Beaufort Foreclosure Offers A Few Real Estate Lessons
Posted by Todd Covington on Saturday, October 22nd, 2011 at 1:06am.
There seems to be a lesson in every real estate transaction these days.
We had some buyers fall in love recently with a house in the Shell Point area of Beaufort. Shell Point is located just southwest of historic downtown Beaufort, and is home to some great neighborhoods -- Wright's Point, Old Shell Point, Willow Point, and Carolina Village, just to name a few.
This home, which captured the imagination of our buyers, was already under contract, as it turned out, and was scheduled to close in the next week or so.
Our buyers were sorely disappointed. Sometimes, a home just speaks to a buyer, and this home was speaking loud and clear to these folks. The layout was ideal, the yard was spacious, and it had a pool!!
As our buyers reluctantly prepared to resume their home search, we encouraged them to sit tight for a week or so, and see what happened with the closing of the house. The home was a bank-owned foreclosure, and, trust me, just about anything is possible when it comes to foreclosure closings.
Sure enough, the wheels came off the contract that was in place, creating an opening for our buyers, who quickly rushed in with a strong offer, which included a quick closing date.
So, maybe there are two lessons here. The first is for the buyers who are on the outside, looking in. That lesson is patience. Foreclosures and short sales are more complicated than old-fashioned owner-to-seller transactions, and there is more that can go wrong. So just because your perfect home is already under contract doesn't mean it won't be available again.
The second lesson is for the buyer who has the contract. Make sure you do everything your Realtor and mortgage lender ask you to do once you have a home under contract. These banks are looking to get these properties off the books as quickly as possible, and if you are not ready to close as scheduled, they will move on to the next buyer.
Shell Point is located in the Burton, an area heavily-influenced by both MCAS Beaufort, and Parris Island. Shell Point is just minutes from both downtown Beaufort and Port Royal. It is convenient to all three Beaufort military installations.
We had some buyers fall in love recently with a house in the Shell Point area of Beaufort. Shell Point is located just southwest of historic downtown Beaufort, and is home to some great neighborhoods -- Wright's Point, Old Shell Point, Willow Point, and Carolina Village, just to name a few.
This home, which captured the imagination of our buyers, was already under contract, as it turned out, and was scheduled to close in the next week or so.
Our buyers were sorely disappointed. Sometimes, a home just speaks to a buyer, and this home was speaking loud and clear to these folks. The layout was ideal, the yard was spacious, and it had a pool!!
As our buyers reluctantly prepared to resume their home search, we encouraged them to sit tight for a week or so, and see what happened with the closing of the house. The home was a bank-owned foreclosure, and, trust me, just about anything is possible when it comes to foreclosure closings.
Sure enough, the wheels came off the contract that was in place, creating an opening for our buyers, who quickly rushed in with a strong offer, which included a quick closing date.
So, maybe there are two lessons here. The first is for the buyers who are on the outside, looking in. That lesson is patience. Foreclosures and short sales are more complicated than old-fashioned owner-to-seller transactions, and there is more that can go wrong. So just because your perfect home is already under contract doesn't mean it won't be available again.
The second lesson is for the buyer who has the contract. Make sure you do everything your Realtor and mortgage lender ask you to do once you have a home under contract. These banks are looking to get these properties off the books as quickly as possible, and if you are not ready to close as scheduled, they will move on to the next buyer.
Shell Point is located in the Burton, an area heavily-influenced by both MCAS Beaufort, and Parris Island. Shell Point is just minutes from both downtown Beaufort and Port Royal. It is convenient to all three Beaufort military installations.