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Buyers | Foreclosure VS. Shortsale Share


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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Socastee

Socastee :  Myrtle Beach Area | Socastee
Contact Michael King about Socastee . Socastee is an unincorporated community along the Atlantic Intracoastal Waterway, stretching from Murrells Inlet on the East to the Waccamaw River on the West, and from the Holmestown Road and Bay Road on the South to SC Highways 544 and 137 (Forestb...

 

Michael King •  KingOne Properties •  843.497.9100
9713 North Kings Highway, Suite 203 • Myrtle Beach, SC 29572
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KingOne Services | Myrtle Beach, SC | About KingOne Properties | Area Golf Course Map | Buyers | Are You Buying a House or a Home? | Buyers | Determining Your Offer Price | Buyers | Foreclosure VS. Shortsale | Buyers | Now Is The Time To Buy A Vacation Home For Retirement | Buyers | Things Not to Do Before Purchasing a Home | Cabo Riviera - Los Cabos, Mexico | Cabo Riviera Site Map | Fort Lauderdale, FL | Great Things About Myrtle Beach | Myrtle Beach Attractions | Myrtle Beach Named One of the Ten Hottest Vacation Real Estate Markets | New Test Page 3 | Saint Martin / Saint Maarten Island, Caribbean | Sellers | Real Property vs. Personal Property | Sellers | What is a Short Sale? | Toronto - Ontario, Canada | Why List With Us |