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 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 debt and mortgage payments on the property. The bank will be happy because they will not have to make payments of the house. When they bank is happy, you will not have to worry about the bank coming after you or hounding you with collection calls. It will also be a better option than a foreclosure because your credit score will not be affected.
What are the main points of a foreclosure?
- foreclosure can damage your credit score anywhere from 7 to ten years
- foreclosures can leave a family with an eviction notice
-foreclosures leave the banks unhappy, resulting in the banks coming after a family for years to come
Why is a short sale better?
A short sale will allow the homeowner to:
- be completely rid of all financial debt on the property
-the mortgage will be paid off in full
-while selling the house, you will be allowed to live there longer then a foreclosure (in some cases, a foreclosure will leave a family with a eviction notice)
- your credit score will be saved
If a short sale is not for you, you can try a loan modification. What is a loan modification? A loan modification will prevent a foreclosure by lessening your loan payments and making the loan current. Types of modification results are: rate reduction, term extension, forbearance and repayment plans. We have all of the necessary tools required for a loan modification, in some cases, it is better to get a loan modification then it is to file for a short sale. Keep in mind that a loan modification needs time. A typical loan modification will take from 3 to 6 months to complete.
Myrtle Beach Short Sales are happening all over the Grand Strand right now. All of the Short Sale transactions that the Jerry Pinkas Team does are successful and quick thanks to our very own Short Sale specialist, Steve Smith! Steve Smith is reliable, sociable, friendly and will help you through the entire Short Sale Process. If you are interested in short selling your home, call Steve today at 843-839-9872 or to fill out your short sale application, click here! If you are interested in a loan modification, click here! Both the loan modification and short sale application will be processed by Steve Smith. He will make the short sale quick and easy!
Jerry Pinkas Myrtle Beach Real Estate Team - is your local expert in all your Real Estate needs in the Myrtle Beach Area. Our Team is dedicated to inform our clients on how to be a pro in the local real estate market and avoid common pitfalls that are costly. If you are looking for Myrtle Beach Condos For Sale, houses, or land we can help. You will have access to the most comprehensive MLS Listing Service in the area with Free access and with lots of tools for both Buyers and Sellers. We Guarantee Results! Award Winning - Top Ranked - Highly Recommended - Call The Pros - Google or call (843) 839-9870; Put our team to work for you today.
ExitMidSouth: FAQ Foreclosure vs Short Sale