A short sale occurs because the amount the owner owes on the house outweighs the house’s value. If the owner has defaulted on the loan and can no longer make payments, he may wish to make a short sale to avoid foreclosure. The owner has to work with the lender, and the lender must approve the short sale, because it’s the lender who will be losing money.
Short sales are often priced lower than comparable sales, and buyers look to short sales for good deals. However, short sales can take months to close, because offers are all contingent on lender approval. For this same reason, many short sales never close at all. Short sales are favorable to borrowers because they don’t impact credit scores in the same way foreclosures do.
The Salt Marsh Team has extensive experience in Foreclosures (REOs) and Short Sales. Our Team Leader Tom Watson has a 15 year track record as Lead REO Agent for dozens of banks and asset management companies such as:
Bank of America
and many others...
We have successfully listed and sold over 800 Foreclosures and managed over 200 Short Sales in the Hilton Head Island and Bluffton SC areas.