal. In general, a short sale will show up on your credit report as a “settlement”, “settlement for less than owed” or a “pre-foreclosure in redemption.” None of these marks is a good thing to have on your credit report; however, it’s possible to have these marks removed from your credit report within a few years. A short sale can drop your credit score between 80-100 points. There is also the possibility that through negotiation with the lender you can avoid having the short sale reported to a credit agency. On the other hand, a foreclosure on your credit report can take 7-10 years to remove and can cost your credit rating (FICO) between 200-300 points which is an devastating to your credit score. If you are faced with losing your home, it is imperative that you pursue a short sale aggressively and avoid foreclosure.

Why is a short sell a great option if you are facing foreclosure?

A short sale is the best option for someone facing imminent foreclosure for many reasons, including:

  • While a short sale will damage your credit score, it does not wreck havoc on your credit score like a foreclosure will.
  • A short sale’s impact on your credit score will only stay on your record for a few years, as opposed to 7 to 10 years with a foreclosure.
  • One of the biggest benefits to a “short sell” is that the seller can continue to live in the property while not making payments until the property sells.
  • If you short sale your home, you can qualify to purchase another home within a few years. This is not the case if you go into foreclosure.

 

Hiring a REALTOR® that is knowledgeable and experienced in short sales is crucial

 

Paige Slyman has extensive experience in guiding sellers in the short sale process. He is an industry leader in terms of knowledge in real estate legal and accounting trends regarding short sales. His real estate know how allows him to guide his clients through the short sale process and ensure that sale goes smoothly. Clients can be assured that all while working with Paige, they are protected as much as they can be under current real estate laws and accounting regulations.

 

Mortgage debt relief act 2011 and 2007

Creditors are required to file a  Form 1099-C whenever it forgives or cancels a loan balance greater than $600, under federal law. This could possibly create a tax liability for a person doing a short sale because the canceled debt is considered “income” for tax purposes.

 

However, sellers completing a short sale will be pleased to know that “The Mortgage Forgiveness Debt Relief Act of 2007” provides tax relief for some mortgage loans forgiven in 2007 through 2012. The act allows home owners going through a short sale to exclude income from the discharge of debt on their principal residence. The amount of debt forgiven must be reported on Form 982 and this form must be attached to the seller’s tax return.

In closing, if you are faced with losing your home, it is crucial that you research all of your options and contact an experienced and knowledgeable REALTOR®. Paige Slyman is an expert in assisting clients with minimizing the financial impact of losing a home and giving his clients the tools to rebuild their lives.   

Give us a call at 770.405.0100 x 222 or email us at slymanfamily@comcast.net.

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Facing Foreclosure? (Part 3)

This week we will describe who may qualify for a short sale as well as the benefits of said short sale for the homeowner as well as the lender.

A homeowner qualifies for a short sale when a viable hardship can be proven. Common examples include:

• Loss of Employment

• Reduced Income

• Business Failure

• Severe Illness

• Death of a Spouse or Wage Earner

• Damage to Property

• Divorce

• Relocation

• Military Service

• Payment Increase / Mortgage Adjustment

• Separation

• Too Much Debt

There are many other reasonable hardships, these are only a few of the most common issues.

Now that you know what may qualify you for a short sale, you should know the benefits to you, as well as your lender. This will help you understand why the lenders are much happier with this option versus having to foreclose on your home.

Benefits to Sellers:

• Seller avoids foreclosure

• Avoid just “walking away” and letting a house foreclose

• Seller can continue to live in the property while not making payments

• Lender pays all real estate commissions

• Property is priced competitively and reduces days on market for selling

Benefits to Lender:

• Lender avoids foreclosure

• Lender avoids foreclosures fees, etc.

• Lender avoids having to rehab property

• Lender can sell property for more during a short sale than a foreclosure

• Property is priced correctly and SOLD in a timely manner

Hopefully this has helped you decide to try for a short sale as it is deifinitely the best option when facing foreclosure, for the homeowner and the lenders.

If you are facing what seems to be an imminent foreclosure in the following months, you should call Paige Slyman today at (770)-757-7671. He specializes in short sales, which is exactly what we’re talking about.  He can, and will help you escape from foreclosure.

For other bits of information related to real estate, like us on Facebook, follow us on Twitter, and connect with us on LinkedIn.

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Facing Foreclosure? (Part 2)

In our last post we explained what a short sale is. This post is aimed at informing everyone of the steps that are taken in order to complete a short sale and what documents are needed in order to complete these steps. We don’t feel the need to throw in all kinds of confusing mumbo jumbo, because confusion doesn’t help anyone. So we’ll keep it short and sweet. Here it goes…

What needs to be done to complete a short sale?

•   Hire Paige Slyman to market & sell your property

•   Complete financial packet provided

•   Market home for sale / prepare for showings

•   Once contract is received, agent will forward to lender

•   Lender orders appraisal

•   Negotiator approves or declines short sale

•   Approval letter is issued (if applicable)

•   Closing

What documents do you need to gather to get this done?

•   Two months checking and savings account statements (all borrowers if separate)

•   Two months other account statements (all borrowers if separate)

•   Last two paycheck stubs

•   Two years tax returns

•   IRS Form 4506 request for copy of tax return

•   Hardship letter (See example below)

•   Financial worksheet

 

 

 

 

 

 

 

 

 

 

If you are facing what seems to be an imminent foreclosure in the following weeks, you should call Paige Slyman today at (770)-757-7671. He specializes in short sales, which is exactly what we’re talking about.  He can, and will help you escape from foreclosure.

For other bits of information, like us on Facebook, follow us on Twitter, and connect with us on LinkedIn.

 

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Facing foreclosure? Don’t be ashamed; we are here to help.

Today in America 1 out of every 6 homeowners are behind on their mortgage payments. The economy is rough and managing money is no easy task. That being said, it is very important that you know exactly what your options are. The foreclosure that seems so imminent can be avoided, and your credit can end up much better off!

The next number of blogs will be featuring a series of posts that go much deeper into this subject. They will explain what will help you avoid foreclosure. This series will sum up what exactly they are, what requirements need to be met in order to escape a foreclosure this way, as well as elaborate on how a short sale can help you.

What is a short sale? Well, in short, a short sale is when the lender, or lenders, you owe agree to accept less than what is owed by the homeowner. In most cases, the difference is forgiven by the lender, and in others the homeowner must be able to make arrangements with the lender to settle the remainder of the debt.

If you are facing what seems to be an imminent foreclosure in the following weeks, you should call Paige Slyman today at (770)-757-7671. He specializes in short sales, which is exactly what we’re talking about.  He can, and will help you escape from foreclosure.

For other bits of information, like us on Facebook, follow us on Twitter, and connect with us on LinkedIn.

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