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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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 .