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 lender for a discount. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $300,000. You write an offer to the lender for $220,000, which is accepted as full payment for the loan. This is a short sale. Why are they willing to take such a discount? Several reasons. First of all, banks do not like excess inventory and bad loans on their books; therefore, if they see an opportunity where they can sell the property without a huge loss, they will do it. Secondly, lenders know they could lose a lot more money if the property goes to auction. There are so many fees involved if the property goes to auction, that they would be better off taking the discount beforehand and be finished with the headache of it all. (foreclosureuniversity.com)
North Myrtle Beach is a beautiful part of the Myrtle Beach area. It is a bit more touristy than the South Strand (Murrells Inlet, Garden City, Surfside Beach, Pawleys Island) but a bit less than the actual town of Myrtle Beach. North Myrtle has been growing extensively and also has many short sales. The short sale process is not the easiest but you can get some truly great homes/condos for spectacular prices. Get educated on short sales and contact an agent to see what’s available in the beautiful North Myrtle Beach area.
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