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!
Pawleys Island Area
Contact Michael King about Hagley Estates. Hagley Estates is one of the few ungated residential communities on the Waccamaw Neck. Ideally located in Pawleys Island, South Carolina, Hagley is 10 miles north of Georgetown, the quaintly historic county seat, and 25 miles south of the bustling c...
Search MLS: Hagley Estates
Edgewater at Barefoot Resort
North Myrtle Beach Area | Barefoot Resort
Contact Michael King about Edgewater at Barefoot Resort
. Edgewater in Barefoot Resort is an upscale, gated, secured entry buildings overlooking ICW and/or golf course, private clubhouse with kitchen, fireplace, fitness facility, WiFi. Pool overlooking Intracoastal Waterway and day docks. Parking garage f...
North Myrtle Beach Area | Ocean Drive
Contact Michael King about Belle Grove. Bellegrove is a pretty community of homes located within Carolina Forest. It offers easy access to Highway 31, Highway 501, and International Drive/Grissom Parkway which makes it convenient to all Myrtle Beach attractions. Belle Grove is less than 5 ...