Charleston, South Carolina, like the rest of the country, has seen a dramatic change in the real estate market. Foreclosures are nearing an all time high and homeowners that are behind on their mortgages are looking for the best way out of an uncomfortable position – owing more to the bank than their home is worth in today’s market.
This tenuous situation creates a buying opportunity for those looking to relocate to Charleston and providing a service to the seller by negotiating with the mortgage company to accept a payoff which is less than they are owed on the property (a short sale)– potentially avoiding foreclosure.
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
If you are interested in buying a short sale, it can be difficult and patience-testing. But, it can be done for those who are prepared and have the patience to wait for the paperwork to be reviewed and decisions made by the Seller and the mortgage companies.
Whether a Seller or Buyer, I would strongly recommend working with:
· A competent real estate lawyer
· Your accountant to discuss any tax ramifications.
· A professional real estate agent who understands the market and the process of short sales.
Contact me if you would like assistance finding short sale opportunities in Charleston, Mount Pleasant, Isle of Palms, Sullivan’s Island, or West Ashley. Interested in the items to have in hand when presenting an offer on a short sale? Click here and send me a message.
Foreclosure Rescue Bill Enacted – Will it Help You? CNNMoney.com
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