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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

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$338,000

5 Boxford Court , Greer

This beautiful & unique home in River Wood Farm Cottages is truly one of the premium homes in the neighborhood! In prime location on the Boxford Ct cul-de-sac, this home ...

  • Beds 4
  • Baths 3.0

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$288,900

9 Sunapee Ct , Greer

Impeccable 3BR/2BA Customized Ranch is move in ready. Nicely landscaped on .62 acre lot, this Hardiplank & Stone Craftsman Design home is located in a very desirable & up...

  • Beds 3
  • Baths 2.0

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$249,900

103 Pine Forest Dr , Taylors

WOW, if you are looking for country living, this is the one for you! Great neighborhood but feels like you are in the country. Close to Greer, shopping, airport, medica...

  • Beds 4
  • Baths 2.5

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$199,900

4 Fire Island Way , Greenville

LOOKING FOR A NICE COMMUNITY CLOSE TO WOODRUFF ROAD W/AMENITIES? Desire a Move-In Ready Condition? IS A FENCED BACKYARD A MUST? Want larger living spaces? LOOK NO FUR...

  • Beds 4
  • Baths 2.5

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$149,000

23 Hartwell Drive , Simpsonville

Awesome location! Very well-maintained one owner home on beautiful corner lot. ALL appliances are included. Neutral colors throughout home. Lovely year-round sunroom ove...

  • Beds 3
  • Baths 2.0

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$115,000

33 Riverwood Cr. , Greenville

Wow! look at this beautiful 4 bedrooms, 2 bath home. The oversized fourth bedroom could be used as a den or mother in law suite. This lovely home features hardwood floo...

  • Beds 4
  • Baths 2.0

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$114,900

6 Ladder Court , Fountain Inn

Enjoy country living just minutes out of town! Home has been exceptionally maintained. The exterior features low maintenance vinyl siding, large lot with freshly mulched ...

  • Beds 3
  • Baths 2.0

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$104,900

4 Strand Court , Taylors

Spacious Brick Ranch on Cul-de-Sac-, Hardwood Floors in LR, Hall, in Den and Large MBR, Open Floor Plan with Den Open to Kitchen and Breakfast Room, Built in Storage Cabi...

  • Beds 4
  • Baths 2.5

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$99,900

107 Lanier Lane , Mauldin

Are you looking for a deal in the Mauldin area? This ranch style house has plenty to offer! Located in a well established neighborhood, a short walk outside of downtown M...

  • Beds 3
  • Baths 2.0

$59,900

201 Beth DRive , Greenville

Looking for an affordable starter home in a great location? Look no more! This inviting home features 2 bedrooms, 1 bath, large living room with fireplace, eat in kitche...

  • Beds 2
  • Baths 1.0

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