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Buyers | Foreclosure VS. Shortsale
It’s definitely a “buyer’s market” right now, and every buyer wants a deal! Deals are certainly available and most of them can be found as a short sale or a foreclosure. But what is the difference between the two, and which is best for you?
A short sale happens when the lender is shorted on a mortgage and in order to make up for that default, the lender is willing to accept less than the actual amount due. With short sales, the lenders approve all purchase offers.
Lenders are often letting short sale homes go from 10-20% less than their current market value. Not at all basing their decisions on the original purchase price. The downside is that short sales take some time to negotiate with the bank. This process could take a few months, so short sales are great for people that are not looking to close on a property right away.
Foreclosures or bank owned properties are often sold at a greater discount than short sales and are ideal for people with larger down payments. Foreclosures are perfect for investors, and the condition of the home should be less important to a buyer wishing to purchase a bank owned property. Because there is no owner involved in the sale, it is possible that the property would need more updates and repairs than a short sale.
Both present good investment opportunities, but it is important to be patient with your purchase. Negotiating with lenders takes time, but if you wait it out you could get your dream home at a dream price!
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Murrells Inlet: Murrells Inlet
Murrells Inlet is a small fishing town in Georgetown County, South Carolina, United States that is considered to be the "Seafood Capital of South Carolina". The population was 5,519 at the 2000 census. It was once primarily a fishing village, but has... More On This Community
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Michael King •
KingOne Properties •
866-361-9100
9713 North Kings Highway, Suite 203 • Myrtle Beach,
SC 29572
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