Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Short sales: Beneficial to all involved

Short sales can be beneficial for a person whose mortgage is underwater. The short sale helps the individual sell the home without taking a loss, and the mortgage company gets more money than if it were to sell the home as a foreclosure. The lender forgives any remaining balance on the loan, which helps the seller move forward without excessive debt.

Sellers who pursue a short sale are likely to suffer some damage to their credit scores, but the damage is not likely to be as bad as with a foreclosure. As a buyer, you're able to get a home at a reduced price. It's normal for short-sale homes to require some work, since the seller may not have wanted to put any money into a property that was already of negative value.

Buying a short sale can be a long process. If you're interested in purchasing the home, you'll need to make a fair offer. Then, you have to wait for the mortgage lender to approve, reject or negotiate with you. This can take several weeks or months. Is it worth the wait?

You may be able to get the property at a significant discount, and the lender might offer you favorable financing terms to make your decision to purchase the property easier.

Whether you're looking for a home you can move into right away or are more interested in saving money by purchasing a short sale or foreclosure, out website has more information. Educate yourself, so you know what to expect when you start looking for your new home.

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions