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Foreclosure or Short sale? Which is better?

By
Real Estate Agent with EXP Realty, LLC 47107

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

Island Palms Realty

1091 Redi Mix Road

Ste C

Little River, SC 29566


Cell Phone: (843) 450-1915

  

  

  

  

  

  

  

http://www.islandpalmsrealty.com

Posted by

Christopher Webster ~ Broker

Carrington Real Estate Services

 

Irmo,SC 29063

(843) 231~8343

Your Local Real Estate Sales Connection

 

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Comments(8)

Graham Holmes - Yucaipa Homes Listing Agent
Reviron Realty - RDCPro e-Pro Listing Broker - Yucaipa, CA
When Experience Matters
I thin a little more information might definitely benefit you. Read John Occhi's blog and you will learn a lot.
Dec 28, 2007 03:29 PM
Vangie Williams
The Evans Group DMV - Serving Virginia - Fredericksburg, VA
Real Estate with Personality

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.comVangie Williams - Real Estate with Personality

Dec 28, 2007 03:37 PM
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!
Any deal can be sold as an "As-Is"...I also agree with Vangie. Foreclosure is not the route to go...settle it out...
Dec 28, 2007 03:45 PM
Dick Winefield
NH Real Estate Exchange - Nashua, NH

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

Dec 28, 2007 03:50 PM
Adam Brett
The Adam and Eric Group - Fullerton, CA
The Adam and Eric Group, Fullerton's Finest
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.
Dec 28, 2007 05:43 PM
Bob Sloop, Consultant, Indianapolis, IN
RS Mortgage Consulting - Indianapolis, IN
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? 
Dec 28, 2007 05:43 PM
Sandra Workman
Coldwell Banker Realty - Bradley, IL
BBA, Broker, CRS, GRI, ABR, SFR, CNE, ePRO, CNHS
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. 
Dec 28, 2007 11:46 PM
D B
Quakertown, PA
e-PRO, Realtor - Bucks County PA - 610-952-3578

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

THanks

Don

Dec 28, 2007 11:50 PM