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Myrtle Beach Short Sale- Foreclosure vs Short Sale- Frequently asked Questions about Myrtle Beach Short Sale
Myrtle Beach Short Sale- Foreclosure vs Short Sale- Frequently Asked Questions about Myrtle Beach Short Sales
What is the main difference between a Myrtle Beach Short Sale and a Myrtle Beach Foreclosure?
 A Myrtle Beach Short Sale will be the better option if time is allowed. Typically a short sale will take place in something called a "pre-foreclosure time period". Before the homeowner has to be forced into a foreclosure, which is almost bankruptcy for a homeowner, he or she will have another option.
What is a short sale (from the bank's point of view)?
A short sale is where the bank, or lender, will get the highest price for a quick sale at the current market. The bank will be satisfied by getting less than the full loan amount owed. Instead of a foreclosure, where the bank would be holding onto the property, making payments on it each month, the bank will receive the highest bid for the property. The bank does not want to hold onto properties, therefore, a short sale will be the better option for the bank as well.
What is a short sale (from the homeowner's perspective)?
A short sale will allow the homeowner to still be completely rid of all financial ... more

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