Happenings
Foreclosures & drastic price drops on Fripp Island
By Rita Riley

In the past few months, there have been several foreclosure and "under water'" properties listed on the MLS for sale. With the drop in property values, many of the past few years purchasers who only put down 5% or 10% or even  some at 20% no longer have the equity in their properties....or perhaps they even did a refinance....or took out a second mortgage during the peak of the market. Some of these properties have owners willing to hand the keys to the bank & walk away - leaving the remaining owners with a poor settlement price when the appraisers pull up the comparables. However, it is an excellent time for Home Buyers who are looking for a 'great deal.' Furthermore - interest rates are just below 5% - so it's a great time to purchase!

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