Short sales in Charleston SC can be a great benefit for both the home buyer and seller. For a home seller, it helps cover much of the debt owed on a defaulted mortgage. For home buyers, a short sale is an excellent opportunity to purchase a home at a steal of a price. Here are the benefits to purchasing short sales in Charleston SC.
How Short Sales in Charleston SC Happen
Foreclosures are the last option for lenders because the home is used as collateral for the loan. Foreclosures happen when a homeowner missed 3 or more mortgage payments. The lender sends a notice informing their intentions to seize the property. The lender’s goal is to liquidate the property to make good on the initial investment of the mortgage.
A short sale happens when a home is marketed at a lower price than what’s owed on the mortgage. They help protect a homeowner’s credit report from major damage. This is because the mortgage debt is settled before the property is liquidated. However, the homeowner’s lender must agree to a set payoff. A real estate agent can tell you where short sales in Charleston SC are available.
The Benefits of Buying and Selling Short Sales in Charleston SC
As a Home Seller…
There many benefits to short sales in Charleston SC besides avoiding foreclosure. For starters, it prevents you from severe damage to your credit report. Instead of a foreclosure, a short sale will go on your credit report as a discharged debt that was not paid in full. Plus, it gives psychological comfort knowing you didn’t just walk away from your mortgage.
As a Home Buyer…
The benefits of buying short sales in Charleston SC are plentiful. They offer the opportunity to buy the property at low market prices. Many home buyers often get favorable financing terms such as a low interest. Although you might be paying more to fix up the home, it gives you an opportunity to design it to your personal taste.
Contact Us for More Info About Short Sales in Charleston SC
Searching for short sales in Charleston SC is a great way to find good deals on a home. Let us help you decide if it’s the right choice for you. At Charleston Home Team Real Estate, we strive to make sure your home buying or selling experience is pleasant and stress-free. Contact us at (843) 628-3960 before you start searching for short sales in Charleston SC today!