Homeowners in Georgia may experience difficulty making payments on their mortgages. At this point, it may make sense to sell the home and get out from the expensive home loan. The good news is that an individual can generally sell the home even if he or she is behind on the mortgage. As long as the lender hasn't foreclosed on the home, the current owner can still attempt to sell and use the proceeds to satisfy the loan balance.
In recent years, sellers have generally had the upper hand in the housing market in Georgia and many other parts of the country. However, 2019 is shaping up to be a year in which buyers may be gaining back some leverage. According to Redfin, only 13 percent of homes had multiple offers made on them in January.
Georgia residents who are about to close on a home purchase shouldn't feel comfortable until the transaction is official. This is because there are many issues that could arise before that happens. For instance, the bank might only agree to lend up to the home's appraised value. In some cases, this can be less than what the seller wants for the property. The bank may also refuse to pay for a home if there are problems with a mortgage application.