Greenville SC Short Sales
Press Release by The Cunningham Team: Treasury Department Encourages Short Sales
More details in this blog by Lee: Greenville Foreclosure Alternatives
Short Sale - A Sensible Alternative
A short sale can occur prior to an actual foreclosure if the bank agrees to sell the property and receive less than what it is owed.The homeowner still holds the title and is the technical owner, however all communication must go through the bank for approval.This process makes a lot of sense if the net proceeds from a short sale are greater than what might be received from a full blown foreclosure.The foreclosure process takes more time and involves several months of lost interest, followed by the costs of attorneys, real estate brokers, and holding costs until the property is actually sold.This strategy has become popular with the onset of the 2007-08 mortgage crisis, although it has been used for years.
The Big Drawback
A major liability of this process is the response time for the bank to answer an offer to purchase.Currently, an answer from the bank takes one to three months, and there is a lot of inherent uncertainty.Most buyers find this waiting game hard to stomach.Yes, a good deal can be obtained through a short sale, but the purchaser needs to be very patient. Today February 3rd, 2009, legislation is being considered which would greatly shorten the time a short sale response takes and would help to facilitate short sales in order to keep more homes from going into foreclosures. We will keep you updated on this legislation as it happens.
Why the Big Delay?
In an environment where a lot of properties are in distress and headed toward foreclosure, the banks loss mitigators who are responsible for processing these accounts become overwhelmed.Plus, the amount of paperwork needed to prepare for and submit a short sale is complex.Many times the seller has not produced all the required documentation to even begin the process. After an offer is presented, a rigidly structured short sale package must be delivered to the loss mitigator.Often this package does not have exactly what the loss mitigator is looking for and it goes back to the bottom of the pile without any correspondence as to what it was missing.
Conclusion
So while the short sale makes sense in creating a win-win for bank and owner, there are many hurdles to overcome in order to make the process succeed.It can be a win for the buyer too, but the uncertainty can be frustrating and often another property comes along that seems more appealing.Because of the deluge of upcoming distressed properties, short sales may become more preferred, but banks will need to make the process more streamlined and friendly if it is to succeed.
Greenville Short Sale Listings
$289,900
8 Winfield Road, Greenville
Beautiful lot with hardwoods in the heart of Greenville on .82 of an acre! Property has been approved for sewer. Build your dream home. See associated documents for surve...
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$179,000
617 Highridge Pkwy, Marietta
Bank owned, bring all offers. Beautifully wooded lot, good level building area. Enjoy all The Cliffs Communities has to offer. Mountain Park is uniquely situated in the ...
- Beds –
- Baths –
$179,000
1 Carolina Wren Trail, Marietta
Bank owned, bring all offers. Mountain views, beautifully wooded lot, good level building area. Enjoy all The Cliffs Communities has to offer. Mountain Park is uniquely ...
- Beds –
- Baths –
$179,000
786 Blue Bonnet Trail, Marietta
Bank owned, bring all offers. Mountain views, beautifully wooded lot, good level building area. Enjoy all The Cliffs Communities has to offer. Mountain Park is uniquely ...
- Beds –
- Baths –
$179,000
25 Buck Creek Trail, Travelers Rest
Bank owned - bring all offers! Beautifully sloping lot with big mountain views. Extremely private at end of cul-de-sac. 2.7 acres of peaceful mountain living in one of t...
- Beds –
- Baths –
$119,900
lot 158 Outlook Ledg, Landrum
Beautiful says it all! This is an awesome lot in a very prestigious gated community. Gorgeous view of surrounding mountains. Beautiful homes and lots of amenities provide...
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- Baths –
$75,000
21 Setting Sun Lane, Travelers Rest
Upscale 30 lot neighborhood. Located minutes from shopping, downtown Greenville, Swamp Rabbit Tram Trail, Furman and Green Valley Gold. What more can you ask for with acr...
- Beds –
- Baths –
$54,000
26 Setting Sun Lane, Travelers Rest
Upscale 30 lot neighborhood. Located minutes from shopping, downtown Greenville, Swamp Rabbit Tram Trail, Furman and Green Valley Gold. What more can you ask for with acr...
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- Baths –
$2,895,000
130 Highway 651, Greenville
Additional Pictures and Video will be added later this week. Located 20 minutes south of historic downtown Greenville, South Carolina, this ultra-magnificent 14,000 SF p...
- Beds 5
- Baths 8.5
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