ATTENTION HILTON HEAD AND BLUFFTON HOMEOWNERS--SHOULD YOU CONSIDER A SHORT SALE???
By Diane Bell, Hilton Head Real Estate, Bluffton
(Charter 1 Real Estate, Hilton Head, Bluffton, SC)
With all of the new housing words in our vocabularies.....short sales....deeds in lieu of foreclosure.....deficiency judgment.......foreclosure.......declining values.......It's no wonder that many home owners are completely perplexed what direction to take if you absolutely must sell your home. Sellers often ask me why they should consider a short sale rather than just letting the property go back to the bank in a foreclosure. It's really quite simple----If you are able to do a short sale (and that is when the bank accepts less than is owed on the property), the short sale will be far less damaging to your credit rating. It should appear as a "settled debt" once the transaction is completed rather than the more damaging "foreclosure" which can appear for 7 years on your report. Are ...
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