Hilton Head Island Short Sales
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In short, a short sale is a property that sells for less than the balance owed on the mortgage, or, if a property has two mortgages, a property that sells for enough to pay off the existing first mortgage but does not completely pay the balance of the second mortgage. However, not every property will qualify as a short sale in the eyes of the lender. The lender must agree to grant a short sale and are under no obligation to approve the sale once a contract is obtained. Only when it is beneficial to the lender will a short sale be granted even though banks save on short sale costs versus those costs incurred when the property lapses into foreclosure. Short sales can be good for both the seller as it avoids having a full foreclosure on record, and for the buyer who benefits by way of below-market pricing.
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