What is a Real Estate Short Sale?
Selling a home for less than the amount the current owner owes the mortgage company is called a short sale.
Buying a home that is a short sale is different from buying a property that is actually owned by the bank, known as an REO, or real-estate owned property, or a property that is in foreclosure.
A short sale can be a good deal for a buyer, and it can help the seller avoid having a full foreclosure on his or her credit record. Although a short sale and a foreclosure negatively affect a seller’s credit score, in a short sale the damage can be minimized if the homeowner can persuade the lender to report the debt to credit bureaus as paid in full.
In a short sale, the proceeds from the transaction are less than the amount the seller needs to pay the mortgage debt and the costs of selling. For this deal to close, everyone who is owed money must agree to take less or possibly no money at all. That makes short sales complex transactions that move slowly and often fall through.
Due to the complications in the short sale process, we recommend working with an experienced real estate team. CENTURY 21 Coastal Lifestyles offers experienced Myrtle Beach Area real estate agents to help you through the process.
These Myrtle Beach short sale listings are lender approved. Click here to see Listings.