Myrtle Beach Foreclosures and Short Sales
The new buzz word lately has been short sells. However with the market the way it is it looks like this is going to be a word we will the hearing in the news for a while.
A short sale is when the bank allows the property owner to sell their property for less than what the balance of the mortgage is. Often time this can be benificial and can save the homeowner from going completly into foreclosure. It can also allow the owner to negoiate any deficiantcy before the property sells.
Short selling a property may be a great thing for the seller however it might not be so good for the buyer. Depending on what the buyers time frame is they might want to avoid short sale properties. Often times the bank can take 90 days or more to even give an answer to your property. This can be devestating if you are looking at doing a 1031 exchange.
Normally once you make an offer and the bank responds you have to make sure all lien holders are going to be happy with the contract offer. Sometimes you can spend months waiting on a response from the bank, only to find out there is a second mortgage that is not going to accept the offer. The ofcourse if the property is a Myrtle Beach Condo you might also have to negoiate unpaid assessments and Home owners fees.
This is just a few of the reason it is important to use an experienced real estate agent when buying a Myrtle Beach Foreclosure or doing a short sale.
For more information visit us at Myrtle Beach Foreclosures and short sales
A short sale is when the bank allows the property owner to sell their property for less than what the balance of the mortgage is. Often time this can be benificial and can save the homeowner from going completly into foreclosure. It can also allow the owner to negoiate any deficiantcy before the property sells.
Short selling a property may be a great thing for the seller however it might not be so good for the buyer. Depending on what the buyers time frame is they might want to avoid short sale properties. Often times the bank can take 90 days or more to even give an answer to your property. This can be devestating if you are looking at doing a 1031 exchange.
Normally once you make an offer and the bank responds you have to make sure all lien holders are going to be happy with the contract offer. Sometimes you can spend months waiting on a response from the bank, only to find out there is a second mortgage that is not going to accept the offer. The ofcourse if the property is a Myrtle Beach Condo you might also have to negoiate unpaid assessments and Home owners fees.
This is just a few of the reason it is important to use an experienced real estate agent when buying a Myrtle Beach Foreclosure or doing a short sale.
For more information visit us at Myrtle Beach Foreclosures and short sales
Labels: Myrtle Beach Condos
posted by Jason at
11:27 PM
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