A short sale is a fairly new term for most people. Just a few years ago doing a Myrtle Beach Short Sale was almost unheard of! The real estate market has change in the last year especially and short sales are becoming a common place in the Myrtle Beach Real Estate market and it looks like this is going to be around for a while.
A Short Sale is when you are upside down on your mortgage or owe more than the home is worth and the bank allows you to sell for less than you owe.
Now this is not just an easy process that any real estate agent can assist you with. It takes persistance and phenominal negoiation skills. This process could take months to complete.
For the home sell this option is better than letting their home or condo go into foreclosure. The reason being is it is not showing up on your credit as a foreclosure.
You are probably asking what happens to the remaining balance owed on your mortgage? Well that remaining balance is also up for negoiations too. In some instances the banks have forgiven then entire difference with no penalty to the home owner.
A Short Sale on your Myrtle Beach condos doesn’t stop foreclosure but from our experience we have saw it delay it if you have an offer.
If you are upside down on your Myrtle Beach Condos or homes and need to get out from under it Contact Us
You need an experienced real estate agent who has negoiated with banks!
Tags: faqs, short sales
Category: Blog.