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Brandon Arnette
Cell: (843) 251-4926
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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

Murrells Inlet - Georgetown County

Murrells Inlet - Georgetown County:  Murrells Inlet | Georgetown County
Contact Michael King about Murrells Inlet - Georgetown County. Business Highway 17 runs through the heart of this old fishing village, lined on the east by aromatic tidal and salt marsh creeks. The otherwise fast-paced thoroughfare meanders under ancient oaks by numerous unique seafood restaurants, ranging from ...
 Search MLS: Murrells Inlet

Spring Lake

Spring Lake:  Myrtle Beach Area | Carolina Forest
Contact Michael King about Spring Lake. SPRINGLAKE is a gorgous community of homes located amongst the Carolina Forest area of Myrtle Beach, SC and one of the first & original custom home communities within Carolina Forest which began the craze for Myrtle Beach Real Estate. Located just of...

Garden City Beach

Garden City Beach :  Garden City Mainland and Pennisula
Contact Michael King about Garden City Beach . Garden City Beach is located directly south of Surfside Beach and ends on a peninsula at the mouth of Murrells Inlet. A place where you can get away from it all. Enjoy South Carolina's beautiful beaches, amusement parks and the Pier at Garden City ...


Michael King •  KingOne Properties •  843.497.9100 • 866.361.9100
9713 North Kings Highway, Suite 203 • Myrtle Beach, SC 29572
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