As an agent who sells a lot of homes in East Cobb, I understand your frustration. Zillow's so called "Zestimates" are just a formula algorithm based on data collected from public sources.Atlanta, unlike other parts of the country, doesn't calculate primarily based on price per square foot, which in my opinion adds to the mystery values found on their website. Zillow has a web page disclosing the inaccuracy percentages at this location. Strangely, no one seems to know about it. I have buyers think that Zillow is actually right. Much like the previous poster said, Zestimates should be well ignored in Atlanta. http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htmOnly 30% of their zestimates are within 5% of the sales price.
I would reccommend you consult with your broker and attorney on this issue. Not being well versed on bankruptcy laws I don't feel comfortable answering the question. Not knowing your entire contract, your earnest money would normally be in jeopardy if you go past the due diligence period without an extension signed by both parties. You should really address these issues with your agent/attorney. Hopefully, you are using the services of a buyer representative agent.
The money you borrow on a mortgage is so cheap these days that it makes much more sense to have your down payment set aside first, then tackle the unsecured debt if the interest rate is much higher.You'll need 3.5% down on a house if you go with an FHA mortgage. I believe Georgia Dream has a no down payment loan, but Georgia Dream loans rarely close on time, so you'll need to be patient. Check to make sure. But even with the headaches, it's worth trying to do a Georgia Dream loan.If you're going to put down 20%, then you won't have to pay mortgage insurance. My advice is this: Less than 20% down? Tackle your other debts that have a higher interest rate. If you think you can get to 20% down in 6 months, then consider saving more for the down payment and have equity in your house and no PMI. Be sure to pick a quality real estate agent buy asking around or looking on Zillow for those with good ratings.