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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

Hood Road, Greer SC 29650

$495,000

Hood Road, Greer

Greenville- 10.29 Acres- prime property for Industrial Site and Commercial Use between Greenville and Spartanburg just minutes from I-85. Property backs up to the railwa...

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401 Stony Road, Landrum SC 29356

$175,000

401 Stony Road, Landrum

Secluded driveway lined by a canopy of rhododendron. The level to sloping build site offers a perfect walk out lower level with the front of the home enhanced by a large ...

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$160,000

1855 Lake Cunningham Rd., Greer

Yes, Lake living is within your grasp! This is a great .5 acre lot on Lake Cunningham. This property could be for a weekend gettaway or your dream home at the lake! Mins...

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104 Valley Lake Trail (CV-LRC-73), Travelers Rest SC 29690

$79,000

104 Valley Lake Trail (CV-LRC-73), Travelers Rest

Exceptionally gentle lot with beautiful parklike setting. This homesite also features mature hardwoods with a gorgeous stand of indigenous mountain laurel. A homeowner wi...

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$65,000

1881 Lake Cunningham Rd. Lot 1A, Greer

Yes, Lake living is within your grasp! This is a great .5 acre lot on Lake Cunningham. This property could be for a weekend gettaway or your dream home at the lake! Mins...

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$65,000

1881 Lake Cunningham Rd. Lot 1B, Greer

Yes, Lake living is within your grasp! This is a great .5 acre lot on Lake Cunningham. This property could be for a weekend gettaway or your dream home at the lake! Mins...

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116 Woodland Hills Lane, Fountain Inn SC 29644

$64,400

116 Woodland Hills Lane, Fountain Inn

A true treasure is this 1.26 acre lot for sale in upscale community nestled in the back of the neighborhood in the cul-de-sac. Private lot wooded lot backing up to a cre...

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74 Jude Court, Greer SC 29651

$45,000

74 Jude Court, Greer

Want a private, country setting for your new home? Looking for a suitable basement home? This could be it. Beautiful cul-de-sac property in smaller subdivision of Skyl...

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35 Terra Trace Way, Travelers Rest SC 29690

$44,900

35 Terra Trace Way, Travelers Rest

A place for all seasons! Your home will be on over 2 acres of private land in an upscale community. The lovely red oaks, white oaks, maples, natie azaleas, mative dogwo...

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00 Laurel Ridge, Greenville SC 29609

$40,000

00 Laurel Ridge, Greenville

Picturesque mountain home site located in the Laurel Ridge subdivision on Paris Mountain. Panoramic western views! Only minutes to downtown Greenville, Furman, the Cherry...

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The Listings data contained on this website comes from various participants of The Multiple Listing Service of Greenville, SC, Inc. Internet Data Exchange. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed. © 2013 Greater Greenville Association of REALTORS®. All Rights Reserved. Last Updated June 19, 2013

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