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Robin Roberts
Cell: 843-602-4501
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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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Featured Communities

North Myrtle Beach Area | Windy Hill

North Myrtle Beach Area | Windy Hill :  North Myrtle Beach Area | Windy Hill
Contact Michael King about North Myrtle Beach Area | Windy Hill . Located on a 7 1/2 acre "island" between the Atlantic Ocean and White Point Swash, and providing a magnificent oceanfront presence, The Towers and North Beach Plantation provide for a rising masterpiece. One that is enveloped by a spectacular 2 1/2 a...

Mariners Point

Mariners Point :  Little River Area | North Of Hwy 9
Contact Michael King about Mariners Point . Little River's Hidden Treasure! Magnificent live oaks greet you at the entrance of Mariner's Pointe situated along the Intracoastal Waterway in Little River, SC. This charming Nantucket style condominium community surrounds a 116 slip private mar...
 Search MLS: Little River

Chapel Ridge

Chapel Ridge:  Myrtle Beach Area | South Of 544 and West Of 17 Bypass M.I. Horry County
Contact Michael King about Chapel Ridge. One half acre homesites located behind St. James High School, one of the finest school districts in Horry County. Homesites from $65,000. Homes from the $190s....


Michael King •  KingOne Properties •  843.497.9100
9713 North Kings Highway, Suite 203 • Myrtle Beach, SC 29572
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