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Beaufort, SC – Real Estate Short Sale or Foreclosure Either Way It’s Good For Bargain Hunters

If you purchased your home in the last 3 years, you don’t need me to tell you you’re in trouble. Home prices have fallen 30% from their high in 2005. Chances are, your home is not worth what you paid for it. As shocking as that may sound, you are not alone. Millions of people are in a race against time to get their home sold or run the risk of foreclosure.

There is hope, and some help too. Realtor, Janice Baker with Exit Realty in Beaufort, South Carolina says the first thing you should do if you find yourself in this position is to call your mortgage holder. Most banks are now accepting a Short Sale. A Short Sale is when the mortgage you owe, is higher than the current value of your home. This can be determined by having a CMA done on your home by a licensed real estate professional, which will compare recent sales in your neighborhood to your home. The bank will instruct the home owner of the necessary forms and letters that will be needed to start the process. This usually includes a hardship letter, why you are in default, recent bank statements, and pay stubs. It is a good idea to list your home for sale and give your sales agent, permission to speak on your behalf with the lender. He or she will be able to supply a lot of the necessary information to the lender. Once you receive an offer, your agent will be able to negotiate with the bank. Both buyers and Sellers need to be patient. The whole process can take 45-90 days. In most cases it is worth the wait. Here’s an example: A home in Beaufort in the Picket Fences neighborhood was bought for $238,000 in 2006, and now selling for $200,000. That is quite a savings for the lucky buyer.