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Foreclosure or Short sale? Which is better?

Foreclosures are sold as~is! That means condition of property and title! Buyer be wise. I do specialize in selling foreclosures, but I write the offer to where you will get property as~is. NOT TITLE!

EXAMPLE: I sold a manufactured home in April 2006~ Listing said Home + 1 acre~ I did my research and what a surprise~ It was a 2 acre tract of land. I wrote offer on property and requested to clear up this issue. My buyer now has 2 acres! She thanks me very much all the time. Not only a client, but now a great friend and a referral source. clear title to go with property as well!!!

Short Sales are where the seller overpaid for a property and they actually owe more than its current value.

The bank will usually take less than what current value is.

In some cases, even if person owes less than value~bank will sell versus going through a foreclosure.

Either option is a very lengthy process. Don't think that you will get to close in 30 Days! Most take at least 60+ Days!

Paying cash gives you more buying power!

Feel free to contact me via email info@myrtlebeachhomeandloan.com

Chris Webster

Century 21 The Beach Company

440 Hwy 90 East

Suite 1

Little River,SC 29566

Cell Phone: (843) 450-1915

Posted by Chris Webster ~ Myrtle Beach Real Estate Myrtle Beach Foreclosures and Short Sale on 12/28/2007 11:23 PM

Comments (8)

myrtle beach realtor, myrtle beach homesnorth myrtle beach short sale, north myrtle beach realtor, little river, barefoot resort

This post has been included in South Carolina Information Horry County, SC Information Myrtle Beach, SC Information

8 Comments on Foreclosure or Short sale? Which is better?

I thin a little more information might definitely benefit you. Read John Occhi's blog and you will learn a lot.

12/28/2007 11:29 PM

by Graham Holmes - Yucaipa Hemet REO Homes (Reviron Realty - Realtor e-Pro Bank Owned Specialists)

Definately the Short Sale - Foreclosure will say Foreclosure on the Credit Report for seven years, where as the Short Sale will say Debt Paid. Basically 13 months after the settlement, the negative months fall off of the credit report.

Get your own comment graphics @ ohmyspace.com Vangie Williams - Real Estate with Personality

12/28/2007 11:37 PM

by Vangie Williams - Real Estate with Personality (Signature Executive Realtors - Serving Maryland and Virginia)

Any deal can be sold as an "As-Is"...I also agree with Vangie. Foreclosure is not the route to go...settle it out...

12/28/2007 11:45 PM

by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! (Coldwell Banker Fort Lauderdale Beach)

Sellers must be careful going through the short sale process.

The bank will request significant documentation which can then be used for legal action against the seller. Often times the bank wants tax returns, W-2's and much more. This is information they will use for future collection action.

In some cases foreclosure may be better for them as the new law passed eliminates the tax liability of forgiven debt.

As always sellers should consult an attorney

12/28/2007 11:50 PM

by Dick Winefield (RE/MAX Properties)

Nothing is ever as-is or fixed. Everything is negotiable. I just get a $5000 credit for my buyers on a REO after an inspection although they already signed an as-is addendum. The bank did not want to go through another escrow so they accepted the Request for Repairs.

12/29/2007 01:43 AM

by Adam Brett - Fullerton, California Realtor (RE/MAX NOC)

Nope, no foreclosure...if at all possible. Risk is so much greater, and a short sale is tough too as the Bank is so darn wishie washie, (sp) is that even a word?

12/29/2007 01:43 AM

by Bob Sloop, Consultant, Indianapolis, IN (RS Mortgage Consulting)

Short Sales are where the seller overpaid for a property and they actually owe more than its current value. I'm sorry, in my opinion that is not a correct statement. I recently had a client that did a short sale. The property appraised out at 15,000 over what she paid. A short sale is when the bank agrees to accept a lesser amount than is currently owed; which usually includes a large amount for late fees due to missed and/or late payments. It is not necessarily due to the seller being upside down on the house.

12/29/2007 07:46 AM

by Sandra Workman ABR, CNHS, QSC, RCC (Speckman Realty Inc., GMAC)

THanks very much for the information. I have a short sale, and it is over 75 days and still no answer

THanks

Don

12/29/2007 07:50 AM

by Donald Bradbury, REALTOR Bucks County PA (The Bradbury Team at Coldwell Banker Heritage)

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