In today's market, everyone is looking for a deal, a steal, or a real bargain. The atmosphere is abuzz with terms that are unknown to the discriminating buyer. For the bargain shopper, these descriptions below will help make an informed decision. Below are some basic terms relating to real estate. Call me for a complete list of Foreclosures, Short sales and HUD properties in the Charleston, SC area. Lists are also on my web-site: www.CallJoye.com
Bank Foreclosures are houses in which the homeowner has defaulted on mortgage payments and the bank has assumed ownership. The procedure for purchasing a bank owned property is different than purchasing a house that is owned by the seller. These properties are listed in the MLS and the purchase involves the bank (the seller), a real estate agent, and the buyer. A pre-foreclosure is sometimes up for auction at the county courthouse. Often times, the bank buys the property back and then later sells the property as a bank owned property. Due to defective or clouded titles, caution must be used when buying a home from a courthouse auction.
Short Sale means that when the owner must sell his house, the money he would receive is less than the mortgage balance, thus coming up short of funds for the mortgage pay-off amount. Homeowners and mortgage companies agree upon the difference. The bank governs the purchase procedure and requires acceptance of a special addendum. The property is listed in the MLS by real estate agent. The bank must approve the sale between the homeowners/sellers and the buyers.
HUD properties are houses which the FHA mortgage has been foreclosed upon (homeowner defaulted on mortgage payment, HUD took over property). The property has been turned over to a real estate management company who specializes in selling HUD owned properties. Even though the HUD houses are listed in the local MLS, the purchase procedure is also different than buying a house that is listed the MLS. A real estate salesperson is required to broker the transaction.
Call Joye 843-270-8665 for a detailed list of HUD, Foreclosures, and Short Sale properties and more detailed explanation of all three situations.
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