A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property directly from the bank for a discount. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $400,000. You write an offer to the lender for $320,000, which is accepted as full payment for the loan. This is a short sale. Banks are willing to do this for numerous reasons. One being they don’t want bad loans and excess inventory on their books. Another reason being , they could lose more money if the property goes into auction. However you look at it , there are some amazing opportunities for buyers in today’s real estate market. Contact us at Dargan Real Estate in Myrtle Beach, SC to help you find an amazing deal on your next home at the beach .
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Taking The Stress Out Of The Real Estate Buying Process
A lot of people today fear purchasing real-estate for so many
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There’s still money to be made in real estate, and this article will help you determine the greatest investment opportunities.