Today's economy has been difficult on many homeowners, but has resulted in great opportunities for homebuyers. Foreclosures and short sales are often referred to as distressed properties and allow you to get the property you want for much less than the current market value. Finding great deals like these is easy with Century 21 Low Country Realty on your side.
When a homeowner stops paying on their mortgage loan the lender or the bank gives the owner a certain amount of time repay the past due balance. If the owner does is unable to repay, or does not repay, the past due balance the bank take over ownership of the property. Since banks and lenders are in the business of lending and money not owning real estate they do not want to retain ownership and are looking to their investment as quickly as possible. The banks or lenders often unload these foreclosed homes at significant discounts creating an excellent opportunity for you to buy the property for far less than market value.
Homeowners who can no longer afford to keep mortgage payments current often look to short sales as a way to avoid foreclosure. The homeowner's bank or lender agrees to accept a payoff of less than the balance due on the loan. In typical real estate sales banks want to receive somewhat close to market value of the property. However, to avoid a drastic loss on their investment banks and lenders will often agree to short sale pricing below market value creating great deals for homebuyers.
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