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!
Prince George River:
Pawleys Island Area
Contact Michael King about Prince George River. Prince George, a unspoiled, 1,900-acre, gated community in Pawleys Island SC, extends across highway 17 and consist of an ocean community and a riverfront community. Comprised of former ricefields and abandoned hunting estates, the landscape is etche...
Inlet Marsh Estate:
Murrells Inlet | Georgetown County
Contact Michael King about Inlet Marsh Estate. A quaint enclave of homes and homesites right on the creek and marsh. This is Murrells Inlet at its finest! Creek front homesites available from $289,900. Minutes to many seafood restaurants and the popular Marshwalk. Close to marinas, championship...
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Myrtle Beach Area | Carolina Forest:
Myrtle Beach Area | Carolina Forest
Contact Michael King about Myrtle Beach Area | Carolina Forest. For those who love golf, there are three courses to satisfy any golfer’s desire at Carolina Forest. The Man O’ War Golf Club is integrated with an attractive 100-acre lake. The lake features many islands, finger lagoons, inlets and tributaries, all l...
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