A foreclosure home is any house, condo or manufactured home whose original owner defaulted on his mortgage, resulting in his lender repossessing the home. The lender then reserves the right to sell the foreclosed home to another buyer.What does this mean to you as a buyer ? Well, lenders have an interest in recouping their losses, but don’t want foreclosed homes to sit on the market or in their accounting books. So, buyers can sometimes purchase foreclosure homes for less than fair market value. Doing so gives the home buyer instant equity and helps him realize a greater profit should he choose to sell the home in the future. Again, great opportunity in this buyer’s market. Contact us at Dargan Real Estate, Myrtle Beach , SC to find a foreclosure that fits your needs.
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